Sky
Entity6 coinsUnverifiedSky (formerly MakerDAO) is the largest decentralized stablecoin issuer, managing USDS, sUSDS, legacy DAI, stUSDS, and the SKY governance token.
Stablecoins aren't built to sit still.
USDS + DAI supply
Latest data
USDS holders
Sky Savings Rate
Products
Member products
Coins under Sky
Open a full profile or use Quick view for live CoinGecko + Alchemy data.
Main components (5)
USDS
Primary Sky dollar (DAI successor). ERC-20 with 1:1 USDC swap and base for sUSDS.
sUSDS
Yield-bearing USDS via Sky Savings Rate. Non-custodial wrapper with compounding exchange rate, no lockup or fees.
DAI
Legacy Maker collateral-minted stablecoin, still in circulation.
stUSDS
Expert-user yield from SKY-backed borrowing with dynamic utilization-based returns.
SKY
Governance token; stake to earn rewards or borrow USDS. MKR migrated to SKY.
Differentiator
Protocol-set Sky Savings Rate, instant no-lockup yield via sUSDS, and the Sky Agent Network for allocator-driven deployment.
Key facts
Curated off-chain facts with source + freshness.
Off-chain facts
Commonly asked questions
How is USDS related to DAI?Key
USDS is the successor Sky dollar from the Sep 2024 rebrand and MKR/SKY, DAI/USDS migration path.
What is sUSDS?Key
sUSDS is yield-bearing USDS via the Sky Savings Rate. It is not a separate pegged coin or governance token.
Timeline & news
Key milestones in the entity's history.
MakerDAO rebrands to Sky
ExecutedUSDS and the SKY governance token launch; DAI and MKR remain live for legacy users.
SourceSky Savings Rate / sUSDS live
ExecutedsUSDS gives instant, no-lockup yield via the governance-set Sky Savings Rate.
SourceS&P assigns USDS a 'B-' assessment
StatedS&P Global publishes a 'B-' stablecoin stability assessment for USDS.
SourceSky Star / agent ecosystem
ExecutedAllocator-driven deployment via the Sky Agent Network (e.g. Spark).
SourceOrganizational structure
Units & roles
- Issuer
Sky Protocol / Ecosystem
Issues USDS, sUSDS, and related Sky products.
- Legacy governance
Maker Governance Portal
Legacy governance surface and MKR to SKY migration tooling.
- Allocators
Sky Agent Network
Allocator agents deploying protocol capital across strategies.
Tokenomics
Max supply
Uncapped
Buyback policy
Smart Burn Engine deploys protocol surplus to buy back and burn governance tokens.
- 1 MKR converts to 24,000 SKY.
- USDS migrates 1:1 from DAI; supply is governance-managed (no fixed cap).
Risks identified
- Collateral
Collateral quality risk across diversified Maker/Sky vault types.
- Reserve / Depeg
Depeg risk on USDS/DAI under collateral stress or liquidity events.
- Smart Contract
Smart-contract risk in core protocol and integrations (Pendle, Morpho, bridges).
- Counterparty
Integration and counterparty risk on external vaults and bridges.
- Governance
Governance risk on Sky Savings Rate and risk parameters; liquidation risk on staked-SKY borrow positions.
- Network
Bridge risk for USDS/sUSDS deployments beyond Ethereum.
Investment rounds
Partnerships
Active partnerships
Pendle
Ongoing
Fixed-yield sUSDS via PT markets.
Morpho
Ongoing
Sky Vaults lending integration.
LayerZero / Skylink
Ongoing
USDS and sUSDS on Avalanche via burn-and-mint bridge.
Grove
Ongoing
Ecosystem accord partner.
Similarity to traditional finance products
How Sky maps onto established TradFi structures, and where it diverges.
| TradFi product | Similarity to Sky | Key differences |
|---|---|---|
| Digital cash / demand deposit | USDS behaves like on-chain digital cash with protocol swap rails. | Decentralized collateral and governance, not bank deposits. |
| Yield-bearing deposit receipt | sUSDS resembles a savings account receipt earning protocol rate. | Non-custodial, instant exit, rate set by DAO. |
| Governance equity | SKY maps to protocol governance and staking economics. | On-chain voting and staking integrations. |
Research agentERC-8004
A passkey-owned AI agent that lives on Sky and answers from its stablecoins, tokens, and RWAs — with its own on-chain ERC-8004 identity.
