What is the Sky Protocol?

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. Additionally, 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.

Migration from MakerDAO to Sky Protocol

The migration from MakerDAO to the Sky ecosystem included the introduction of SKY as the governance token, replacing MKR. Holders of MKR were given the option to upgrade to SKY at a fixed rate of 1:24,000. This change was implemented to address governance scalability challenges and ensure broader participation in decision-making processes within the Sky Protocol. The Sky ecosystem continues to support MakerDAO’s legacy assets, including DAI and MKR, while offering upgraded versions in the form of USDS and SKY. Governance decisions regarding the long-term role of legacy tokens remain in the hands of the community through onchain voting.

Sky (SKY) is the native governance token of the Sky Protocol, introduced as an upgraded version of Maker’s MKR token. It enables decentralised decision-making within the ecosystem, allowing holders to vote on protocol changes, governance proposals, and economic policies. SKY was created to improve governance participation by increasing token accessibility. The supply of SKY is significantly larger than MKR, with an upgrade rate of 1 MKR to 24,000 SKY, making governance more inclusive and scalable. The token plays a crucial role in securing the ecosystem and ensuring decentralised control over protocol decisions.

What is Sky (SKY) used for?

SKY plays a fundamental role in the governance and incentive mechanisms of the Sky Protocol. Its primary use cases include: - **Governance**: SKY holders participate in decentralised onchain voting, influencing protocol parameters such as stability fees, collateral onboarding, ecosystem incentives, and governance structures. - **Activation Token Rewards**: Users will soon be able to supply SKY to the Activation module to earn USDS or other Sky ecosystem tokens as rewards. - **Seal Rewards**: Users can supply SKY to the Seal Engine, generating additional USDS rewards while also enabling voting power delegation. Sealing SKY also supports decentralisation and security within the protocol. - **Borrowing and Lending**: SKY can be used as collateral within the ecosystem to generate and borrow USDS, leveraging decentralised lending markets powered by Spark. - **Trading and Conversion**: SKY can be traded for USDS and other assets via decentralised liquidity pools, supporting ecosystem liquidity and user participation. - **Security and Decentralisation**: By staking or locking SKY in governance contracts, users contribute to the resilience and long-term stability of the protocol.

Who created Sky (SKY)?

SKY was developed by the team behind MakerDAO as part of the transition to the Sky Protocol in 2024. Led by Rune Christensen and the MakerDAO community, the upgrade aimed to improve governance efficiency and decentralisation by expanding the token supply and enhancing participation. The development of SKY was part of a broader effort to restructure governance, making it more resilient and adaptable to changes in the DeFi landscape. The introduction of SKY aligns with the Sky Protocol’s objective of fostering innovation, community-driven governance, and increased accessibility to DeFi.

