Sky
Stablecoin · SKY
Sky (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
$426.8M
+0.3% 24h
Latest data · 15 min delay
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 | Network |
| 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 | $426.76M |
| marketCap | $1.39B |
| 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 network. | research_listByCategory({ category: "networks" }) | 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).