Sky (SKY)
Asset ID: 40
Sky (SKY) is the governance token of the Sky Ecosystem and an upgraded version of MKR. It allows holders to take part in decentralized governance by voting onchain or by delegating their voting power to another user or a smart contract they control.
The project originated from Maker, which was launched in 2014 as a community-governed DeFi protocol on Ethereum. Maker achieved major success with DAI, the first widely adopted decentralized stablecoin, helping the protocol establish strong product–market fit in DeFi.
As the ecosystem expanded, governance became increasingly complex, and by 2021 the community faced scalability challenges. To address this, Maker was restructured and rebranded into the Sky Ecosystem in 2024. This upgrade introduced a simpler and more scalable architecture while preserving decentralization and non-custodial principles.
Key changes included the introduction of USDS (the upgraded version of DAI) and SKY (the upgraded version of MKR). These improvements aimed to increase efficiency, strengthen system resilience, and better align incentives between users, governance participants, and the broader ecosystem.
SKY holders can participate in governance either directly or through delegation. By staking SKY through the Sky.money app, users can earn USDS-based rewards and optionally borrow USDS against their stake. Each staking position can have its own delegate choice, allowing flexible participation in governance decisions. All key parameters, including staking and borrowing rules, are decided through onchain voting, with users retaining full custody of their assets and no exit fees applied.
Network: ethereum
Category: Other
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