Sky Coming after our contract and holder checks finish for this coin. See the Scorecard for every call so far.
What it is
Sky is the new name for MakerDAO, one of the oldest lending and stablecoin projects in crypto. Maker created DAI, a dollar-pegged stablecoin backed by crypto and other assets. In August 2024 the project rebranded as Sky and launched an upgraded stablecoin called USDS, which DAI holders can swap into one-for-one. A savings product lets USDS holders earn the Sky Savings Rate by holding sUSDS.
SKY is the governance token that replaced MKR. Each MKR converts into 24,000 SKY, so the numbers look very different even though the value was meant to carry over. SKY holders vote on how the protocol is run, including interest rates and which assets back USDS.
A key feature is that the protocol uses its surplus income to buy SKY on the market. Sky earns interest from the assets backing USDS, including tokenized U.S. Treasury bills, and after paying savers and costs, part of what is left goes toward these buybacks. In early 2026 cumulative buybacks had passed 108 million USDS. At the same time, SKY is also handed out as rewards, so the supply is not only shrinking.
What can go wrong
- SKY's value is closely tied to how much USDS and DAI are in use; if stablecoin demand falls, so does the income funding buybacks.
- USDS is backed partly by real-world assets like Treasury bills, which bring custody, legal and counterparty risks that pure crypto collateral does not.
- The MKR-to-SKY switch and the old-versus-new token names (MKR, DAI, SKY, USDS) cause confusion and are an opening for scam tokens.
- Governance is dominated by large holders, and the project's complex 'Endgame' restructuring has been controversial within its own community.
Make sure you know which token you are looking at: MKR and DAI are the old names, SKY and USDS are the new ones, and each MKR equals 24,000 SKY.
Safety checks
- Track recordCautionTrading since 2024, about 2 years. It hasn't been through a full market cycle yet, so treat its history as short.
- Trading activityCaution$11.7 million traded in the last 24 hours, 0.7% of its market value. That's thin for its size: big holders selling could move the price more than you'd expect.
- Coins still to comeGood23.43 billion of 23.46 billion maximum coins are in circulation, so about 0% or less are still to be released. Little new supply is left to hit the market.
- Distance from its peakGoodDown 26% from its all-time high of $0.1009 in October 2026.
- Past yearFor context+29.2% over the past year, against −25.3% for bitcoin. It has held up better than bitcoin.
History of trouble and big events
- August 2024: MakerDAO rebranded as Sky, launching SKY and the USDS stablecoin.
- Early 2026: Cumulative SKY buybacks funded by protocol surplus passed 108 million USDS.
Holding a token on a smaller network, or got sent one you don't recognize? Run its address through the free checker. Copycat tokens often borrow big names.