defi lending

MakerDAO / Sky

Sky Ecosystem (DAO)

MakerDAO (rebranded to Sky in 2024) is the longest-running decentralized stablecoin issuer. The Sky Protocol now issues both DAI and the new USDS, with users choosing between protocol generations under the Endgame plan.

Official site Documentation Updated today
Scale
Updated 1d ago
TVL
$12.4B
24h volume
$280.0M
DAI supply
$4.95B
USDS supply
$5.2B
Company

Sky DAO (Maker Foundation dissolved July 2021)

Country
Decentralized
Founded
Mar 15, 2014
Structure
dao
Key people
  • Rune Christensen Founder
Timeline

Timeline

  1. Dec 18, 2017
    SAI launch (single-collateral DAI)
  2. Nov 18, 2019
    Multi-Collateral DAI
  3. Jul 20, 2021
    Maker Foundation dissolves
  4. Sep 1, 2022
    RWA collateral via Monetalis
  5. Aug 27, 2024
    Endgame: Sky rebrand and USDS launch
Funding and investors

Funding and investors

Total raised: $54.5M
Investors
Andreessen Horowitz (a16z)PolychainParadigmDragonfly Capital1confirmation
Rounds
Dec 15, 2017 Series A $12.0M a16z, Polychain
Sep 24, 2018 Strategic $15.0M a16z
Dec 19, 2019 Strategic $27.5M Dragonfly Capital, Paradigm
Products

Products

Own products
  • DAI
  • USDS
  • MKR / SKY governance
  • Dai Savings Rate (DSR)
  • Sky Savings Rate (SSR)
  • Spark Protocol (Sky-affiliated)
Integrations
  • Aave
  • Curve PSM
  • Uniswap
  • BlackRock BUIDL
  • Monetalis RWA
Stablecoins and chains

Stablecoins and chains

Stablecoins
dai
Chains
ethereum polygon arbitrum optimism base
Security and audits

Security and audits

Bug bounty (max): $10.0M
Audits
  • ChainSecurity Aug 25, 2024 Sky Protocol launch audit
  • Runtime Verification Mar 15, 2024 Maker DSS V2 formal verification
  • PeckShield Oct 1, 2023 RWA module
Risk notes

Risk notes

  • ● USDC PSM concentration creates indirect Circle dependency
  • ● RWA exposure adds traditional credit risk
  • ● Governance attack vectors on MKR/SKY
Competitors

Competitors

LiquityFraxAave (GHO)Curve (crvUSD)
Resources

Resources

Notes

For deeper context on MakerDAO / Sky’s role in stablecoin commerce, see the blog and the stablecoins index.