Sky

What is Sky?

SKY is the governance token of Sky Protocol on Ethereum. It is the successor to MakerDAO’s MKR token, introduced as part of the ecosystem’s 2024 rebrand. This is why legacy MakerDAO links on this site lead here. Sky’s token explanation.

SKY holders can participate in governance directly or delegate voting power. The protocol also supports staking and borrowing through its Staking Engine. SKY is a governance token; it is not the same asset as the USDS or DAI stablecoins. Sky’s token guide.

USDS targets a US-dollar peg. A peg is not a guarantee of redemption value or a risk-free savings balance. Governance changes, collateral conditions, contract vulnerabilities and market liquidity can affect users.

Market data

The live widget above retrieves market data from CoinGecko. Previously undated numerical snapshots and FAQ answers have been removed because they could be mistaken for current values. Check the observation time when using any price, supply or market-cap figure.

Updated September 7, 2026: clarified the MakerDAO relationship and removed stale market claims.