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What is Sky (SKY)?

Sky (SKY) is the native governance and utility token of the Sky Protocol, a next-generation decentralized finance (DeFi) ecosystem that evolved from the MakerDAO framework. It powers the ecosystem’s key components, including the USDS stablecoin, Sky Savings Rate (SSR), and Sky Token Rewards (STR). SKY enables holders to participate in governance, staking, and ecosystem decision-making, ensuring full decentralization and community-driven control without intermediaries.

The History of Sky

The origins of Sky Protocol trace back to the MakerDAO ecosystem, which introduced the DAI stablecoin and MKR governance token. In 2024, the protocol underwent a major transformation known as “Endgame,” where the MKR token was replaced by SKY at a 1 MKR = 24,000 SKY conversion ratio. This upgrade aimed to create a more modular, scalable, and community-owned protocol. The rebranding also introduced the new USDS stablecoin and established a multi-DAO structure known as “SubDAOs,” marking a new era for decentralized governance under the Sky brand.

The Use Case of Sky

The primary purpose of SKY is to function as the governance and utility token of the Sky Protocol ecosystem. Holders can stake SKY to earn rewards, participate in protocol upgrades, and influence the direction of the ecosystem through on-chain voting. SKY also underpins various DeFi mechanisms such as the Sky Savings Rate for USDS holders and the Sky Token Rewards program, incentivizing ecosystem participation and liquidity provision. By connecting governance, savings, and reward systems, SKY drives sustainable growth and decentralization across the Sky Protocol network.