Buy Sky (SKY): price and performance

What is Sky?

Sky is a rebrand of the well-known MakerDAO, a long-standing protocol that has been a pioneer in decentralised finance since 2014. MakerDAO was a decentralised autonomous organisation (DAO) launched on the Ethereum blockchain, using a governance token called MKR and a stablecoin, DAI, which was pegged 1:1 to the US dollar.

According to its founder, Rune Christensen, this isn’t just a rebrand; “Sky represents the complete transformation of Maker and incorporates all the experience the organisation has gained over the years.”

Primarily, Sky (SKY) is the governance token for an ecosystem that revolves around the USDS stablecoin. This update sees SKY replace MKR and USDS take the place of DAI.

The team has announced the conversion of Maker (MKR) and DAI tokens as follows: the exchange rate for converting MKR to SKY is 1:24,000, while the rate for DAI and USDS is 1:1.

Why follow the SKY token project?

As Christensen has highlighted, the Sky protocol includes a new set of tools for users in the DeFi world. In addition to USDS, the update integrates SkyLink, a cross-chain bridge that allows tokens to be moved across major chains, and new solutions for token yield, such as the Sky Savings Rate (SSR). Since its launch, the protocol has amassed nearly 650,000 users and a TVL (Total Value Locked) exceeding $17 billion.

How it originated

The Sky protocol was founded by Rune Christensen, a Danish entrepreneur with a degree in biochemistry and a background in international economics. The protocol’s popularity—which, as a reminder, was formerly known as MakerDAO—grew exponentially from 2020 onwards. Both DAI and Maker, and now SKY and USDS, boast top-tier partners (both centralised and decentralised) and are developing projects in the DeFi and GameFi sectors.

Important: Young Platform supports the SKY token but not the USDS stablecoin.