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Sky, formerly MakerDAO, is a leading decentralized finance (DeFi) protocol on Ethereum. It was rebranded on August 27, 2024, as part of the Endgame Plan to enhance DeFi’s growth and accessibility.
This coin is available on Newton.
Sky introduced two major changes: USDS, a stablecoin replacing DAI at a 1:1 ratio, and SKY, the new governance token replacing MKR at a 1:24,000 ratio. SKY holders now vote on collateral types, stability fees, and protocol upgrades.
Launched in 2017 as MakerDAO, the protocol pioneered decentralized lending and stablecoins. The Sky Savings Rate (SSR), an evolution of the DAI Savings Rate, lets USDS holders earn rewards, with additional Sky Token Rewards (STRs) for participation. Access is available through the sky.money platform. Independent projects known as “Sky Stars,” such as Spark, contribute to making the system more resilient and user-friendly.
Sky enables users to generate USDS by depositing cryptocurrency collateral into Vaults on Ethereum. To maintain stability, Sky enforces overcollateralization and charges stability fees. If collateral falls too low, the system liquidates assets to keep USDS fully backed.
Since the rebrand, SKY token holders govern the protocol by voting on collateral, fees, and policies. MKR remains tradable but no longer has governance rights.
The Sky community drives adoption of USDS and supports ecosystem growth. Since September 18, 2024, SKY holders have replaced MKR holders in protocol governance, voting on collateral, stability fees, and upgrades. Through forums, community channels, and the sky.money platform, members shape protocol direction and propose improvements.
Users generate USDS by locking cryptocurrency collateral into Vaults. Smart contracts enforce overcollateralization and apply stability fees to maintain the peg. This enables secure lending and borrowing within DeFi.
SKY and USDS are traded on exchanges and integrated into DeFi platforms. USDS is widely used for lending, borrowing, and trading, while SKY is used for governance. MKR remains a legacy asset in DeFi but no longer governs.
MKR data such as trading volume, circulating supply, and market cap is tracked on analytics platforms. MKR’s price reflects market demand and Maker-to-Sky transition developments.
The Sky Protocol leverages SKY and USDS tokens to power its decentralized finance (DeFi) ecosystem on Ethereum. USDS, the US dollar-pegged stablecoin replacing DAI at a 1:1 ratio, serves as a versatile asset in DeFi, used for lending, borrowing, trading, and collateral in protocols like Aave, Uniswap, and others. USDS holders can also earn rewards through the Sky Savings Rate (SSR).
2017: MakerDAO launched on Ethereum, pioneering decentralized lending.
2019: DAI expanded into Multi-Collateral DAI (MCD).
2020: Survived “Black Thursday,” strengthening governance.
2024: Rebranded to Sky on August 27. DAI replaced USDS at 1:1, MKR replaced SKY at 1:24,000 on September 18. Sky.money launched as the main user app.
2025: SKY governs the protocol while USDS powers lending and trading. MKR remains tradable but without governance rights.
Historically, the MakerDAO protocol, now rebranded as Sky since August 27, 2024, used MKR tokens to govern and stabilize the DAI stablecoin through voting and token burns. Today, SKY tokens manage governance of the Sky Protocol, with holders voting on key parameters like collateral types and stability fees to ensure the stability of USDS, the new US dollar-pegged stablecoin replacing DAI at a 1:1 ratio.
Sky continues MakerDAO’s mechanism of minting tokens in debt auctions and burning them in surplus auctions. SKY tokens may be minted to cover deficits, increasing supply, or burned when excess USDS is collected, reducing supply.
Sky statistics track supply of SKY and USDS, trading volume, collateral locked, issuance, and liquidations. These are some metrics that show protocol health, adoption, and stability.
SKY and USDS can be kept in Ethereum wallets (e.g., MetaMask) or exchanges like Coinbase and Binance.
You can stake SKY tokens through the Sky Protocol’s Staking Engine.
USDS is accepted on select DeFi platforms. SKY is governance-only.
Both tokens can be transferred between Ethereum wallets.
Some organizations accept USDS donations. SKY can be used for governance proposals.
SKY and USDS trade on DEXs like Uniswap and CEXs like Binance. MKR was converted to SKY at 1:24,000, and DAI to USDS at 1:1.
*Newton does not currently support staking, governance, interest-earning, or other utility functions, where applicable, for this asset.
These involve person-to-person trades where you buy SKY tokens directly from another individual, often through peer-to-peer platforms or local community networks. While possible, this method often carries security and trust challenges.
These include centralized exchanges, decentralized exchanges, and other intermediaries or platforms designed for buying SKY. Many individuals prefer to purchase SKY through a regulated cryptocurrency platform like Newton, which offers an easy experience with secure transactions and compliance with Canadian regulations.
Trading fees are included in the transaction total and displayed before you finalize your trade, so you always know what you’ll pay. For the most current information on SKY fees, please visit Newton’s Fees page.
Newton prioritizes user security with new device registration, login history monitoring, anti-phishing protection, multi-factor authentication, and institutional-grade custody, storing most assets in insured cold storage.
Newton makes it affordable to buy and sell SKY, with a 1.00% - 1.15% fee. For more information about fees, see our Prices page. Newton covers up to $5 of network fees on your first daily withdrawal. For additional withdrawals, or if network fees exceed $5, the estimated network fee is confirmed prior to withdrawal.
Registered with the OSC and compliant with Canadian Securities Administrators (CSA) regulations.
Newton’s intuitive app and web platform let you trade SKY effortlessly on any device. Available on web, iOS, and Android devices.
As a Canadian-based platform, Newton provides a secure and reliable environment for Canadians to trade SKY and other cryptocurrencies. Newton’s emphasis on security and ease of use makes it a trusted platform for cryptocurrency trading in Canada.
Visit Newton's signup page or download the app (available on iOS and Android) to create your account. Complete the quick and secure verification process using your government-issued ID to unlock full access to the platform.
Deposit funds into your Newton account using one of the following methods:
Interac e-Transfer: A fast and convenient way to fund your account, with deposits typically processed instantly or within 2 hours.
Wire Transfer: Suitable for larger transactions. Wire transfers may take up to 3 business days to process.
Once your funds are deposited, you can start trading SKY and other cryptocurrencies.
Navigate to the trading section to begin.
Choose SKY from the list of available cryptocurrencies.
Enter how much SKY you want to purchase in either Canadian dollars (CAD) or SKY amount. You'll see all fees and the exchange rate before confirming your trade.
Confirm your trade details to complete the transaction. SKY will appear in your Newton account shortly after.
You can also transfer your SKY tokens to an external wallet. These include hardware wallets, which are physical devices that store your SKY offline, and software wallets, which are digital applications(desktop, mobile, or web-based applications) for storing and managing your SKY.
Newton provides secure, institutional-grade custody for your SKY. Most assets are stored offline in cold storage to protect against potential risks and are insured for added protection. You can easily access your SKY coins for trading or selling whenever you choose.
Your security is important. Newton is committed to being a leader in compliance, security, and technical protocols.
