Sky

In 2014 Rune Christensen founded MakerDAO; in Dec 2017 its stablecoin DAI launched on Ethereum, pioneering DeFi stablecoins.

In Nov 2019 the protocol upgraded to multi-collateral (MCD), accepting crypto and real-world assets as DAI collateral.

In July 2020 MakerDAO became the first DeFi protocol with TVL over $1B; that year the foundation dissolved.

In 2022 Christensen published the “Endgame” roadmap, rebuilding the protocol with modular sub-DAOs for scalability.

On Aug 27, 2024 MakerDAO rebranded to Sky; on Sep 18 it launched USDS and SKY (1 MKR = 24,000 SKY, DAI 1:1 to USDS).

In Nov 2024 USDS supply passed $1B; a ~80% community vote kept the Sky brand, cementing a dual-track roadmap.

In 2025 Sky launched the Grove sub-DAO with $1B, deploying tokenized CLO strategies with Janus Henderson and Centrifuge.

In 2026 Grove went live allocating $1B to tokenized credit, as the protocol entered its SKY/USDS dual-track era.

Revenue allocation overhaul: On March 14, governance cut the programmatic buyback share of net profits from 75% to 7.5% to build reserves toward $150 million. On August 13, Stage 2 took effect: each monthly settlement allocates 22.5% of Net Protocol Surplus to SKY buybacks feeding staking rewards, 22.5% to USDS staking rewards, 5% to buy-and-burn, and up to 50% to the Surplus Buffer.

Burn execution: The first burn of about 2.86 million SKY executed on September 13, and a second burn of about 7.37 million SKY (2.6x the first) on October 12, both funded by the 5% monthly surplus allocation.

Revenue and scale: Q1 gross revenue hit a record $123.8 million and Q2 was $107.35 million; trailing-12-month revenue was $410.36 million with $171.56 million net income; circulating USDS plus DAI totaled $9.87 billion; cumulative buyback deployments passed $121 million (about 1.9 billion SKY).

Migration and ratings: About 90.8% of MKR has migrated to SKY, with the delayed-upgrade penalty rising to 4%; Galaxy added $100 million of USDS to its treasury, Moody's assigned a B3 rating, and Standard Chartered set a target price about 5x above spot.

On October 7, 2026 Moody's assigned Sky Protocol a B3 counterparty risk rating with a stable outlook, its first rating of any stablecoin protocol; with S&P having earlier affirmed B-, Sky is the only stablecoin protocol rated by both agencies. Moody's flagged roughly $90 million of equity supporting about $10 billion in managed assets as a material capital weakness.

On September 23 Sky announced a partnership with Galaxy Digital, which added $100 million of sUSDS to its corporate balance sheet, approved sUSDS as collateral across its institutional trading business and bought an undisclosed amount of SKY. Protocol collateral stood at $12.32 billion at the end of Q2, including $6.84 billion in Prime Agent vaults, with about $2.58 billion allocated across Janus Henderson, BlackRock, Anchorage, PayPal, Securitize and Galaxy; sUSDS reached $5.52 billion, up 149% year-on-year, and revenue topped $100 million for a second straight quarter. On October 12 a second governance burn used 5% of monthly net surplus to buy back and burn 7.37 million SKY (about $560,000).

Future strategy and roadmap: Two B-band ratings are really a verdict on Sky's capital structure: the risk-adjusted capital ratio rose from 0.4% to 2.1%, reserves of about USD 92 million are still roughly 40% short of the USD 150 million target, and managed assets above USD 10 billion mean any supply growth dilutes the buffer again. Retaining income is now written into governance — under the Stage 2 framework part of net revenue is no longer distributed, and 5% of monthly net surplus funds burns. Galaxy's USD 100 million sUSDS position and a USD 500 million Grove warehouse line give more than 1,600 counterparties a template; pushing the Sky Spread to zero trades yield for scale.

Rune Christensen, Co-Founder and Director of Sky Frontier Foundation, studied international business at Copenhagen Business School and biochemistry at the University of Copenhagen, founded Try China in 2011 and MakerDAO in 2014, and led the 2024 rebrand to Sky. Glenn Kennedy, Director, Chairman and ultimate beneficial owner, founded Leeward Management, is a Cayman-qualified lawyer and runs the foundation's offshore governance and compliance structuring through that firm. Deniz Yilmaz, Director of Engineering and Product, has spent five years at Sky, led the sky.money client and multiple protocol upgrades in 2024, and reports directly to the foundation board. John Conneely, Global Head of Business Development, took the role in April 2026 after leading custody and staking commercial work at FalconX, serving as global head of custody at Genesis. Greg Feibus, Global Head of Capital Markets, started in May 2026 after serving as Head of Business Development and Partnerships at Midas and working at Ondo Finance and Anchorage Digital. Both new hires are based in the United States.

Sky has recently strengthened its institutional focus with three key hires. Greg Feibus joined as Global Head of Capital Markets in May 2026, bringing experience from Midas, Ondo Finance, and Anchorage Digital. John Conneely became Global Head of BD in April 2026, with a background at FalconX, Genesis, and Bakkt. Jan Delegos took on the role of Head of Risk in April 2026. Meanwhile, Marketing Lead Agustin do Rego departed in March 2026. These changes reflect Sky's push to deepen traditional finance partnerships and expand its stablecoin ecosystem.