Maker (MKR) is now SKY : What is SKY ($SKY)?

By Hata Team

8/28/20254 min read

Key Takeaways

Sky is the new brand name for MakerDAO, one of Ethereum’s earliest and largest DeFi lending platforms.
Its stablecoin DAI has been rebranded to USDS (Sky Dollar), and the governance token MKR has been upgraded to SKY.
Holders can voluntarily upgrade at a 1:1 ratio (DAI → USDS) and 1:24,000 ratio (MKR → SKY).
Sky introduces new features such as Sky Token Rewards (STRs), the Sky Savings Rate (SSR), and independent governance layers called Sky Stars.
The first Sky Star, Spark, is already one of the largest lending protocols with over $2.5 billion in TVL.

What is Sky ($SKY)?

Sky is the rebranded version of MakerDAO, a protocol that pioneered decentralized stablecoins and lending in crypto. The rebrand reflects the project’s next phase of growth, called the Endgame Plan, which focuses on scalability, usability, and decentralized governance.

Along with the new name, Sky introduces two key token upgrades:

USDS (Sky Dollar): The successor to DAI, still a crypto-collateralized stablecoin pegged 1:1 to the U.S. dollar.
SKY Token: The new governance token replacing MKR, with a redenomination of 1 MKR = 24,000 SKY to make participation in governance more accessible.

Sky also introduces Sky Stars, independent DAOs that experiment with new features while Sky itself remains focused on stablecoin resilience.

The Governance Upgrade: From MKR to SKY

The governance-aligned vote to upgrade MKR to SKY, establishing SKY as the sole governance token of the Sky Protocol, reflects the community’s desire to :

Streamline governance under one token,
Increase voter participation with a more affordable token price, and
Support long-term growth and scalability of the ecosystem.

The upgrade establishes SKY as the technical and functional evolution of MKR, inheriting all of its governance powers. The exchange rate is 1 MKR = 24,000 SKY.

As with MKR, SKY holders can :

Vote directly on Sky Ecosystem Governance proposals.
Delegate voting power to a recognized delegate or their own contract.
Access Staking Rewards via the Sky.money app.

By supplying SKY to the Staking Engine, users can:

Earn staking rewards,
Open positions that let them borrow USDS against their supplied SKY, and
Continue delegating the governance power of their staked SKY tokens.

The Sky Ecosystem

The Sky Ecosystem is the evolution of Maker, officially rebranded in 2024. This transition took the Maker Protocol to the next level with new technology focused on resilience, simplicity, and decentralization.

The Sky Protocol remains:

Non-custodial: Users always control their funds.
Governed by the community: Maintained through Sky Ecosystem Governance.
Accessible: Easily managed through the Sky.money web app, which acts as the main gateway to the protocol’s features.

Key Features of Sky

🌐 Token Upgrades

Convert DAI → USDS at a 1:1 ratio.
Convert MKR → SKY at a 1:24,000 ratio.
Conversions are irreversible within the protocol; converting SKY back to MKR requires executing a swap on an external exchange.

💸 Sky Token Rewards (STRs)

By holding or supplying USDS, users can earn SKY tokens as rewards.
Sky plans to distribute up to 600 million SKY token rewards per year to participants.

🏦 Sky Savings Rate (SSR)

An updated version of the DAI Savings Rate (DSR).
Lets USDS holders earn additional USDS by locking tokens into the SSR module.

🌟 Sky Stars (formerly SubDAOs)

Independent DAOs under the Sky ecosystem.
Each has its own governance token, treasury, and community.
Spark, the first Sky Star, is already among the top DeFi lending protocols with $2.5B+ in TVL.

🔗 SkyLink

A cross-chain bridge that expands USDS and SKY onto multiple blockchains and Layer-2s.
Enables faster, cheaper transactions and rewards beyond Ethereum.

How to Buy $SKY on Hata

Create an Account: Sign up on the Hata platform by providing your email address and setting up a secure password. Verify your email to activate your account.
Verify Your Identity: Complete the KYC (Know Your Customer) process by submitting the necessary identification documents as required by Hata for security purposes.
Deposit Funds: Add funds to your Hata account.
Navigate to $SKY: Once your account is funded, go to the cryptocurrency marketplace on Hata Malaysia or Hata Global's Market Instant Buy or Exchange and search for $SKY.
Place an Order: Decide on the amount of $SKY you wish to purchase.
Secure Your $SKY: After purchasing, ensure your $SKY is stored securely. You can keep it in your Hata wallet.
Monitor Your Investment: Keep track of your $SKY investment through the Hata platform. Stay updated on market trends and news to make informed decisions.

Final Thoughts

Sky builds on MakerDAO’s legacy by rebranding with a clearer identity and expanded features. With USDS as its stablecoin, SKY as its governance token, and Stars like Spark driving innovation, Sky aims to define the next era of decentralized finance.

Whether you’re upgrading from MKR, DAI or entering fresh, Sky offers new ways to participate in governance, earn rewards, and access stable savings in DeFi.

Ready to explore the next generation of DeFi? Buy $SKY today on Hata.

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