Sky
Stablecoin · SKY
NetworkStablecoinCreditDecentralized CDPYield-Bearing6 coinsUnverified
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
+0.1% 24h
Latest data · 15 min delay
Competitors
Ranked top→bottom — who competes with Sky and how they differ.
| # | Competitor | Positioning | Similarities | Differentiator |
|---|---|---|---|---|
| 1 | Inverse Finance | Decentralized CDP issuer of DOLA. | Both in Stablecoin (Decentralized CDP). | DOLA CDP stack plus FiRM fixed-rate borrowing — distinct from Aave-style variable-rate money markets. |
| 2 | Curve (crvUSD) | Soft-liquidation CDP dollar. | Both in Stablecoin (Decentralized CDP). | LLAMMA soft-liquidation continuously converts collateral to crvUSD as price drops, eliminating hard liquidation cascades. |
| 3 | Liquity | Immutable, governance-minimized CDP dollar. | Both in Stablecoin (Decentralized CDP). | Fully immutable, governance-minimized CDP — LUSD V1 has zero ongoing interest; BOLD V2 adds user-set rates and wstETH/rETH collateral. |
| 4 | Reserve Protocol | Open platform for asset-backed RTokens. | Both in Stablecoin (Decentralized CDP). | Open RToken platform: anyone can deploy fully customized asset-backed stablecoins with arbitrary collateral baskets and yield distribution. |
| 5 | Lista DAO | BNB Chain-native CDP with liquid staking. | Both in Stablecoin (Decentralized CDP). | BNB-native CDP integrating liquid staking — collateral earns staking yield while securing lisUSD debt. |