Sky

SKY Price

About SKY

SKY is the decentralized governance token, which is like a digital voting share, for the Sky Protocol. Sky is a rebranding and upgrade of the former Maker Protocol, designed to enhance scalability and user control in decentralized finance (DeFi).

• SKY is the sole governance token (a digital voting share) for the Sky Protocol, giving holders the power to vote on the system's future.

• It is the upgraded version of the older MKR token, aiming to simplify complexity and provide a better experience for all participants.

• Holders can stake SKY to earn rewards, gain essential voting rights, and borrow the decentralized USDS stablecoin.

What Is SKY and Sky Protocol

SKY is the core governance token for the decentralized Sky Protocol, which is the rebrand and upgrade of the Maker Protocol. Maker was the project behind the DAI decentralized stablecoin, which did not rely on any centralized institutions for distribution. Sky Protocol has upgraded DAI to USDS, offering users new utility like earning yield on their savings through the Sky Savings Rate, along with upgrading the MKR governance token to SKY. 

The entire system is non-custodial, which means it uses smart contracts to manage money, so your funds are never held by the company or an intermediary — you always retain ownership of your funds. SKY's primary function is to give its community the power to govern the entire system and make decisions on future changes.

Key Differentiators of SKY

• The Upgrade: SKY is the upgrade of the Maker Protocol's governance token, MKR. By moving to SKY, the community intends to improve accessibility and increase voter participation and support the ecosystem’s long-term growth and scalability. 

• Layer 2 Connectivity: Through a system called SkyLink, the protocol connects the main Ethereum network with faster and cheaper Layer 2 networks, making the Sky ecosystem more accessible.

• USDS: USDS is the overcollateralized stablecoin of Sky Protocol and the upgrade of DAI, providing holders with new opportunities like participating in the Sky Savings Rate (sUSDS).

What Can You Use SKY For?

• Governance Voting: Use SKY to vote on important changes to the Sky Protocol.

• Earning Rewards: Stake your SKY tokens in the Staking Engine to earn rewards.

  • Staking Explained: Think of staking like depositing money in a high-interest savings account at a bank, but instead of the bank using your money, the protocol is just asking you to lock up your tokens for a period to help secure the network. You get paid for helping to secure the system.

• Borrowing Power: Staking SKY also gives you the ability to borrow the stablecoin USDS.

• Trading and Upgrading: You can trade SKY for other popular tokens, or upgrade your older MKR tokens to SKY at a rate of 1:24,000.

How Does SKY Work?

SKY is a governance token — a digital voting share — for the Sky Protocol, a decentralized system running on the Ethereum blockchain.

• Governing with Smart Contracts: The protocol is governed by its community using a set of rules called the Sky Atlas. Changes are executed using smart contracts.

  • Smart Contracts Explained: A smart contract is just an automatically executing digital agreement written into code on the blockchain. It's like a vending machine: if you put in the right payment (the vote or the tokens), the machine automatically delivers the agreed-upon outcome without needing a lawyer or bank.

• The Stablecoin USDS: The Sky Protocol is built around the USDS stablecoin. Like USDC or USDT, USDS is designed to keep its value fixed to one US Dollar. The main difference is that USDS is decentralized and powered by the Sky Protocol, whereas other stablecoins might rely on centralized companies.

• Staking Rewards: Users who stake (lock up) their SKY tokens in the Staking Engine secure the network and receive a portion of the protocol's earnings in return.

Sky Protocol Team Info and Investors

The Sky Protocol operates as a decentralized, community-governed ecosystem. This means there is no single CEO or traditional core "team" of investors who control the project.

Instead, governance and decision-making authority are shared among a broad, diverse global community of SKY token holders who vote on all major decisions. The project itself evolved from the foundational components of the Maker Protocol, making it one of the most active and trusted Web3 communities.

Where can you buy Sky?

SKY tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade Sky is Binance, where the most active trading pair SKY/USDT has a trading volume of $3,751,213.84 in the last 24 hours. Other popular options include Bybit and Kraken.

What is the daily trading volume of Sky (SKY)?

The trading volume of Sky (SKY) is $24,006,423.00 in the last 24 hours, representing a -49.90% decrease from one day ago and signalling a recent fall in market activity. Check out CoinGecko’s list of highest volume cryptocurrencies.

What is the highest and lowest price for Sky (SKY)?

Sky (SKY) reached an all-time high of $0.1005 and an all-time low of $0.03583. It’s now trading -23.70% below that peak and 114.10% above its lowest price.

What is the market cap of Sky (SKY)?

Market capitalization of Sky (SKY) is $1,798,115,403 and is ranked #56 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of SKY tokens (23 Billion tokens are tradable on the market today).

What is the fully diluted valuation of Sky (SKY)?

The fully diluted valuation (FDV) of Sky (SKY) is $1,801,012,714. This is a statistical representation of the maximum market cap, assuming the maximum number of 23 Billion SKY tokens are in circulation today. Depending on how the emission schedule of SKY tokens are designed, it might take multiple years before FDV is realized.

How does the price performance of Sky compare against its peers?

With a price increase of 29.40% in the last 7 days, Sky (SKY) is outperforming the global cryptocurrency market which is up 10.10%, while outperforming when compared to similar Decentralized Finance (DeFi) cryptocurrencies which are up 14.60%.

How to add Sky (SKY) to MetaMask?

Adding Sky (SKY) to MetaMask allows you to view your token holdings, trade on decentralized exchanges, and more. To add them, you’ll need to import SKY as a token. You can copy SKY’s contract address (0x56072c95faa701256059aa122697b133aded9279) and import it manually, or if you've installed MetaMask's chrome extension, add SKY to MetaMask with one click on CoinGecko.

Add SKY to MetaMask.