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What Is Sky?

Sky (ticker SKY) is the new identity of MakerDAO, one of the oldest and most influential projects in decentralized finance. In August 2024 MakerDAO announced it would retire its name and relaunch as Sky, and on September 18, 2024 the protocol introduced two new tokens: USDS, a stablecoin upgradeable 1:1 from DAI, and SKY, a governance token that replaces MKR at a fixed rate of 24,000 SKY per MKR. The underlying system is the same battle-tested protocol that has kept DAI pegged to the dollar since 2017; the rebrand repackaged it with new tokens, native yield features, and a restructured governance model.

MakerDAO was founded by Danish entrepreneur Rune Christensen, who began work on the project in 2014 and launched the DAI stablecoin in December 2017. The rebrand to Sky is the culmination of Christensen's multi-year "Endgame" plan, an effort to make the protocol more scalable, decentralized, and resilient. The change was controversial: after a lukewarm community reception, Christensen publicly floated reverting to the Maker brand in late 2024, but a governance vote that November chose to keep Sky, and the migration has continued since.

At its core, Sky works the way Maker always has. Users lock collateral such as ETH, liquid staking tokens, and tokenized real-world assets to mint a dollar-pegged stablecoin, and the protocol earns revenue from stability fees and from yield on its reserves. USDS is the flagship stablecoin of the Sky era, and holders can deposit it into the Sky Savings Rate to receive sUSDS, a token that accrues yield generated by the protocol. DAI itself was not shut down; it continues to exist and trade, though major exchanges have been converting balances to USDS and liquidity is steadily shifting to the new token.

SKY is the protocol's governance token. Holders vote on protocol parameters through the Sky governance portal and can stake SKY through the protocol's staking engine to earn rewards. The total supply is roughly 23.5 billion SKY, which corresponds to the old MKR supply of just under one million tokens multiplied by the 24,000:1 upgrade ratio. To push laggards through the migration, Sky governance activated a Delayed Upgrade Penalty in September 2025: the SKY received per MKR is reduced by 1 percent, with the reduction growing by another percentage point every three months. There is no hard cutoff date, but waiting becomes progressively more expensive, and exchanges including Binance, Kraken, and Crypto.com have delisted MKR and converted customer balances to SKY.

A defining feature of the new structure is the Sky Agent Network, a set of semi-independent units, originally called SubDAOs and then Stars in the Endgame plan, that allocate the protocol's liquidity into different strategies. The first and largest is Spark, a DeFi lending and savings platform that launched its own SPK token in June 2025. Grove, launched in 2025, deploys capital into institutional-grade tokenized credit and real-world assets, while newer agents such as Obex and Keel incubate and run additional yield strategies. Sky governance has authorized billions of dollars of USDS liquidity for these agents, which compete to generate risk-adjusted returns for the ecosystem.

For anyone who knew the project as MakerDAO, the simplest summary is this: the protocol is the same, the brand and tokens are new. MKR has become SKY, DAI has a successor in USDS, and the monolithic DAO has been reorganized into a hub-and-spoke ecosystem of specialized agents.

Getting Started With Sky

Getting started with Sky usually means holding SKY for governance and staking, holding USDS for stable value and yield, or upgrading legacy MKR and DAI:

  1. Step 1: Set up an Ethereum wallet such as MetaMask or Rabby. SKY and USDS are ERC-20 tokens on Ethereum.
  2. Step 2: Acquire SKY or USDS on an exchange and withdraw to your wallet, or upgrade legacy MKR and DAI through the official app at app.sky.money. DAI converts to USDS 1:1 with no fee; MKR converts at 24,000 SKY per MKR, minus the delayed upgrade penalty that has applied since September 2025.
  3. Step 3: Put your tokens to work: deposit USDS into the Sky Savings Rate to receive yield-bearing sUSDS, or stake SKY through the app to earn rewards.
  4. Step 4: Participate in governance by delegating or voting with SKY at the official voting portal, and explore ecosystem agents such as Spark.

How to Get a Sky Wallet?

SKY and USDS are standard ERC-20 tokens on Ethereum, so any reputable Ethereum wallet can hold them.

MetaMask

MetaMask is the most widely used Ethereum browser-extension and mobile wallet. It connects directly to the Sky app for upgrading tokens, staking SKY, and using the Sky Savings Rate.

Rabby

Rabby is a browser-extension wallet popular with DeFi users. It previews transaction outcomes before signing, which is helpful when interacting with staking and savings contracts.

Hardware Wallets

A Ledger or Trezor device can be paired with MetaMask or Rabby to keep private keys offline, which is recommended for larger holdings and long-term governance positions.

Sky Resources

How to Buy Sky?

SKY is available on both centralized and decentralized exchanges. Note that MKR has been delisted from most major venues, so SKY is now the token exchanges actually list.

Centralized Exchanges

SKY trades on major exchanges including Binance, Coinbase, Kraken, OKX, and Bybit, typically against USD or USDT. Several of these exchanges automatically converted customer MKR balances to SKY during the migration.

Decentralized Exchanges

On Ethereum, SKY can be swapped on DEXes such as Uniswap and CoW Swap. Holders of legacy MKR or DAI can also use the official Sky app, which upgrades the old tokens directly rather than swapping them on the open market.

Latest Sky News

Since the rebrand, Sky's focus has been on completing the token migration and scaling its agent ecosystem. The Delayed Upgrade Penalty on MKR conversions took effect in September 2025 and ratchets up every quarter, and major exchanges have delisted MKR and DAI in favor of SKY and USDS. USDS supply has grown past 10 billion dollars, making it one of the largest stablecoins, while a few billion dollars of legacy DAI remains in circulation across DeFi.

The Sky Agent Network has expanded with Spark, Grove, Obex, and Keel allocating protocol liquidity into DeFi lending, tokenized institutional credit, and other yield strategies, including a governance authorization of up to 2.5 billion dollars for Obex-incubated projects. Critics note that adoption has lagged the ambitions of the Endgame plan, and the protocol's complexity remains a frequent community debate. Because savings rates, staking rewards, and migration penalties change over time, the official website, app, and governance forum are the best sources for current figures.