Sky
SKY
A DeFi protocol issuing the overcollateralized stablecoin USDS
Performances
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 0.79% | 6.48% | 19.64% | 5.86% | 25.51% | 32.34% |
Comparison
Fundraising not disclosed
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Details
This content is generated by RD AI and is for reference only
Sky (formerly MakerDAO) is an Ethereum-based decentralized finance protocol centered on issuing the overcollateralized stablecoin USDS (upgraded from DAI) and its governance token SKY (upgraded from MKR). Users can deposit approved collateral such as ETH or wBTC into smart contract vaults to generate USDS, maintaining a collateralization ratio to avoid liquidation. Through the Sky Savings Rate (SSR) mechanism, USDS holders can deposit to receive the yield-bearing token sUSDS, with returns funded by protocol revenue (e.g., stability fees, real-world asset yields). SKY holders participate in governance voting on parameters like collateral risk and savings rates. The protocol employs a modular design, connecting Ethereum mainnet and Layer 2 networks via SkyLink, and introduces semi-autonomous sub-protocols (Sky Stars, e.g., Spark) to expand lending and savings use cases.
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About Sky
Sky (formerly MakerDAO) is a decentralized lending platform centered on the USDS stablecoin and SKY governance token. Its core business includes overcollateralized lending (using crypto assets like ETH/wstETH or real-world assets like US Treasuries as collateral), a savings module (SSR) where users deposit USDS to earn yield, and the Spark lending protocol. The platform also operates a Peg Stability Module (PSM) for 1:1 swaps between USDS and USDC.
Sky's key narrative is bridging traditional finance and DeFi by bringing real-world assets (RWA) on-chain. Roughly 40% of its collateral is US Treasuries, providing a stable, yield-bearing foundation. This allows Sky to offer a 'DeFi Treasury ETF' experience, with returns less correlated to crypto market volatility. The SSR rate is dynamically adjusted by governance, reflecting the platform's role as a decentralized central bank.
The main market pain point Sky addresses is the lack of stable, sustainable yield in DeFi. By diversifying into RWA and maintaining a large savings pool, it offers users a reliable 'safe haven' for capital. It also solves the problem of fragmented stablecoin utility by integrating savings, lending, and governance into one ecosystem.
In the past six months (March to September 2026), Sky focused on tightening token supply and expanding credit infrastructure. A governance proposal in March cut SKY staking emissions by ~16% over 180 days and continued an automated buyback program (spending ~$114.5M to repurchase ~1.83B SKY). This led to a ~10% price increase. The protocol also introduced new 'Launch Agents' to expand the USDS credit market. In May, Sky announced Laniakea, a framework for institutional capital deployment, featuring 'Primes' (agents managing strategies) and 'Halos' (specific products). Financial data shows 2025 total revenue of $338M, with $194M paid to savers. The savings pool holds $6.7B USDS at 3.75% APR.
Negative developments include the controversial 'freeze module' introduced in 2025, which allows governance to freeze specific USDS addresses in emergencies, drawing criticism from censorship-resistance advocates. Additionally, Sky's heavy reliance on US Treasuries makes it sensitive to Fed rate cuts, and RWA counterparty risks remain a concern.
Sky (formerly MakerDAO) has evolved from a decentralized lending protocol into a multi-chain stablecoin ecosystem. Key milestones with long-term significance include:
Revenue growth: In June, annualized total revenue reached $419 million, a record high, demonstrating the protocol's expanding scale.
Treasury reform: A proposal to shift treasury management from governance-driven to rule-based constrained spending, establishing a more predictable and sustainable financial framework.
Capital protection: Two major structural upgrades were proposed to strengthen the capital protection framework, enhancing the protocol's resilience.
Market expansion: Upbit listed SKY and USDS in KRW and USDT markets, increasing accessibility for Asian investors.
Institutional adoption: NovaBay Pharmaceuticals, a publicly traded company, renamed itself and established a SKY holding, marking a rare traditional corporate entry into the ecosystem.
Co-founders and current core executives:
Rune Christensen (Co-founder): Long-term architect of the Sky Protocol and broader Sky Ecosystem. Pioneer in decentralized stablecoins and protocol-based monetary systems. Previously founded MakerDAO and Raw Power Games.
David García Ríos (Director, Legal): Senior lawyer responsible for designing the legal structure and strategy for Sky Frontier Foundation. Focuses on cross-jurisdictional regulatory planning and legal execution for DeFi and digital asset initiatives.
Deniz Yilmaz (Director, Engineering and Product): Senior technology and product leader with 5 years at Sky and 8+ years in crypto/DeFi. Led Sky Protocol upgrades and the launch of sky.money app in 2024.
Lukasz Baksik (Director, Operations): Veteran operator with 6 years at Sky and 8+ years in crypto/DeFi. Specializes in scalable internal processes, controls, and people functions to support organizational growth.
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.