MakerDAO's governance executed a batch of changes on July 20, trimming Sky Spreads, normalizing LSKY-SKY rewards, and offboarding the RWA001 vault. The moves are part of the ongoing Sky (Endgame) transition, which is now moving from broad design into operational governance adjustments.
Sky Spreads and Reward Normalization
Sky Spreads are economic parameters that shape how attractive Maker's products are and how competitive the system remains. By reducing them, governance is fine-tuning the incentives for users and liquidity providers. Alongside that, the LSKY-SKY reward normalization aims to bring the token reward structure closer to a steady state after earlier phases of the Endgame rollout.
Offboarding RWA001
The offboarding of the RWA001 vault reflects active management of real-world asset exposure. It's not just about adding new assets; the protocol is also retiring older ones as it adjusts its collateral mix. RWA001 was one of the early real-world asset vaults, and its removal signals a shift in how Maker's governance views that particular exposure.
Navigating the Endgame Transition
The Sky transition introduced new branding and terminology — Sky, USDS, Endgame — which can be confusing for users trying to follow the changes. Maker's governance now manages a complex system that includes USDS, savings rates, vault parameters, and yield incentives. Despite the complexity, Maker remains a key experiment in decentralized monetary infrastructure, with billions in stablecoin liquidity and collateral backing its operations.
Further operational adjustments are expected as the Endgame rollout continues, with governance likely to refine additional parameters in the coming weeks.
