Question 1

What is the Sky Protocol?

Accepted Answer

The Sky Protocol is a decentralised financial ecosystem that emerged from the rebranding of MakerDAO in 2024. It was designed to improve governance efficiency, enhance system resilience, and provide a more scalable structure for decentralised finance (DeFi). The protocol builds on the Maker framework, maintaining decentralised governance while introducing upgraded financial instruments, including the Sky Dollar (USDS) stablecoin and the SKY governance token.

The Sky ecosystem offers multiple functionalities, such as the Sky Savings Rate (SSR), Sky Token Rewards (STRs), Seal Rewards, and the upcoming Activation Rewards. Also, SkyLink provides a bridge between Ethereum Layer 1 and Layer 2 networks, enabling lower-cost transactions. The Sky Protocol also features Peg Stability Modules (PSMs) to stabilise USDS and governance mechanisms that enable community-driven decision-making.

The ecosystem includes independent decentralised projects called Sky Stars, such as Spark, which focuses on DeFi lending and borrowing solutions. The Sky Atlas serves as a foundational governance framework, documenting rules and processes for the ecosystem’s evolution.

Question 2

Migration from MakerDAO to Sky Protocol

Accepted Answer

In August 2024, MakerDAO rebranded to the Sky ecosystem, bringing major upgrades to its decentralised financial infrastructure. The migration introduced USDS as the upgraded stablecoin for DAI holders, while MKR governance token holders had the option to convert to SKY at a rate of 1:24,000. This transition aimed to improve governance efficiency, broaden participation, and support the next phase of DeFi development.

Question 3

What is Sky Dollar (USDS)?

Accepted Answer

Sky Dollar (USDS) is a decentralised stablecoin introduced by the Sky Protocol as an upgrade to DAI. Designed to maintain a soft peg to the U.S. dollar, USDS is backed by surplus collateral and serves as a core financial asset within the Sky ecosystem. It enables users to access a variety of decentralised financial services, such as savings, rewards, and governance participation, all while maintaining self-custody of their assets.

USDS stability is maintained through Peg Stability Modules (PSMs), allowing direct exchanges with stablecoins like USDC and USDT at predictable rates. This mechanism ensures minimal price volatility and enhances its reliability as a medium of exchange and store of value.

Question 4

What is Sky Dollar (USDS) used for?

Accepted Answer

USDS serves several key functions within the Sky Protocol, including:

- **Savings and Interest Accumulation**: Users can deposit USDS into the Sky Savings Rate (SSR) module, receiving sUSDS tokens that accrue additional USDS over time.
- **Earning Governance Rewards**: By supplying USDS to the Sky Token Rewards module, users earn SKY governance tokens as rewards.
- **Trading and Conversion**: USDS can be exchanged for USDC, USDT, ETH, and SKY through decentralised liquidity pools. Additionally, DAI holders can upgrade their tokens to USDS at a 1:1 ratio.
- **Participation in Governance**: USDS plays a role in the governance of the Sky ecosystem, enabling users to influence protocol decisions through a decentralised onchain voting system.

Question 5

Who created Sky Dollar (USDS)?

Accepted Answer

Sky Dollar (USDS) was developed by the team behind MakerDAO as part of the transition to the Sky Protocol. The rebrand, led by Rune Christensen and the MakerDAO community, was initiated to address governance challenges and improve the efficiency of decentralised decision-making. The Sky Protocol retains the foundational principles of MakerDAO while introducing new financial instruments and governance mechanisms to ensure sustainability and scalability.

