About Sky
Sky (SKY) is the governance token of the Sky protocol, the rebranded successor to MakerDAO that launched alongside the new USDS stablecoin in 2024. Holders of the legacy MKR token can convert to SKY at a fixed rate of 1 MKR to 24,000 SKY. SKY is used to vote on every parameter of the Sky stack — including USDS issuance, stability fees, the Sky Savings Rate, collateral onboarding, and the allocation of treasury funds across subDAOs (Stars).
Sky's governance covers a layered system that includes the USDS and DAI stablecoins, the sUSDS yield-bearing wrapper, the SKY token itself, and the family of allied subDAO 'Stars' that target verticals such as real-world assets, DeFi-native lending, and ecosystem growth. Protocol revenue from stability fees and RWA holdings is partly used to back USDS yields, partly to fund operating expenses and grants, and partly to support SKY token economics through programmes such as the Smart Burn Engine.
The Sky ecosystem is one of the largest and longest-running in DeFi, with USDS and DAI integrated across virtually every major DeFi protocol on Ethereum and many L2s and alt-L1s. SKY itself is supported by major exchanges and used by a global governance community of independent delegates, risk teams, and contributors who maintain the protocol's risk framework and roadmap.
Crypto Market Watch tracks the live Sky price ranked #53 by market capitalisation, 24-hour and 7-day price changes, market capitalisation, trading volume, circulating supply, and all-time highs and lows on this page. Data refreshes continuously throughout the trading day so investors can monitor SKY market activity in real time.