Sky(SKY)

Overview

Sky (SKY) is the governance token of Sky Protocol, which launched in 2024 as a rebrand and upgrade of the earlier Maker Protocol. The system is operated by smart contracts rather than an intermediary, and is built around USDS, a decentralized stablecoin designed to hold a value of one US dollar. Its stated aim is to let users trade, save, and earn rewards while retaining control of their own funds.

SKY serves two core functions within the protocol. It grants voting power over major system changes, and it can be staked in the Staking Engine to help secure the network, earn rewards, and gain the ability to borrow the USDS stablecoin. Sky Protocol has no CEO or traditional core team and is governed by its global community of SKY holders, while SkyLink is used to move funds across different blockchains.