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SKY token is the governance token of the Sky Protocol, formerly known as MakerDAO. SKY represents a significant upgrade designed to enhance accessibility, scalability, and user rewards.

What Is the SKY Token / Sky Crypto?

The SKY token is the native governance and utility token of the Sky Protocol, a Decentralised Finance (DeFi) platform that builds on the legacy of MakerDAO.

SKY lets holders participate in governance and stake for rewards. USDS can be saved via the Sky Savings Rate (SSR) or used across DeFi apps (e.g., borrowing/lending on Spark).

SKY aims to make it convenient for everyday users to earn rewards through staking and savings.

The History of SKY Token

The story of SKY begins with MakerDAO, founded in 2015 by Rune Christensen as one of the earliest DeFi projects. MakerDAO revolutionised crypto with the creation of DAI, a decentralised stablecoin backed by collateral. Over the years, it grew into a cornerstone of DeFi, managing billions in total value locked (TVL).

By 2021, scaling challenges and governance complexities drove the project towards a major evolution. In 2024, MakerDAO rebranded to the Sky Protocol, introducing SKY as the new governance token and USDS as the upgraded stablecoin.

This shift was designed to improve the user experience, decentralisation, and scalability.

Sky Protocol has also expanded to include "Sky Stars". These are independent subprojects like Spark. Spark enables users to access DeFi tools where they can earn rewards.

Why MKR Migrated to SKY

Governance migrated from MKR to SKY. Holders can upgrade MKR→SKY at 1:24,000 on-chain. Many exchanges supported the swap and delisted MKR trading pairs in 2025, but self-custody upgrades are not automatic. The move is driven by the need for a more accessible and feature-rich token.

USDS holders can access the Sky Savings Rate to earn yield in USDS and can allocate USDS to Sky Token Rewards to support ecosystem initiatives.

SKY Token Features

SKY has some interesting uses in DeFi.

Governance Power

Vote on protocol changes or delegate rights through decentralised on-chain voting. This is guided by the Sky Atlas, a living set of rules evolved by the community.

Staking and Rewards

Use the Staking Engine to earn variable rewards (paid in USDS).

Sky + USDS

USDS holders can deposit into the Sky Savings Rate (SSR) to earn yield in USDS or allocate USDS to Sky Token Rewards (STRs) to support Sky Stars ecosystem initiatives.

What is the price of SKY?

The price of SKY can change daily, even hourly. Please scroll to the top of this page for the live price of SKY.

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