Sky
Sky is the upgraded MakerDAO ecosystem, powering the USDS stablecoin and DAO-governed lending against on-chain collateral.
What is Sky?
Sky is the upgraded MakerDAO ecosystem (rebranded from Maker in 2024) that powers the USDS stablecoin minted against on-chain collateral via the Maker CDP architecture. With ~$5.9B in TVL and over $385M in annualized fees, Sky generates revenue from stability fees on DAI/USDS loans, liquidation auctions on collateral, and Peg Stability Module conversions between USDC and DAI. SKY token holders earn buybacks and staking rewards while USDS holders earn the Sky Savings Rate. The protocol remains one of DeFi's largest stablecoin issuers and the canonical decentralized CDP system, with raises from Polychain, a16z, Paradigm, and Dragonfly Capital across its history.
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