Sky

Sky is an Ethereum-based decentralized finance protocol that emerged in 2024 from the rebrand of MakerDAO, the issuer of the DAI stablecoin. The protocol's new dollar stablecoin is USDS, while DAI remains in use in the ecosystem. SKY is the protocol's governance token and the successor to the former governance token MKR. According to Sky's developer documentation, a fee-free converter contract with a fixed ratio links MKR and SKY; with the governance upgrade, on-chain votes and protocol parameters are set with SKY in the new governance contract, and conversion becomes one-way, from MKR to SKY only.

SKY holders can deposit their tokens into a mechanism called the Staking Engine (LockStake Engine) to open a vault position. According to the documentation, this position can be used to borrow USDS against the deposited SKY as collateral, to stake in one of the reward programs, or to delegate voting power to a governance delegate. According to its CoinGecko listing, SKY is present on the Hydration network as well as Ethereum.

The value of SKY depends on the protocol's stablecoin supply, how protocol income is used, governance decisions and smart contract risks. The Sky price on Lzzo.com is taken from the SKY/USDT pair on Binance, converted into US dollars at Coinbase Exchange's USDT/USD rate and checked for identity against DefiLlama's reference price.