#	Instrumen	Bursa	Skor Tolok Ukur	Harga	Perubahan 24j	Volume 24j	Trading 24j	Pembukaan 24j	Tertinggi 24j
1	USDS-USDT USDS-USDT	kucoin	BB	0.9991USDT	-0.23%	118,660.72USDS	67	1.00USDT	1.00USDT
2	USDS-USDT USDS_USDT	whitebit	BB	1.00USDT	-0.03%	84,933.00USDS	402	1.00USDT	1.00USDT
3	USDS-USDT USDS-USDT	okex	A	1.00USDT	-0.03%	51,400.54USDS	24	1.00USDT	1.00USDT
4	USDS-USDT USDSUSDT_SPBL	bitget	BB	1.00USDT	0.02%	15,563.80USDS	293	1.00USDT	1.00USDT
5	USDS-USD USDS-USD	okex	A	1.00USD	0.12%	0USDS	0	1.00USD	1.00USD
6	USDS-USDT USDSUSDT	bybit	A	1.00USDT	0.01%	11,983.73USDS	55	1.00USDT	1.00USDT
7	USDS-USD USDS-USD	coinbase	AA	1.00USD	0.01%	11,414.68USDS	126	1.00USD	1.00USD
8	USDS-USDT USDS_USDT	gateio	A	1.00USDT	-0.04%	6,238.50USDS	27	1.00USDT	1.00USDT
9	USDS-USD USDSUSD	kraken	AA	0.9997USD	0.00%	4,365.53USDS	25	0.9997USD	1.00USD
10	USDS-USD USDS_USD	cryptodotcom	AA	1.00USD	0.05%	1,819.40USDS	4	0.9999USD	1.00USD
11	USDS-USD USDSUSD	cexio	BB	1.00USD	-0.03%	42.00USDS	2	1.00USD	1.00USD
12	USDS-USDC USDSUSDC	cexio	BB	1.00USDC	0.08%	24.00USDS	1	0.9996USDC	1.00USDC
13	USDS-USDT USDSUSDT	cexio	BB	1.00USDT	0.01%	19.50USDS	1	1.00USDT	1.00USDT
14	USDS-EUR USDSEUR	kraken	AA	0.8709EUR	0.00%	0USDS	0	0.8709EUR	0.8709EUR
15	USDS-USDT usds_usdt	lbank	C	1.00USDT	0.00%	990,235.70USDS	82,809	1.00USDT	1.00USDT
16	USDS-USDT USDSUSDT	toobit	C	1.00USDT	0.00%	173,443.00USDS	5,514	1.00USDT	1.00USDT
17	USDS-USDT USDS_USDT	coinw	-	1.00USDT	-0.01%	140,284.31USDS	2,658	1.00USDT	1.00USDT
18	USDS-USDT usds_usdt	xtpub	-	1.00USDT	0.01%	122,515.73USDS	4,206	1.00USDT	1.00USDT
19	USDS-USDT USDS_USDT	bitunix	C	1.00USDT	0.00%	70,269.00USDS	5,840	1.00USDT	1.00USDT
20	USDS-USDT USDSUSDT	mexc	C	1.00USDT	-0.01%	51,851.71USDS	2,910	1.00USDT	1.00USDT
21	USDS-USDT USDSUSDT	bitrue	D	1.00USDT	0.02%	50,844.20USDS	4,726	1.00USDT	1.00USDT
22	USDS-USDT USDS_USDT	bydfi	-	1.00USDT	0.00%	36,711.80USDS	3,167	1.00USDT	1.00USDT
23	USDS-USDT usds_usdt	digifinex	D	1.00USDT	0.03%	34,285.00USDS	2,194	1.00USDT	1.00USDT
24	USDS-USDT USDS-USDT	bingx	D	1.00USDT	0.05%	31,115.36USDS	4,594	0.9999USDT	1.00USDT
25	USDS-KRW KRW-USDS	upbit	B	1,377.00KRW	0.51%	21,147.06USDS	144	1,370.00KRW	1,397.00KRW
26	USDS-USDT usdsusdt	huobipro	C	0.9972USDT	-0.01%	17,333.29USDS	503	0.9973USDT	1.00USDT
27	USDS-USDT USDSUSDT	coinex	C	0.9996USDT	0.02%	6,325.83USDS	1,449	0.9994USDT	1.00USDT
28	USDS-KRW USDS_KRW	bithumbkorea	-	1,381.00KRW	0.00%	169.19USDS	10	1,381.00KRW	1,381.00KRW
29	USDS-KRW USDS_KRW	coinone	C	1,359.00KRW	11.39%	73.04USDS	4	1,220.00KRW	1,376.00KRW
30	USDS-BRL USDS-BRL	mercadobtc	C	5.03BRL	0.01%	18.27USDS	14	5.03BRL	5.22BRL
31	USDS-USDT USDT-USDS	upbit	B	0.9785USDT	0.85%	12.23USDS	2	0.9703USDT	3.00USDT
32	USDS-KRW usds_krw	korbit	C	1,370.00KRW	0.00%	0USDS	0	1,370.00KRW	1,370.00KRW
33	USDS-USDT USDS_USDT	poloniex	C	1.00USDT	0.00%	0USDS	0	1.00USDT	1.00USDT
34	USDS-THB THB_USDS	bitkub	C	33.28THB	0.00%	0USDS	0	33.28THB	33.28THB