$SKY Token Rights
Updated May 08, 2026Overview
- Token(s)
- SKYUSDSsUSDSstUSDS
- Token Type
- GovernanceUtility
- Utility
- Staking
SKY is the governance and utility token of the Sky Protocol (formerly MakerDAO), allowing holders to vote on decentralized decisions for the USDS stablecoin ecosystem, stake for rewards and yield accumulation, and potentially benefit from buybacks that reduce supply for long-term value alignment.
Governance Rights
ControlGovernance Token MKR replaced by SKY for all onchain votes and protocol parameters on the new Chief governance contract. SKY inherits the governance rights and privileges previously held by MKR and can be used for voting or delegating. Onchain voting includes Governance Polls (used for signaling and proposal decision-making) and Executive Proposals (adjusting parameters)
Governance Decisions
Governance is guided by the Sky Atlas, a comprehensive, evolving set of rules that acts as the ecosystem's constitution. The Atlas covers various scopes, including governance processes, protocol stability, support, and accessibility, and it is refined through improvement proposals submitted and voted on by SKY holders.
Treasury Decisions
Sky Atlas allows voting on treasury-related changes
Revenue Decisions
Holders can influence ecosystem alignments such as the Sky Savings Rate, stability fees, debt ceilings & liquidation ratios. Holders decide how revenue is distributed.
Fee Switch
ONThe Smart Burn Engine uses protocol surplus revenue to buyback SKY from the open market and burn it, at a rate controlled by Sky Governance and risk teams
Resources
Primary Value Accrual
BuybacksValue accrues through buybacks and burns which reduce overall supply
Equity Statement
SKY has no token emissions or incentives, and the SKY staking yield is paid via the buybacks from protocol net profit.
Economic Rights
Value CapturePortion of protocol revenue is used for Smart Burn Engine, remaining portion used accumulate SKY in the treasury and distribute USDS to SKY stakers
Buybacks
Revenue builds in the surplus buffer, funds are deployed daily at controlled rates, ultimately governed by SKY holders. As of March 9th 2026, SKY governance has voted to temporarily reduce buybacks by 87% to boost reserves.
Dividends
SKY stakers receive rewards in USDS, a portion of SPK tokens held by Sky are distributed to USDS users
Burns
ActiveBought back SKY tokens are burned
Ownership
Raise History
3 rounds · $54.5m total| Date | Amount | Round | Valuation | |
|---|---|---|---|---|
| Dec 19, 2019 | $27.5m | — | — | |
| Sep 24, 2018 | $15m | — | — | |
| Dec 15, 2017 | $12m | — | — |
- Fundraising
- Token Sale
- Equity Revenue Capture
- No
- Associated Entities
- DAOFoundation
- IP & Brand
- Skybase International
- Domain
- Skybase International