Sky (SKY) Markets

#	Instrument	Exchange	Benchmark Score	Price	24h Change	24h Volume	24h Trades	24h Open	24h High
1	SKY-USDT SKYUSDT	binance	AA	0.06938USDT	1.11%	12,189,836.00SKY	12,613	0.06863USDT	0.06981USDT
2	SKY-USDT SKYUSDT	bybit	A	0.06927USDT	0.76%	9,531,886.30SKY	7,506	0.06876USDT	0.06981USDT
3	SKY-USDT SKY_USDT	whitebit	BB	0.06943USDT	1.18%	4,638,345.00SKY	13,139	0.06862USDT	0.06984USDT
4	SKY-USDT SKY_USDT	gateio	A	0.06938USDT	1.17%	2,084,306.00SKY	805	0.06858USDT	0.06977USDT
5	SKY-USD SKYUSD	kraken	AA	0.06926USD	0.62%	1,889,077.29SKY	736	0.06883USD	0.06963USD
6	SKY-USDT SKY-USDT	okex	A	0.06934USDT	1.05%	1,375,951.40SKY	2,775	0.06863USDT	0.06983USDT
7	SKY-TRY SKY_TRY	whitebit	BB	3.45TRY	0.55%	1,212,480.00SKY	1,518	3.43TRY	3.48TRY
8	SKY-USD SKY-USD	coinbase	AA	0.06919USD	0.76%	897,733.90SKY	753	0.06866USD	0.06976USD
9	SKY-USDC SKY_USDC	whitebit	BB	0.06919USDC	0.90%	810,389.00SKY	1,364	0.06857USDC	0.06970USDC
10	SKY-USDT SKYUSDT_SPBL	bitget	BB	0.06942USDT	0.99%	774,083.57SKY	857	0.06874USDT	0.06980USDT
11	SKY-EUR SKY_EUR	whitebit	BB	0.06175EUR	0.67%	618,421.00SKY	1,250	0.06134EUR	0.06236EUR
12	SKY-USDC SKYUSDC	binance	AA	0.06901USDC	0.64%	554,944.00SKY	307	0.06857USDC	0.06962USDC
13	SKY-BTC SKY_BTC	whitebit	BB	0.0₆8622BTC	0.89%	457,238.00SKY	733	0.0₆8546BTC	0.0₆8657BTC
14	SKY-TRY SKYTRY	binance	AA	3.44TRY	0.64%	395,120.00SKY	292	3.42TRY	3.47TRY
15	SKY-USDC SKY-USDC	okex	A	0.06916USDC	0.96%	380,346.50SKY	220	0.06851USDC	0.06945USDC
16	SKY-USDT SKY-USDT	kucoin	BB	0.06927USDT	0.73%	322,567.10SKY	288	0.06877USDT	0.06977USDT
17	SKY-EUR SKYEUR	kraken	AA	0.06184EUR	1.64%	228,307.14SKY	151	0.06084EUR	0.06197EUR
18	SKY-USD skyusd	gemini	A	0.07148USD	-2.61%	12,700.10SKY	9	0.07339USD	0.07339USD
19	SKY-USD SKY_USD	cryptodotcom	AA	0.06837USD	-0.90%	1,887.00SKY	3	0.06899USD	0.06899USD
20	SKY-USD SKYUSD	bitfinex	BB	0.06793USD	-0.11%	1,479.23SKY	28	0.06801USD	0.07027USD
21	SKY-EUR skyeur	bitstamp	AA	0.06152EUR	0.66%	955.10SKY	1	0.06112EUR	0.06152EUR
22	SKY-EUR SKY-EUR	okex	A	0.06199EUR	1.37%	375.20SKY	3	0.06115EUR	0.06199EUR
23	SKY-USDT SKYUST	bitfinex	BB	0.06804USDT	-4.47%	74.27SKY	6	0.07122USDT	0.07122USDT
24	SKY-USD SKYUSD	itbit	BB	0.07226USD	0.00%	0SKY	0	0.07226USD	0.07226USD
25	SKY-USDT SKY_USDT	poloniex	C	0.06937USDT	1.36%	34,240,920.70SKY	40,334	0.06844USDT	0.07023USDT
26	SKY-USDT sSKYUSDT	phemex	C	0.06952USDT	1.05%	5,682,632.90SKY	6,841	0.06880USDT	0.06989USDT
27	SKY-USDT SKYUSDT	toobit	C	0.06938USDT	1.09%	4,920,577.00SKY	12,983	0.06864USDT	0.06980USDT
28	SKY-USDT SKY_USDT	coinw	-	0.06932USDT	0.81%	2,778,763.73SKY	2,279	0.06876USDT	0.06974USDT
29	SKY-USDT SKYUSDT	bitrue	D	0.06934USDT	1.05%	1,306,504.10SKY	5,089	0.06862USDT	0.06980USDT
30	SKY-KRW KRW-SKY	upbit	B	92.10KRW	-0.22%	1,252,925.73SKY	361	92.30KRW	93.30KRW
31	SKY-USDT sky_usdt	xtpub	-	0.06942USDT	1.14%	1,219,306.85SKY	4,659	0.06864USDT	0.06980USDT
32	SKY-USDT SKY_USDT	bitunix	C	0.06943USDT	1.12%	975,759.25SKY	7,774	0.06866USDT	0.06981USDT
33	SKY-USDT SKY-USDT	bingx	D	0.06942USDT	1.09%	928,506.80SKY	7,996	0.06866USDT	0.06980USDT
34	SKY-USDT SKYUSDT	mexc	C	0.06942USDT	1.11%	920,831.90SKY	3,068	0.06866USDT	0.06974USDT
35	SKY-USDT sky_usdt	digifinex	D	0.06938USDT	1.06%	861,391.92SKY	6,563	0.06866USDT	0.06980USDT
36	SKY-USDT SKY_USDT	bydfi	-	0.06942USDT	1.11%	802,307.55SKY	3,004	0.06866USDT	0.06974USDT
37	SKY-USDC SKYUSDC	mexc	C	0.06924USDC	0.98%	784,882.51SKY	3,015	0.06857USDC	0.06972USDC
38	SKY-KRW SKY_KRW	bithumbkorea	-	91.60KRW	-0.09%	515,049.10SKY	314	91.68KRW	92.55KRW
39	SKY-EUR SKY-EUR	bitvavo	B	0.06181EUR	0.69%	455,901.92SKY	206	0.06138EUR	0.06226EUR
40	SKY-JPY sky_jpy	bitbank	C	10.86JPY	0.25%	376,548.24SKY	86	10.83JPY	10.92JPY
41	SKY-USD SKY-USD	btse	-	0.06929USD	0.92%	319,549.00SKY	14,460	0.06866USD	0.06970USD
42	SKY-PHP SKYPHP	coinspro	D	4.43PHP	1.63%	307,772.00SKY	7,376	4.36PHP	4.44PHP
43	SKY-MYR SKYMYR	luno	B	0.2831MYR	0.28%	151,894.00SKY	102	0.2823MYR	0.2862MYR
44	SKY-USDT skyusdt	huobipro	C	0.06899USDT	0.06%	146,501.78SKY	180	0.06895USDT	0.06960USDT
45	SKY-USDT SKY-USDT	btse	-	0.06936USDT	0.99%	54,105.00SKY	1,742	0.06868USDT	0.06977USDT
46	SKY-USDT SKYUSDT	btcturk	E	0.06920USDT	0.52%	28,326.00SKY	8	0.06884USDT	0.06942USDT
47	SKY-USDT SKY_USDT	cryptology	D	0.07112USDT	0.00%	0SKY	0	0.07112USDT	0.07112USDT
48	SKY-BRL SKY-BRL	mercadobtc	C	0.3660BRL	7.69%	24,125.33SKY	43	0.3398BRL	0.3660BRL
49	SKY-USDC SKY_USDC	cryptology	D	0.07101USDC	0.00%	0SKY	0	0.07101USDC	0.07101USDC
50	SKY-TRY SKYTRY	btcturk	E	3.43TRY	0.96%	17,695.30SKY	13	3.39TRY	3.46TRY

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