Sky

Rune Christensen, MakerDAO's co-founder, led the 2024 rebrand to Sky. Sky Frontier Foundation supports the ecosystem and publishes quarterly reports on revenue, collateral, the surplus buffer and agent performance. Protocol contracts, including the Smart Burn Engine, are published on GitHub under the sky-ecosystem organisation. Governance moved from MKR to SKY in May 2025. Much of the capital work is done by separate Sky Agents such as Spark and Grove. Direction still depends heavily on the founder.

• MakerDAO Is Now 'Sky' as $7B Crypto Lender Rolls Out New Stablecoin, Governance Token (CoinDesk)
• What Is Sky Ecosystem? Sky Savings Rate, sUSDS and USDS Explained (Sky Ecosystem blog)
• sky-ecosystem/dss-flappers (Smart Burn Engine): README

Data on institutional holders of SKY is insufficient: no exchange-traded product was found. Blockscout counted about 15,700 addresses holding SKY on Ethereum on 27 September 2026, a small base for a token of this size, which suggests concentrated ownership. On the capital side, Sky says Spark allocates roughly $500 million to BlackRock and Securitize's BUIDL fund. SKY is item 38 on the National Bank of Kazakhstan's list of authorised unsecured digital assets.

• SKY Governance Token 0x5607…9279 (Blockscout, Ethereum)
• List of authorized unsecured digital assets (National Bank of Kazakhstan)

SKY is minted only when MKR is converted at a fixed 1:24,000 rate. The contract reports about 23.46 billion SKY. MKR not converted after 18 September 2025 pays a delayed upgrade penalty that grows over time. Sky reports gross revenue of $231.66 million in the first half of 2026 and $55.18 million of net surplus. After savings yield and costs, surplus goes to SKY repurchases, staking rewards and reserves, with the split set by governance. Cumulative repurchases passed $120 million by June 2026.

• Sky Protocol docs: SKY token
• Sky Ecosystem: June Financial & Operational Update (Sky Ecosystem Insights)
• Sky Protocol: Capital Allocation & the Sky Savings Rate (Sky Ecosystem Insights)

Sky reports USDS supply of $10.04 billion at the end of June 2026, up 96.9% year on year but down from $11.14 billion in May, and total collateral of $12.32 billion. sUSDS deposits grew 85% from $3.4 billion a year earlier. Sky Prime Agents had deployed more than $5.5 billion. DefiLlama showed about $6.1 billion of value locked in Sky and about $393 million of fees over the past year on 27 September 2026.

• Sky Ecosystem: June Financial & Operational Update (Sky Ecosystem Insights)
• DefiLlama: Sky Lending fees and revenue