Sky (MakerDAO)

About Sky (MakerDAO) Sky — formerly MakerDAO — is one of the oldest and most battle-tested decentralized finance (DeFi) protocols on Ethereum, originally launched in 2017.

The platform lets users deposit crypto collateral into smart-contract Vaults to mint USDS (Sky Dollar), a decentralized, over-collateralized stablecoin pegged to the US dollar, replacing the legacy DAI token.

Sky introduced the Sky Savings Rate (SSR), a variable yield mechanism allowing USDS holders to earn passive rewards directly on-chain without surrendering custody, alongside Sky Token Rewards (STRs) for governance participation.

The ecosystem operates through SKY, the protocol's governance token (replacing MKR at a 1:24,000 ratio), enabling community-driven parameter changes, collateral onboarding, and treasury decisions via on-chain voting.

Sky Stars — formerly SubDAOs — are semi-autonomous entities within the ecosystem; the first, Spark Protocol, offers decentralized lending and borrowing of USDS and DAI.

Skylink enables cross-chain USDS transfers across Ethereum and major Layer 2 networks, while a $10M Immunefi bug bounty program and multiple independent smart contract audits underpin protocol security.

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