Simple Summary
MakerDAO’s governance token is migrating from MKR to SKY. To safeguard trader experience and maintain protocol stability, this proposal seeks to wind down the MKR‑USD market on dYdX and initiate its final settlement.
Abstract
The MakerDAO ecosystem has fully transitioned its governance token from MKR to SKY, including an enforced conversion rate and associated penalties for late migration. Centralized exchanges and platforms have begun delisting MKR in favor of SKY, and any remaining MKR holdings are losing governance relevance. As a precautionary measure to uphold market integrity and protect traders, we propose to wind down the MKR‑USD market on the dYdX Chain and carry out its final settlement. The community may later consider listing SKY‑USD market.
Motivation/Rationale
Centralized exchanges, such as Binance and Kraken have already announced the suspension of MKR trading, deposits, and listings in favor of SKY. Because dYdX oracles rely on prices sourced from centralized exchanges, the delisting of MKR markets by these venues directly undermines oracle reliability. Continuing to list MKR-USD would risk inaccurate oracle pricing, failed settlements, and a degraded trading experience for dYdX users. Winding down the market safeguards users from potential disruption.
Specification
The dYdX Chain governance framework supports winding down a market by transitioning its status to `FINAL_SETTLEMENT`. If this proposal is approved, all open positions on MKR-USD market will be closed at the oracle price, and any open stateful orders will be canceled.
Next Steps
In the absence of strong objection, we plan to submit an on-chain proposal in the near future.