Sky (SKY) Exchange

About Sky

SKY is the governance token of Sky Protocol (formerly MakerDAO), a decentralized finance protocol originally founded by Rune Christensen in 2014. MakerDAO rebranded to Sky in August 2024 as part of its “Endgame” plan, introducing SKY as the new governance token replacing MKR at a conversion ratio of 1 MKR to 24,000 SKY, and USDS as the upgraded stablecoin replacing DAI at a 1:1 ratio. Both legacy tokens (MKR and DAI) remain active; the upgrade is voluntary. Sky Protocol is the DeFi system behind USDS, an overcollateralized stablecoin where users lock crypto assets and tokenized real-world assets (RWAs) as collateral to mint dollar-pegged tokens. USDS supply passed $10 billion in late September 2026, according to Crypto Briefing, and CoinGecko listed about $10.2 billion in October 2026. The Sky ecosystem is accessible through Sky.money, a non-custodial platform for staking, governance, and USDS savings.

SKY tokenomics

SKY was created through a 1:24,000 redenomination of MKR, designed to lower the per-unit price and broaden governance participation. The redenomination does not change the economic value of holdings; it increases the number of tokens proportionally.
Conversion ratio — 1 MKR = 24,000 SKY; MKR holders can convert voluntarily through the Sky.money interface or supported exchanges
Supply — approximately 23.46 billion SKY in total and 23.43 billion in circulation as of October 2026, according to CoinGecko
Buyback program — Sky Protocol uses protocol revenue to buy back SKY on the open market; according to Sky's August 2026 financial and operational update, daily open-market buybacks roughly doubled during the month, from about $38,000 per day since mid-March to about $73,000 per day
Governance — one SKY equals one vote on protocol parameters including collateral types, stability fees, risk parameters, treasury allocation, and protocol upgrades
Sky Stars — formerly SubDAOs; independent decentralized projects within the Sky ecosystem that operate autonomously while connecting to Sky's infrastructure
Savings — USDS holders can deposit through the Sky Savings Rate to receive sUSDS, with yield funded by protocol revenue such as stability fees and RWA income

What determines SKY's value

SKY's value is driven by the protocol revenue generated from stability fees charged on USDS and DAI minting, liquidation penalties on undercollateralized positions, and yield from real-world assets held in the protocol's reserves (including US Treasuries and institutional lending positions). The buyback program channels part of this revenue into SKY demand: protocol income is used to purchase SKY on the open market, linking lending activity and token demand.

Traditional finance institutions have used MakerDAO and Sky: Société Générale's digital assets subsidiary FORGE and Huntington Valley Bank used the protocol to access on-chain lending, and on September 23, 2026 Sky Protocol and Galaxy Digital announced a strategic partnership under which Galaxy adds sUSDS to its corporate treasury. S&P Global Ratings affirmed a 'B-' rating on Sky Protocol on October 1, 2026. The Endgame plan's Sky Stars create independent product verticals (lending, RWA, savings, payments) that can generate revenue streams alongside the central buyback mechanism.