Description.
Sky Protocol (formerly MakerDAO) is a decentralized financial infrastructure built around the USDS stablecoin and the SKY governance token, designed to enable permissionless and non-custodial access to DeFi products. Founded in 2015 by Rune Christensen, the protocol operates the world's largest decentralized stablecoin system with over $10 billion in assets under management, serving retail users through sUSDS yield products and institutional clients through the Sky Agent Network and Sky Vaults. Sky Protocol generates yield through diversified revenue streams including fixed income, structured credit, onchain capital markets, and infrastructure financing, with the Sky Savings Rate currently at 3.75% APY for sUSDS holders and $6.23 billion in total sUSDS supply.Â
Sky Protocol has completed a $54.50 million funding round from institutional investors and generated $435 million in annualized protocol revenue, while deploying $2.5 billion to ecosystem projects and maintaining a $102 million token buyback program. The protocol transitioned from MakerDAO to Sky in August 2024, introducing USDS as its next-generation cross-chain stablecoin deployed on Ethereum and Solana, alongside the SKY governance token replacing MKR at a 1:24,000 conversion rate. Sky has established institutional partnerships with BlackRock, Coinbase, Galaxy Digital, BNY Mellon, Apollo, and Janus Henderson, and became the first DeFi protocol to receive an S&P credit rating. The Sky Agent Network enables independent capital allocators to compete for capital mandates, generating the yield that backs the Sky Savings Rate.
Key Infrastructure.
USDS Stablecoin
USDS is the next-generation cross-chain stablecoin (successor to DAI) deployed on Ethereum and Solana, designed for yield generation and DeFi-native utility. USDS is backed by diversified collateral including crypto assets and real-world assets, maintaining a $9.86 billion+ supply.
sUSDS (Yield-Bearing Stablecoin)
sUSDS is the world's largest yield-generating stablecoin providing direct access to the Sky Savings Rate. Supply USDS to receive sUSDS which auto-compounds yield from diversified protocol revenue. Currently offering 3.75% APY with $6.23 billion in total supply and full liquidity with no lockups or fees.
stUSDS (Risk Capital Token)
stUSDS is the high-performance risk capital token for expert users. Capital funds SKY-backed borrowing within Sky Protocol, earning dynamic yields up to 5.86% APY based on utilization rates. stUSDS is composable via ERC-4626 and can be deployed in Sky Vaults for advanced strategies.
Sky Savings Rate (SSR)
The Sky Savings Rate sources resilient, diversified yield backed by institutional-grade collateral and sophisticated deployment strategies. Unlike utilization-dependent DeFi rates, SSR is governance-set based on Sky Protocol revenue capacity including fixed income, structured credit, and onchain capital markets. Currently 3.75% APY.
Sky Agent Network
An independent network of capital allocators (Sky Agents) competing to manage protocol capital across diversified, governance-approved yield strategies. Agents include Keel Finance, Amatsu, Ozone, and others, collectively managing billions in capital to fuel the Sky Savings Rate.
Sky Protocol Infrastructure
The resilient onchain infrastructure bridging billions in USDS with the Sky Agent Network, programmatically distributing the Sky Savings Rate with transparency. Includes permissionless pools, stablecoin system, and decentralized governance creating an open, transparent financial system.
Additional Features.
Cross-Chain Deployment
USDS and related products are deployed on both Ethereum and Solana, enabling multi-chain yield strategies and liquidity across networks.
Institutional Partnerships
Partnerships with BlackRock (BUIDL), Coinbase, Galaxy Digital, BNY Mellon, Apollo, and Janus Henderson for RWA integration.
S&P Credit Rating
Sky Protocol is the first DeFi protocol to receive an S&P credit rating, demonstrating institutional-grade credibility.
Real-Time Transparency
Every dollar of backing is verifiable in real-time via skyeco.com, with comprehensive dashboard at info.sky.money.
1:1 USDC Conversion
Zero-fee conversion between USDC and USDS with no slippage, enabling seamless access to sUSDS yield and Sky Ecosystem rewards.
Grove & Spark Protocols
Ecosystem "Stars" including Spark (lending, $8B+ TVL) and Grove (institutional credit with $1B backing from Janus Henderson)
