Sky
SKY
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
SKY (Sky) serves as the active governance and staking token of the Sky Protocol, the rebranded successor to MakerDAO. Across all evaluated dimensions, the protocol demonstrates fundamental strengths anchored by active protocol development (score 8.5/10), extensive smart contract audits across multiple top-tier audit firms (ChainSecurity, Cantina, Certora formal verification, and an active $10M Immunefi bug bounty), and robust tokenomics (score 7.0/10) with near-complete circulating supply parity (~23.4B SKY) and revenue-funded open-market buyback mechanisms. On-chain governance remains continuously active with formal executive votes, though governance quality notes Whale concentration and a relatively modest holder count (~14,000–14,800). Market performance reflects stablecoin ecosystem competition, relatively low spot volume (~$4M), and a modest YoY drawdown, but the protocol retains a clean operational security history with zero recorded exploits, depegs, or regulatory enforcement actions. No qualifying red-flag events were identified.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Sky (SKY)
SKY is the governance and staking token of Sky Protocol, deployed on the Ethereum blockchain as the rebranded successor to MakerDAO following a migration launched on September 18, 2024. The token was introduced through an upgrade mechanism allowing legacy MKR holders to convert at an exchange ratio of 24,000 SKY per MKR. SKY functions as the primary governance token for the protocol, which oversees decentralized stablecoins including USDS and DAI.
Within the Sky Protocol architecture, SKY holders participate in on-chain executive votes and polling under the Sky Atlas framework. SKY can also be staked in the protocol's Staking Engine to receive USDS rewards funded by protocol revenues or utilized as collateral to borrow USDS at the protocol's designated borrow rate. The token has a circulating supply of approximately 23.4 billion out of a maximum supply of roughly 23.46 billion tokens, with over 97% allocated through MKR conversions. Staking distributions and buybacks are supported via protocol surplus routing through the Smart Burn Engine.
The protocol's smart contracts have undergone third-party audits by firms including ChainSecurity and Cantina, formal verification via Certora, and maintain an active bug bounty program on Immunefi. Across its operational history, the protocol has recorded no smart contract exploits, hacks, or collateral depeg events. Identified risk factors include token holder concentration across roughly 14,000 to 14,800 addresses, smart contract provisions that retain a governance-controlled minting backstop, relatively low spot trading volumes, and ongoing competition within the decentralized stablecoin sector.