What’s changing?

MKR tokens are converting to SKY tokens at a ratio 1:24,000 in a one-time conversion. If you want your MKR to covert to SKY then no action is needed.

Can I keep MKR?

Yes. If you want to keep your MKR then opt out before September 9, 2025 at 6:00pm ET by withdrawing your MKR tokens out of the Gemini platform. Gemini might support MKR transfers post-migration; however trading of MKR will not be available.

Custody™: Will my MKR be migrated automatically?

No. MKR in Gemini Custody™ needs to me moved to your Gemini Exchange account before 3:00pm ET on September 8, 2025 in order to be included in the migration.

When will this happen?

September 9, 2025: Migration Window. Gemini will pause MKR deposits, withdrawals and trading and convert your MKR balance to Sky automatically.  Any open MKR orders will be canceled to facilitate this process. 

September 10, 2025: Migration window. No deposits, withdrawals, or trading of MKR may occur at this time. 

September 11, 2025: Newly minted SKY tokens will be available for deposits and withdrawals.

September 12, 2025: Trading for SKY will open.  Any canceled orders from the migration period may be re-entered.

If you’d prefer to opt out of the migration, please withdraw your MKR tokens by September 9 at 6:00 pm ET.

Is this a trade and are there any fees?

No, it’s a fixed-ratio protocol migration. Gemini does not charge a conversion fee.

What happens to my open MKR orders?

They will be canceled at the start of the pause on September 9, 2025 at 6:00pm ET. Re-enter orders once SKY markets open on September 12, 2025.

Which network does Gemini support for SKY at launch?

Ethereum (ERC-20) at launch.