Sky
SKY Rank #53Price chart
What is Sky?
Governance token
SKY was introduced through MakerDAO's 2024 transition to the Sky ecosystem. It succeeds MKR as the protocol's governance asset. The token uses Ethereum's ERC-20 format. Holders can vote directly or delegate voting power to another participant. Governance determines protocol parameters, including collateral rules, borrowing limits and reward settings.
Supply and conversion
SKY has a maximum supply of 23.46 billion tokens, with new emissions permanently disabled. Legacy MKR can be converted at a base ratio of 24,000 SKY per MKR. A delayed-upgrade penalty reduces the amount received by holders converting after the grace period. Protocol surplus funds open-market SKY purchases through the Smart Burn Engine. Those purchases supply tokens for burning or distribution to stakers.
Staking and USDS borrowing
The Staking Engine records non-custodial SKY positions and distributes governance-dependent rewards. Staking itself has no fixed lockup or minimum balance requirement. A position can also back an optional USDS loan funded by the stUSDS module. Borrowing introduces debt, a variable borrow rate and collateral requirements. If collateral coverage drops below the required threshold, that debt position can be liquidated.
Where to trade SKY
61 exchanges · top 10
Live spot quotes from connected exchanges
SKY funding rates
Live perpetual funding on every connected exchange. Positive = longs pay shorts.
Contracts & chains
Exact contract or mint per network — the identity layer used for DEX routing.
On-chain routes
Networks with a connected DEX routing adapter.