24h Change+2.36%
All Time HighDec 4, 2024$0.1
All Time LowFeb 3, 2025$0.036
Market Cap$1.16b
Fully Diluted Valuation$1.168b
Circ. Supply23.299b SKY
Max Supply23.463b SKY
Outstanding FDV$1.173b
CEX Volume$5.48m
DEX Volume$3.98m
Majors$3.85
Stablecoins$113,143
Own Tokens$94.47m
Others$0.55
| Q2 2026* | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | Q2 2020 | Q1 2020 | Q4 2019 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Gross Protocol Revenue | $94.32M | $102.37M | $108.18M | $104.42M | $84.42M | $113.66M | $97.47M | $67.10M | $85.50M | $67.64M | $51.94M | $38.04M | $15.67M | $8.31M | $4.91M | $3.59M | $11.66M | $22.43M | $27.02M | $11.25M | $30.45M | $15.25M | $3.16M | $251.7K | $33.82K | $1.53M | $227.26K |
| Loans Stability Fees | $93.76M | $98.81M | $104.06M | $100.30M | $80.18M | $112.07M | $96.46M | $66.74M | $85.50M | $67.64M | $51.94M | $38.04M | $15.67M | $8.31M | $4.91M | $3.59M | $11.66M | $22.43M | $27.02M | $11.25M | $30.45M | $15.25M | $3.16M | $251.7K | $33.82K | $1.53M | $227.26K |
| Liquidation Fees | $561.20K | $3.56M | $4.12M | $4.11M | $4.22M | $1.57M | $992.25K | $358.73K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Peg Stability Module Fees | $0 | $0 | $24 | $9.69K | $11.73K | $11.61K | $11.84K | $1.98K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Cost of Revenue | $53.11M | $50.08M | $39.86M | $24.67M | $33.58M | $72.71M | $36.05M | $33.97M | $45.99M | $25.18M | $20.32M | $12.73M | $423.68K | $163.02K | $1.01K | $0 | $324 | $2.67K | $1.76K | $2.02K | $1.94K | $169 | $0 | $0 | $0 | $798.81K | $60.27K |
| Saving Module Cost (DSM) | $53.11M | $50.08M | $39.86M | $24.67M | $33.58M | $72.71M | $36.05M | $33.97M | $45.99M | $25.18M | $20.32M | $12.73M | $423.68K | $163.02K | $1.01K | $0 | $324 | $2.67K | $1.76K | $2.02K | $1.94K | $169 | $798.81K | $60.27K | |||
Gross Profit | $41.21M | $52.29M | $68.32M | $79.75M | $50.83M | $40.95M | $61.41M | $33.13M | $39.51M | $42.46M | $31.62M | $25.31M | $15.25M | $8.15M | $4.91M | $3.59M | $11.66M | $22.43M | $27.01M | $11.25M | $30.44M | $15.25M | $3.16M | $251.7K | $33.82K | $732.17K | $166.98K |
| Liquidation Fees | $561.20K | $3.56M | $4.12M | $4.11M | $4.22M | $1.57M | $992.25K | $358.73K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Peg Stability Module Fees | $0 | $0 | $24 | $9.69K | $11.73K | $11.61K | $11.84K | $1.98K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Loans Stability Fees | $40.65M | $48.73M | $64.20M | $75.63M | $46.59M | $39.35M | $60.40M | $32.77M | $39.51M | $42.46M | $31.62M | $25.31M | $15.25M | $8.15M | $4.91M | $3.59M | $11.66M | $22.43M | $27.01M | $11.25M | $30.44M | $15.25M | $3.16M | $251.7K | $33.82K | $732.17K | $166.98K |
Incentives | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Farming Rewards | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |||||||||||||||||||
Earnings | $41.21M | $52.29M | $68.32M | $79.75M | $50.83M | $40.95M | $61.41M | $33.13M | $39.51M | $42.46M | $31.62M | $25.31M | $15.25M | $8.15M | $4.91M | $3.59M | $11.66M | $22.43M | $27.01M | $11.25M | $30.44M | $15.25M | $3.16M | $251.7K | $33.82K | $732.17K | $166.98K |
Token Holder Net Income | $3.27M | $20.60M | $29.09M | $36.39M | $46.97M | $22.50M | $366.41K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Token Buy Back | $3.27M | $20.60M | $19.22M | $14.58M | $40.17M | $22.50M | $366.41K | ||||||||||||||||||||
| USDS Staking Rewards | $0 | $0 | $9.87M | $21.81M | $6.80M | $0 | $0 |
How much debt can be issued against SKY as collateral across lending protocols.
