What is the current price of Sky?
The current price of Sky is $0.07555 with a 8.74% change in the last 24 hours.
Supply and ATH/ATL data provided by CoinGecko
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Prices and notionals are USD-equivalent venue units, with USDC collateral. No currency conversion is applied. Notional = venue price × base-asset size. Contract specifications
Derivatives and mapped ecosystem data, with source timings and coverage.
Sky is the governance token of the Sky Protocol, the decentralised finance system formerly known as MakerDAO. The protocol issues USDS, a dollar-pegged stablecoin, against collateral and routes the resulting surplus back to savers and stakers. SKY replaced MKR as the governance asset in the 2024 rebrand, at a fixed rate of one MKR to 24,000 SKY. Holders vote on collateral types, rates and treasury decisions, and can stake SKY to earn rewards and borrow USDS.
Official resources:
The lineage runs to MakerDAO, founded by Rune Christensen in 2014, which launched Dai in 2017 as one of the first decentralised collateral-backed stablecoins. In 2022 Christensen proposed a restructuring called Endgame, splitting activity across semi-independent sub-organisations. Its first release arrived on 27 August 2024, when MakerDAO rebranded to Sky and shipped USDS, convertible from Dai one to one. Governance has since moved toward a SKY-native structure, with the MKR route changing to one-way.
USDS is created when a participant deposits collateral and draws stablecoin against it, converts Dai one to one, or swaps approved stablecoins through a peg stability module. The protocol charges a stability fee, earns yield on backing assets, and accumulates the difference as surplus, funding the Sky Savings Rate paid to sUSDS holders and Sky Token Rewards paid to stakers. Governance runs on-chain through the Chief contract, with a pause and spell mechanism delaying execution.
SKY carries governance rights over collateral onboarding, stability fees, savings rates and treasury spending, and voting power can be delegated. Staking earns Sky Token Rewards funded by protocol surplus, and staked positions can back USDS borrowing while retaining voting weight. SKY also serves as the recapitalisation asset, so holders bear the cost if the protocol takes on bad debt.
Sky is the longest-running decentralised stablecoin system still in active operation, with an unusually formal governance process built on on-chain executive spells and a mandatory delay before execution. Endgame is also distinctive, pushing capital deployment out to semi-autonomous Stars and competing Agents.
Aave issues GHO against positions in its own lending market, Ethena backs USDe with a delta-neutral derivatives position, and crvUSD uses continuous soft liquidation. Sky's differentiators are the breadth of its collateral, spanning crypto assets, other stablecoins and real-world assets, and a surplus-funded savings rate paid directly to stablecoin holders.
Positions are over-collateralised and under-collateralised vaults are liquidated through auction, while the pause contract stops an approved change taking effect instantly. Oracles use a security module that delays price updates, emergency shutdown machinery is retained, and the codebase is open source with a bug bounty.
Sky is the direct descendant of the protocol that proved a decentralised, collateral-backed stablecoin could work at scale, and its choices tend to become reference points for the sector, from on-chain executive governance to real-world asset allocation.
SKY is listed on many major centralised exchanges and trades on Ethereum decentralised exchanges such as Uniswap and Curve. MKR holders can also obtain SKY through the official converter at the fixed rate, though the direction and status of that route should be checked in the documentation first.
SKY is an ERC-20 and works with any Ethereum wallet, including MetaMask and Rabby, with Ledger or Trezor signing advisable for larger balances. Holders wanting to govern can stake through the Sky module or delegate, and portal functionality varies by jurisdiction.
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Read the complete paper trading guideThe current price of Sky is $0.07555 with a 8.74% change in the last 24 hours.
The daily trading volume is $3,256,958 representing a 44.73% change in the past 24 hours.
The market capitalization of Sky is $1,770,113,391, ranking #51 globally.
The fully diluted valuation (FDV) of Sky is $1,772,571,945, calculated assuming the maximum supply of 23,462,665,147 SKY is in circulation.
Circulating: 23,430,122,484. Total: 23,452,431,916. Max: 23,462,665,147.
In the last 24 hours, Sky traded between a low of $0.06889 and a high of $0.07553.
SKY/USDTTether USDT0.07555 USDT
Moody's assigned Sky a B3 issuer rating with a stable outlook, its first rating of a stablecoin protocol. Sky is also rated B- by S&P.
The stable-outlook rating puts Sky in Moody's speculative-grade category, with roughly $90 million in equity against $10 billion in managed assets.
SKY price has climbed above $0.09 after recovering from its late-week pullback, with Binance’s daily chart showing a 10.71% advance to $0.09344 on Oct. 2. The move cleared the token’s recent resistance zone as Galaxy Digital’s $100 million sUSDS treasury…
Clients can keep earning Sky’s 3.6% savings rate while pledging sUSDS to Galaxy, whose institutional lending business carries a $1.4 billion average loan book.
Galaxy added $100 million in sUSDS to its treasury and approved the Sky savings token as institutional loan collateral.
Standard Chartered Bank has initiated coverage of Sky, calling it "DeFi's federal bank," and expects SKY to rise $0.325 by 2028.
