Sky (SKY): Price Chart and Market Data

This overview covers the Sky protocol's token upgrade mechanics, supply limits, funding history, exchange availability, core utility, and team vesting schedule.

What is Sky (SKY)?

Sky is basically the upgraded, rebranded version of the Maker Protocol. It acts as a massive decentralized credit and savings engine. You might be wondering why the DeFi giant bothered to change its name—well, the late 2024 "Endgame" strategy was designed to make everything more modular. Users just supply on-chain collateral to mint the USDS stablecoin without dealing with middlemen. Think of it as a decentralized bank.

How does the MKR to SKY token upgrade work?

Converting legacy MKR over to the new token is done at a fixed 1:24,000 ratio. The transition actually kicked off back on September 18, 2024. To keep people from dragging their feet, they added a "Delayed Upgrade Penalty." So, if you wait until after September 18, 2025, you're looking at a 1% penalty. That fee slowly ramps up over time, eventually hitting 3% by March 2026.

What is the SKY token market cap and supply limit?

The maximum supply is hard-capped at exactly 23,462,665,147.36 SKY. Here is the deal: governance limits new emissions to 1 billion tokens a year just to fund ecosystem rewards. To balance out that inflation—or at least try to—they run a "Smart Burn Engine." It basically uses protocol profits to constantly buy and burn tokens straight from the open market, permanently pulling them out of circulation.

Who backed the project during its funding rounds?

Tracing back to its early MakerDAO days, the protocol has raised roughly $61.5 million over the years. You'll see massive venture capital names like Andreessen Horowitz (a16z), Paradigm, and Polychain Capital leading those older rounds. Interestingly, the strategy shifted recently. By November 2025, the Sky ecosystem actually stepped up as a lead investor itself, co-funding a $37 million round for the Obex incubator alongside Framework Ventures.

Where can you trade SKY crypto and track its USD price?

Finding a place to trade the asset is pretty easy these days. Major centralized exchanges like Binance, Coinbase, OKX, and WhiteBIT all list it. If you're more into keeping things on-chain, Uniswap V2 has deep liquidity for the SKY/USDS pair, while Uniswap v3 handles SKY/WETH. Oh, and thanks to the SkyLink bridge, it's also live on Layer-2 DEXs like Aerodrome on Base to help save on gas fees.

What gives SKY money its primary utility?

Decentralized governance is the main use case here. Holders actually get to vote on the really critical protocol parameters—things like stability fees, accepted collateral, and emission rates. On top of that, you can park your tokens in the Staking Engine to earn rewards in USDS or subDAO tokens, like Spark. The best part? Unlike some older DeFi setups, this staking system doesn't charge any exit fees.

Is there a vesting schedule for the founding team?

Yes, the team and advisor tokens—which make up about 17% of the total supply—are locked behind a pretty strict multi-year vesting schedule. It starts with a 6-month cliff right after launch. From there, tokens unlock linearly over 1 to 4 years, depending on exactly what the contributor does. If someone happens to leave the team early, their unvested tokens just get sent right back into the protocol's treasury.