Bitfinex to Support the Maker (MKR) Token Swap and Rebranding to Sky (SKY)

Bitfinex will support the Maker (MKR) token swap and rebranding to Sky (SKY), which has been previously announced by MakerDAO.

Key Dates and Actions:

August 26, 2025, at 1:00 PM UTC

• Margin Trading: Customers will hereafter only be able to reduce margin positions on the MKR/USD pair.
• Perpetual Swap: Customers will hereafter only be able to reduce open positions in the MKRF0:USTF0 perpetual swap.
  
  

September 3, 2025, at 1:00 PM UTC

• MKR Deposits & Withdrawals will be ceased.

Action Required: If you do not want your balances of MKR tokens swapped for balances of SKY, you must withdraw them before this deadline.

Warning: Any MKR deposits sent after this time will be lost and unrecoverable.

September 4, 2025, at 1:00 PM UTC

• Spot Trading: MKR spot trading will be ceased.
• Margin Trading: the MKR/USD margin trading pair will be ceased. All open margin positions on MKR/USD will be force-settled.
• Perpetual Swap: the MKRF0:USTF0 perpetual swap provided by Bitfinex Derivatives* will be ceased. All open positions will be force-settled. The mark price used to settle contracts will be the mark price determined as described in the Product Description for MKRF0/USTF0 at 10:00 AM UTC on 04/09/2025.
• Funding: MKR funding will be ceased.
• Token swap: MKR tokens will be swapped to SKY tokens (see details below).

Action Required: All remaining open orders for MKR will be cancelled by the system. We would like to remind our customers to cancel any open orders before this date and time.

Collateral Warning: Customers who have used MKR as collateral to finance margin positions are reminded to replace that collateral with an alternative asset before this time. Failure to do so may result in liquidation.

Token Swap Details

Bitfinex intends to replace the balances of MKR tokens on the Bitfinex platform with balances of SKY tokens at a 1:24,000 ratio (1 MKR: 24,000 SKY). This conversion rate was specified by MakerDAO. There is no action for our customers unless you do not want to have your MKR token balances replaced with the SKY token balances. In that case, you must withdraw your MKR tokens prior to the closure of MKR withdrawals specified above.

Bitfinex intends to provide updates regarding whether and when trading, deposits and withdrawals of the SKY token will be opened in a subsequent announcement. Customers are advised not to deposit SKY tokens before the announcement. Please refer to our social media announcements for further updates.

For more information, please refer to the official announcement from MakerDAO: https://forum.sky.money/t/updated-information-for-sky-integrators/26766

*The Bitfinex Derivatives platform is provided by Bitfinex Derivatives El Salvador, S.A. de C.V.. References to Bitfinex Derivatives in this announcement are references to Bitfinex Derivatives El Salvador, S.A. de C.V.

Important Note:

This announcement is not an offer to sell or a solicitation of an offer to buy Maker (MKR) token, Sky (SKY) token or any other cryptocurrency. Any purchase or sale of any cryptocurrency on Bitfinex will occur solely pursuant to the Terms of Use for Bitfinex at https://www.bitfinex.com/legal/exchange/terms.

Forward-Looking Statements:

Certain statements in this announcement may be forward-looking in nature. The words “believe,” “expect,” “estimate,” “could,” “should,” “intend,” “may,” “plan,” “seek,” “anticipate,” “project” and similar expressions among others, generally identify “forward-looking statements,” which speak only as of the date the statements were made. The matters discussed in these forward-looking statements are subject to a number of risks, trends and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements. None of Bitfinex nor any other person is responsible for updating or revising any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.