SkyPrice

(SKY)

Sky is the "Endgame" evolution of MakerDAO, representing a significant rebranding and structural shift. While the core mission of decentralized stablecoins remains unchanged, Sky introduces a modular architecture and a more accessible brand identity. It features a new ecosystem consisting of the SKY governance token and the USDS stablecoin, alongside enhanced incentive programs. The transition aims to make the protocol more scalable and user-friendly while maintaining the security foundation established by MakerDAO over the last decade.

Users can manually upgrade their tokens through the Sky.money platform. For those who prefer a more automated experience, major exchanges like LBank often handle the migration process for their users. The conversion ratios are fixed: 1 MKR can be converted into 24,000 SKY, and 1 DAI can be swapped for 1 USDS at a 1:1 ratio. While there is no hard deadline, the protocol utilizes a Delayed Upgrade Penalty that gradually reduces the SKY received per MKR to encourage a timely transition.

Both USDS and DAI are dollar-pegged stablecoins, but they serve different roles in the ecosystem. USDS includes a "freeze" function, which allows the protocol to halt transfers in specific cases such as theft or legal compliance, similar to other major centralized stablecoins. DAI remains a fully permissionless and decentralized stablecoin without this functionality. Users can swap between the two at a 1:1 ratio, allowing them to choose between the maximum decentralization of DAI or the rewards and features unique to USDS.

The Sky Savings Rate (SSR) is the successor to the DAI Savings Rate (DSR). It is a native yield mechanism that allows USDS holders to earn rewards directly from the protocol. These rewards are generated from the stability fees collected by the protocol and its collateral assets. To participate, users supply their USDS to the SSR module via the Sky interface, allowing them to earn a consistent yield on their stablecoin holdings within the ecosystem.

Sky Stars are independent SubDAOs within the Sky ecosystem, such as the Spark lending protocol. They focus on specific niches like lending or Real-World Assets and can have their own unique governance tokens. Sky Token Rewards (STRs) are the incentives distributed to users who hold or supply USDS to various modules. By participating, users can earn SKY governance tokens or tokens from these Sky Stars, providing multiple layers of utility and reward potential for active ecosystem participants.

The Sky protocol is managed by a Decentralized Autonomous Organization (DAO) where SKY token holders vote on key proposals. Governance is guided by the "Sky Atlas," which serves as the protocol's comprehensive rulebook. To expand its reach, the project introduced SkyLink, a cross-chain bridge technology. SkyLink is designed to facilitate the seamless movement of USDS and SKY across different blockchain networks and Layer 2 solutions, ensuring the protocol's liquidity and utility are accessible throughout the entire Web3 ecosystem.