Sky 

SKY Price

What is Sky (SKY) token?

Sky (SKY) is the governance and staking token of Sky Protocol, a decentralized stablecoin protocol formed by the 2024 rebrand of MakerDAO under its "Endgame" plan. The protocol issues USDS (Sky Dollar), the upgraded successor to DAI, backed by collateralized loans and tokenized US Treasury exposure. SKY holders govern the protocol through Sky executive and constitutional voting. The ecosystem includes Sky Stars subDAOs such as Spark, each with its own token.

Is Sky the same as MakerDAO?

Sky Protocol is the 2024 rebrand of MakerDAO, not a separate project. MakerDAO launched on Ethereum in 2015–2017 as one of the first DeFi protocols, founded by Rune Christensen. Legacy MKR holders convert into SKY at a fixed base ratio of 1 MKR = 24,000 SKY. SKY now serves as the governance token for the same stablecoin infrastructure MakerDAO built.

How does the MKR to SKY migration work?

MKR holders convert to SKY at a base ratio of 1 MKR = 24,000 SKY. A delayed-upgrade penalty, approved in September 2025, reduces this ratio for late migrators. The penalty started at 1% and steps up quarterly toward a theoretical 100% maximum. In June 2026 the penalty stood at 4%, so 1 MKR converted to 23,040 SKY at that point. Migration remains open.

What is the maximum SKY token supply?

Per DropsTab data, the maximum supply is capped at 23,462,665,147 SKY. Essentially the full supply already exists — total supply sits just below the cap. SKY entered circulation through MKR-to-SKY conversion rather than scheduled emission. The Smart Burn Engine recycles protocol revenue into SKY buyback-and-burn, adding deflationary pressure on the fixed cap.

Does SKY have a vesting schedule or unlock risk?

SKY has no vesting schedule and no unlock-driven inflation calendar. The token entered circulation through the open MKR-to-SKY migration, with no VC or team allocation cliffs to expire. The only supply-side lever is Sky governance itself — votes can expand reward emissions or alter burn mechanics. Emission policy is a governance variable, not a fixed schedule, which makes future issuance unpredictable.

Did Sky (SKY) raise funding from investors?

No traditional fundraising rounds for the SKY token have been disclosed. Early MKR was distributed through informal private and community sales, with amounts and participants not formally documented in public sources. Sky operates as a decentralized DAO with no disclosed corporate treasury round or lead investors. Governance concentration among large legacy MKR and SKY holders remains a structural consideration for voters.

How is USDS (Sky Dollar) different from DAI?

USDS (Sky Dollar) is the stablecoin issued by Sky Protocol and the upgraded successor to DAI. USDS is backed by collateralized loans and tokenized US Treasury exposure. DAI holders can upgrade into USDS as part of the MakerDAO-to-Sky transition. USDS deposits into sUSDS earn the Sky Savings Rate.

What is the Sky Savings Rate and are there fees?

The Sky Savings Rate is a variable yield paid to users who deposit USDS into sUSDS. Sky governance sets the rate, and protocol revenue funds the payments. The rate is not a contractual return — it moves with governance decisions and protocol income, so the figure at any moment can differ from the rate paid later. A separate program, Sky Token Rewards, pays SKY to users staking USDS or sUSDS. Both are standing protocol features rather than dated campaigns.

Where can you buy and trade SKY?

SKY trades across more than 60 tracked markets spanning centralized exchanges, perpetual futures venues and decentralized exchanges. Per DropsTab data, spot venues include Binance, Coinbase, Kraken, OKX and Upbit, with fiat quotes in USD, EUR, KRW and TRY. Perpetual futures list on Binance Futures, OKX and Hyperliquid. On-chain liquidity sits on Uniswap against USDS, DAI, USDC and WETH. Depth concentrates in USD and USDT pairs on top-tier venues.

Is Sky (SKY) the same as Skycoin?

No — Sky (SKY) and Skycoin are unrelated projects that share a ticker. Sky (SKY) is the governance token of Sky Protocol, the 2024 MakerDAO rebrand, issued on Ethereum. Skycoin is a separate crypto project with no connection to MakerDAO or Sky governance. Holders verifying tokens should confirm the Ethereum contract on Etherscan before trading, because identical tickers create misidentification risk.