Bubble
Sky SKY
Sky (SKY) was trading at $0.0629, ranked #44 by market cap at $1.47B, with 24h volume of $25.00M.
Data snapshot: 2026-07-22 18:00 UTC.
Sky is the governance token of Sky Protocol, the 2024 rebrand of MakerDAO. SKY replaced the old MKR token at a rate of 1 MKR to 24,000 SKY, and governs the protocol behind the USDS stablecoin, while the older DAI and MKR tokens continue to trade alongside their newer counterparts. Sky is the rebranded MakerDAO, the protocol that created DAI and the collateralised-debt model most of DeFi borrowed from. Its most consequential change was not technical but financial: moving a large share of its collateral into real-world assets, primarily short-term government debt, which made the protocol's revenue depend on interest rates rather than on crypto activity. That is a genuinely different business from the one it started as. SKY governs it, and holders are effectively voting on the composition of a large balance sheet.
What is Sky's relationship to MakerDAO?
Sky is the rebranded continuation of MakerDAO, with SKY replacing MKR as its governance token and USDS alongside DAI as its stablecoin.
Why does it hold real-world assets?
Allocating collateral to short-term government debt generates yield regardless of crypto market activity, which stabilised protocol revenue but introduced off-chain counterparty exposure.
What does that change about the protocol?
Its revenue now depends significantly on interest rates rather than on borrowing demand from crypto users. It is closer to managing a balance sheet than to running a crypto lending market.
What does SKY governance decide?
Collateral types and limits, the savings rate, and how the protocol's revenue and treasury are used.
Market cap decides how big a bubble is drawn, so rank is what places SKY on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #37 | World Liberty Financial (WLFI) | $1.79B |
| #43 | Aave (AAVE) | $1.48B |
| #44 | Sky (SKY) | $1.47B |
| #54 | Morpho (MORPHO) | $1.02B |
| #75 | Ethena (ENA) | $791M |