Checking for your Sky agent…
AI Agent Skill
Machine-readable protocol knowledge for agents
Sky — Research Skill
Stablecoins aren't built to sit still.
sky · v1.0.0
Facts
| category | Umbrella Entity |
| symbol | SKY |
| tagline | Stablecoins aren't built to sit still. |
| arbitrumNative | no |
| chains | Arbitrum One |
| security | unverified (OZ-derived · unverified — agents are gated from interacting on-chain) |
| memberCoins | 6 (USDS, sUSDS, DAI, stUSDS, SKY, MKR) |
| founded | 2014 |
| tvl | $15.49B |
| users | 64K |
Sections
Overview
Sky (formerly MakerDAO) is the largest decentralized stablecoin issuer, managing USDS, sUSDS, legacy DAI, stUSDS, and the SKY governance token.
What makes it different
Protocol-set Sky Savings Rate, instant no-lockup yield via sUSDS, and the Sky Agent Network for allocator-driven deployment.
Components
- USDS: Primary Sky dollar (DAI successor). ERC-20 with 1:1 USDC swap and base for sUSDS. - sUSDS: Yield-bearing USDS via Sky Savings Rate. Non-custodial wrapper with compounding exchange rate, no lockup or fees. - DAI: Legacy Maker collateral-minted stablecoin, still in circulation. - stUSDS: Expert-user yield from SKY-backed borrowing with dynamic utilization-based returns. - SKY: Governance token; stake to earn rewards or borrow USDS. MKR migrated to SKY.
Member coins
- USDS (USDS) — Stablecoin, Primary Sky dollar (DAI successor) - sUSDS (sUSDS) — Stablecoin, Yield-bearing USDS (Sky Savings Rate) - DAI (DAI) — Stablecoin, Legacy Maker stablecoin - stUSDS (stUSDS) — Stablecoin, Expert yield from SKY-backed borrowing - SKY (SKY) — Token, Governance token (MKR successor) - MKR (MKR) — Token, Legacy Maker governance (1:24,000 → SKY)
Risks
- Collateral: Collateral quality risk across diversified Maker/Sky vault types. - Reserve / Depeg: Depeg risk on USDS/DAI under collateral stress or liquidity events. - Smart Contract: Smart-contract risk in core protocol and integrations (Pendle, Morpho, bridges). - Counterparty: Integration and counterparty risk on external vaults and bridges. - Governance: Governance risk on Sky Savings Rate and risk parameters; liquidation risk on staked-SKY borrow positions. - Network: Bridge risk for USDS/sUSDS deployments beyond Ethereum.
TradFi analogue
- Digital cash / demand deposit: similar — USDS behaves like on-chain digital cash with protocol swap rails.; differs — Decentralized collateral and governance, not bank deposits. - Yield-bearing deposit receipt: similar — sUSDS resembles a savings account receipt earning protocol rate.; differs — Non-custodial, instant exit, rate set by DAO. - Governance equity: similar — SKY maps to protocol governance and staking economics.; differs — On-chain voting and staking integrations.
Actions
| Name | Signature | Access |
|---|---|---|
getProfile Read the CanHav profile for Sky. | research_getEntity({ slug: "sky" }) | read-only |
listMembers List the member coins (stablecoins / tokens / RWAs) under this entity. | research_listByCategory({ category: "entities" }) | read-only |
readLiveMetrics Read live on-chain supply / metadata for a member contract (Arbitrum). | chain_readLive({ address: "0x..." }) | read-only |
getHistory Pull historical peg / TVL series for a member protocol. | research_getHistory({ slug: "<member-slug>", metric: "peg" | "tvl" }) | read-only |
Glossary
- TVL
- Total value locked — assets held or managed by a protocol, in USD.
- APR
- Annual percentage rate — yield before compounding.
- RWA
- Real-world asset — an off-chain asset represented as an on-chain token.
- ERC-8004
- Trustless-agent identity standard; an agent's portable on-chain identity (ERC-721).