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Sky Protocol

Sky Protocol, formerly MakerDAO, is a decentralized finance ecosystem known for its USDS stablecoin, focusing on scalability and regulatory compliance.

Founded2017
StageDAO
FoundersRune Christensen
Websitesky.money ↗
X@SkyEcosystem ↗
LinkedInskyecosystem ↗
GitHub@sky-ecosystem ↗

Products

USDS active $10.0B
Sky Dollar
Crypto Backed

USDS, also known as Sky Dollar, is a decentralized stablecoin by Sky Protocol, maintaining a soft peg to the U.S. dollar and backed by surplus collateral.
DAI active $4.6B
DAI Stablecoin
Crypto Backed

DAI is a crypto-backed stablecoin originally issued by MakerDAO, now under Sky Protocol, maintaining a USD peg.

Sky Protocol, rebranded from MakerDAO in August 2024, is a decentralized finance ecosystem governed by SKY token holders. It aims to enhance scalability and integrate real-world assets.

Sky Protocol operates without traditional regulatory licenses, relying on decentralized governance to comply with applicable regulations.

Funding

RoundAmountYear
Strategic token purchase$15M2018
Strategic token purchase$28M2019

Frequently Asked Questions

What stablecoins does Sky Protocol issue?
Sky Protocol is the successor brand to MakerDAO and is associated with DAI and USDS. USDS is the upgraded stablecoin introduced during the 2024 Sky transition, while DAI continues to exist as a legacy collateral-backed dollar stablecoin.
Can DAI be converted into USDS?
Sky documentation states that the DAI-to-USDS converter facilitates 1:1 conversions between DAI and USDS without additional restrictions. This is the main mechanism for moving users from the legacy DAI token into the newer USDS token.
How are DAI and USDS backed?
The Sky white paper describes DAI and USDS as collateral-backed cryptocurrencies soft-pegged to the U.S. dollar. It states that every DAI in circulation is directly backed by excess collateral and that USDS represents a collateralized balance in the MCD protocol's vat smart contract.
Who governs USDS?
Sky Protocol is governed by holders of its governance token through the protocol's governance process. The white paper states that governance controls protocol parameters and financial risks, continuing the MakerDAO model under the Sky brand.

Recent Activity