Maximum possible exposure to SKY
$155.65m
$190,601 (max additional borrows against SKY) + $155.46m (bad debt if SKY was hacked now)
Compound V3
$190,663 at-risk exposure = $169.93 bad debt if hacked + $190,493 additional borrowable against SKY
Sky Staking Engine
$155.46m at-risk exposure = $155.46m bad debt if hacked + $107.98 additional borrowable against SKY
Showing collateral exposure for SKY on Ethereum. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for SKY as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
SKY0x56072c95faa701256059aa122697b133aded9279 | $190,493 | $169.93 | ||
SKY0x56072c95faa701256059aa122697b133aded9279 | $107.98 | $155.46m |
Risk-management actions published about SKY by tracked risk managers and governance contributors, newest first.
May saw a 17% price drop, sharply reduced token buybacks, and the first monthly decrease in total staked supply. The analysis also notes that core, influential holders continue to accumulate, approaching 50% of the total supply.
Reward distribution rates were adjusted as part of a routine monthly normalization based on protocol revenue, not in response to a specific risk event.
One individual holds ~3.4B SKY tokens, with delegations to top delegates giving them potential control over 50%+ of total delegated votes (7.01B SKY), creating a centralization risk that could enable unilateral governance decisions. The proposal seeks to mitigate this by gradually redistributing delegations to ensure no single delegate exceeds 20% of voting power, preserving protocol resilience against single points of failure.
LSSKY to SKY rewards normalization aligns distributions with the Three-Stage Staking Rewards Framework, funding from token reserves at 50% of prior MSC Step 4 Capital. Monthly reconfiguration cadence maintains steady incentive structure based on capital calculations.
Proposed TMF simplification fixes Smart Burn Engine at 10% of post-ABC revenue for SKY buybacks and guarantees at least 40% of net revenue to staking rewards in Phase 1, creating predictable token distribution mechanics without phase transitions or variable ratios.
As the governance token, SKY benefits from Laniakea's framework that aligns incentives through explicit loss waterfalls and machine-readable risk data, facilitating scalable capital deployment and verifiable accountability for token holders.
Claude AI produced visualizations of Sky ecosystem fundamentals, incorporating new datasets and best-guess labeling of addresses for Sky token ownership based on community feedback and research. The reports cover overall chain fundamentals and stable demand drivers, with links to underlying Dune queries for review.
BA Labs updated LSSKY to SKY rewards normalization parameters, basing the vestTot on SKY buyback amounts over the prior 90 days with a 2x multiplier to align with Atlas guidelines.
BALabs recommends periodic adjustments to the vesting stream parameters for SKY tokens allocated to staking rewards, following a 90-day review cadence to normalize the rewards rate transitioning from LSSKY to SKY. This ensures consistent distribution without altering underlying asset exposure or risk parameters.
The SKY market has shown low user demand with average supply cap utilization of 0.08% over the past 30 days, leading to a recommendation to halve the supply cap and reduce protocol risk exposure.
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 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 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.
Sky Atlas allows voting on treasury-related changes
Holders can influence ecosystem alignments such as the Sky Savings Rate, stability fees, debt ceilings & liquidation ratios. Holders decide how revenue is distributed.
The 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
Value accrues through buybacks and burns which reduce overall supply
SKY has no token emissions or incentives, and the SKY staking yield is paid via the buybacks from protocol net profit.
Portion of protocol revenue is used for Smart Burn Engine, remaining portion used accumulate SKY in the treasury and distribute USDS to SKY stakers
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.
SKY stakers receive rewards in USDS, a portion of SPK tokens held by Sky are distributed to USDS users
Bought back SKY tokens are burned
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Showing 10 of 12 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabWBTC-SKY1.00% | $5.38m | 0% | 0% | 0.93% | |||||
| open in new tabSKY- | 🪂 | $2.58m | 5.76% | 5.76% | 5.78% | ||||
| open in new tabSKY-USDC0.30% | $2.56m | 45.89% | 45.89% | 30.66% | |||||
| open in new tabSKY-WETH0.3% | $921,313 | 13.09% | 13.09% | 29.23% | |||||
| open in new tabETH-SKY0.30% | $365,585 | 7.29% | 7.29% | 10.69% | |||||
| open in new tabSKY-MKR0.3% | $169,531 | 28.93% | 28.93% | 27.98% | |||||
| open in new tabSKYOmnipool | $106,332 | 0.83% | 0.83% | 0.76% | |||||
| open in new tabSKYSky | $82,625 | 5.31% | 5.33% | ||||||
| open in new tabSKY | $29,297 | 4.37% | 4.37% | 3.69% | |||||
| open in new tabSKY-WETH1% | $12,071 | 7.36% | 7.36% | 8.23% |
