⌘KTry LlamaAI

Sky(SKY)

Token Price$0.066

24h Change-0.15%

All Time HighDec 4, 2024$0.1

All Time LowFeb 3, 2025$0.036

Key Metrics

Market Cap$1.546b

Fully Diluted Valuation$1.56b

Circ. Supply23.259b SKY

Max Supply23.463b SKY

Outstanding FDV$1.566b

Volume 24h$16.95m

CEX Volume$11.41m

DEX Volume$11.85m

Treasury$139.27m

Majors$4.47

Stablecoins$14.46m

Own Tokens$124.81m

Others$0.58

Income Statement for Sky

	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	$69.96M	$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	$69.50M	$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	$458.38K	$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	$38.72M	$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)	$38.72M	$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	$31.23M	$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	$458.38K	$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	$30.78M	$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	$31.23M	$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	$2.38M	$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	$2.38M	$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

Risks

How much debt can be issued against SKY as collateral across lending protocols.

Maximum possible exposure to SKY

$186.16m

$31.3m (max additional borrows against SKY) + $154.86m (bad debt if SKY was hacked now)

Sky Staking Engine

$186m at-risk exposure = $154.86m bad debt if hacked + $31.14m additional borrowable against SKY

Compound V3

$156,280 at-risk exposure = $169.93 bad debt if hacked + $156,110 additional borrowable against SKY

Methodology and limitations

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.

These metrics describe lending exposure only and are not a full protocol risk rating.
This view does not include multisigs, timelocks, audits, oracle incidents, listing discussions, curator reports, or protocol backstops.
Chain-specific drilldown is exact only when the token resolves to a concrete chain:address.

Show exposure details

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
Sky Staking Engine	Ethereum	SKY0x56072c95faa701256059aa122697b133aded9279	$31.14m	$154.86m
Compound V3	Ethereum	SKY0x56072c95faa701256059aa122697b133aded9279	$156,110	$169.93

Risk Timeline

Risk-management actions published about SKY by tracked risk managers and governance contributors, newest first.

42 actions

contributor@misherforum.skyeco.com

3 weeks ago

→Maintaining Decentralized Governance to Counter Centralization Threats

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.

risk managerBlock Analiticaforum.skyeco.com

1 month ago

→Sky Ecosystem Risk Month in Review: April 2026

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.

contributor@runeforum.skyeco.com

1 month ago

→Sky Treasury Management Function: Framework and Proposed Updates

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.

contributor@runeforum.skyeco.com

1 month ago

→Laniakea: Sky's Infrastructure for Institutional Capital

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.

contributor@Omagoforum.skyeco.com

2 months ago

→Claude AI analysis of Sky fundamental datasets - Mar 2026

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.

risk managerBlock Analiticaforum.skyeco.com

3 months ago

→Risk Month in Review: February 2026

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.

risk managerBlock Analiticaforum.skyeco.com

3 months ago

→SKY Rewards Normalization Configuration for Stakers

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.

risk managerGauntletcomp.xyz

4 months ago

↓Recommendations for Low Utilization Assets on Mainnet

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.

contributor@Omagoforum.skyeco.com

4 months ago

→On-Chain Fundamental Data for Sky Ecosystem Now Available

The new Dune dashboard tracks Sky Token ownership trends over the last 12 months, including staked Sky, to support community research on token distribution and vesting activities.

contributor@Seanforum.skyeco.com

4 months ago

→Risk Month in Review: December 2025

BA Labs reviewed and proposed adjustments to SKY token reward distributions for USDS holders to maintain alignment with the Sky Savings Rate.

Markets

Token Rights and Value Accrual

Updated May 08, 2026

Overview

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

Control

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 Decisions

SKY

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

Sky Atlas allows voting on treasury-related changes

Revenue Decisions

SKY

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

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

Resources

Treasury dashboardhttps://info.sky.money/treasury

Primary Value Accrual

Buybacks

Value 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 Capture

Portion of protocol revenue is used for Smart Burn Engine, remaining portion used accumulate SKY in the treasury and distribute USDS to SKY stakers

Buybacks

SKY

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

SKYUSDS

SKY stakers receive rewards in USDS, a portion of SPK tokens held by Sky are distributed to USDS users

Burns

Active

Bought back SKY tokens are burned

Ownership

Fundraising: Token Sale
Equity Revenue Capture: No
Associated Entities: DAOFoundation
IP & Brand: Skybase International
Domain: Skybase International

Token Usage

An is required to view token usage.

Liquidations

An is required to view token liquidations.

Unlocks

An is required to view token unlocks.

Yields

Showing 10 of 12 pools

Pool	Project
open in new tab SKY-	🪂Origami Finance	$3.42m	5.92%	5.92%	5.05%
open in new tab SKY-USDC0.30%	Uniswap V4	$3.04m	48.79%	48.79%	30.28%
open in new tab SKY-WETH0.3%	Uniswap V3	$1.28m	32.55%	32.55%	14.60%
open in new tab ETH-SKY0.30%	Uniswap V4	$451,257	17.78%	17.78%	6.69%
open in new tab SKY-MKR0.3%	Uniswap V3	$265,643	17.70%	17.70%	16.03%
open in new tab SKYOmnipool	Hydration DEX	$154,673	0.74%	0.74%	0.80%
open in new tab SKYSky	Beefy	$91,063	5.31%		3.44%
open in new tab SKY-AAVE0.30%	Uniswap V4	$85,381	45.53%	45.53%	16.58%
open in new tab SKY	Yearn Finance	$43,556	4.26%	4.26%	6.89%
open in new tab SKY-WETH1%	Uniswap V3	$15,293	9.24%	9.24%	8.46%

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