Sky

Sky (formerly MakerDAO) is the largest decentralized stablecoin issuer, managing USDS, sUSDS, legacy DAI, stUSDS, and the SKY governance token. Sky, formerly MakerDAO, is the largest decentralized stablecoin issuer, managing USDS and legacy DAI alongside the sUSDS savings token and SKY governance token. Its credit-sector relevance comes from how it deploys its balance sheet: the protocol-set Sky Savings Rate, collateralized vault borrowing, and allocations of USDS liquidity into lending markets through Stars such as Spark. The Endgame restructuring splits the ecosystem into semi-autonomous SubDAOs, with Sky Core setting monetary policy. Sky is listed here for its lending-adjacent liquidity role while remaining primarily a stablecoin protocol.

Protocol-set Sky Savings Rate, instant no-lockup yield via sUSDS, and the Sky Agent Network for allocator-driven deployment.

- 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.

- 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)

- 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.

- Digital cash / demand deposit: similar in that USDS behaves like on-chain digital cash with protocol swap rails.; differs in that Decentralized collateral and governance, not bank deposits. - Yield-bearing deposit receipt: similar in that sUSDS resembles a savings account receipt earning protocol rate.; differs in that Non-custodial, instant exit, rate set by DAO. - Governance equity: similar in that SKY maps to protocol governance and staking economics.; differs in that On-chain voting and staking integrations.