Crypto by Day

This is a screening of the crypto project Sky (MakerDAO). See Screenings for more information.

Sky (MakerDAO) ($SKY)

On-chain fully collateralized algorithmic yield-bearing USD stablecoin.

Verdict: GOOD

Details

As of 2025-12-23:

https://coinmarketcap.com/currencies/sky/

Product

Sky (formerly MakerDAO) is a decentralized stablecoin issuer on Ethereum. It was the first of its kind, launched in early 2017.

Users mint USDS (formerly DAI) by depositing collateral tokens, and paying a so called stability fee (loan interest). The value of USDS is targeted 1:1 to USD, creating a collateral backed algorithmic US dollar stablecoin. Many different tokens are accepted as collateral, with varying loan-to-collateral requirements. If the collateral value falls below the required ratio to the outstanding USDS, the collateral will be automatically liquidated through on-chain auctions.

USDS holders can deposit their tokens for yield, paid by depositors’ fees.

There is also loans backed by RWA tokens, using a different mechanism, part of which is off-chain.

As of December 2025, the supply of USDS + DAI is 9.9B. It is available on Ethereum, Arbitrum, Base, and Solana.

Also expanding on Solana with Keel, that allocates stablecoin capital across the Solana ecosystem.

The protocol is governed by SKY token holders, as a decentralized organization.

Token

The $SKY token is the governance token for the Sky Protocol. Parameters such as various loan-to-collateral ratios are set through on-chain governance votes.

As of February 2025, protocol revenue is used to buy back SKY tokens. This is done automatically every hour. As of December 2025, a total 94.8 USD has been spent to buy back tokens. So far these tokens have been burnt, but in the future the plan is to instead pay them to SKY stakers.

Team

MakerDAO was founded by Rune Christensen and Kenny Rowe. Christensen is still involved, but Rowe is not.

Christensen is a well known and well respected person in defi.

https://www.theblock.co/profile/341577/rune-christensen

Community

Has their own forum website, with some activity. People on the Discord seem to be actually talking about the project. Regular community calls, posted on YouTube.

X

https://x.com/SkyEcosystem

Discord

https://discord.com/invite/skyecosystem

YouTube

https://www.youtube.com/@skyecosystem