SKY
$0.05

Sky (SKY) Price

$0.05
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Sky (SKY) Price Today

The live price of Sky is 0.05 USD. In the past 24 hours, the trading volume of Sky was 27,000,957.07 USD, down by -4.11%. The current price has decreased by -11.61% from its 7-day high of 0.10 USD, and increased by 0.03% from its 7-day low of 0.05 USD. With a circulating supply of 23,462,665,147.36 Sky, the market cap of Sky is currently 1,439,974,660.00 USD, down by 0% in the last 24 hours. Sky currently ranks #55 by market capitalization among cryptocurrencies.

Sky (SKY) Market Data

Market Cap
$1.3B
24h Volume
$27M
Circulating Supply
23B SKY
Maximum Supply
23.4B SKY
Fully Diluted Market Cap
$1.4B
Liquidity Indicator
1.95%
About
Rate
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FAQ

About Sky (SKY)

How can I buy Sky (SKY)?

Buying Sky (SKY) on BingX is simple and secure. Create an account, deposit USDT or another supported asset, and purchase Sky (SKY) directly in the Spot Market. The tokens will then appear in your BingX Spot Wallet, ready for trading or transfer at anytime. Discover How to Buy SKY Guide for more information.

What Is Sky (SKY) and How Does It Work?


Sky (SKY) is the native governance and utility token of the Sky Protocol, a decentralized finance (DeFi) ecosystem that emerged from MakerDAO’s Endgame transformation. Launched to make governance more accessible and scalable, SKY replaces the legacy MKR token through a fixed conversion model, expanding participation by using a higher-supply, lower-unit token. The protocol is built on Ethereum and designed to operate seamlessly across Layer-2 networks.

At its core, Sky Protocol combines on-chain governance, decentralized stablecoins, and modular DeFi products. SKY holders vote on protocol parameters such as risk settings, collateral onboarding, and incentive programs. The ecosystem also introduces USDS, a decentralized USD-pegged stablecoin that users can mint or borrow by interacting with Sky’s smart contracts, continuing MakerDAO’s core stablecoin model with updated mechanics.

Sky works through a modular structure known as “Stars,” independent yet interconnected sub-protocols that specialize in areas like lending, savings, or real-world asset exposure. Users can stake SKY to earn rewards, delegate voting power, or use SKY-based positions to access USDS liquidity. Together, these components aim to create a more flexible, capital-efficient DeFi system while keeping governance fully decentralized and transparent.

When Did Sky Protocol Launch?


Sky Protocol evolved from one of DeFi’s most foundational projects, MakerDAO, originally founded by Rune Christensen in 2014 with the goal of creating decentralized lending and stablecoin infrastructure. Over time, MakerDAO became the backbone of on-chain finance with its market-leading DAI stablecoin and MKR governance token.

In 2024, MakerDAO began a major transformation known as the “Endgame” upgrade, culminating in the rebranding and relaunch of the ecosystem as Sky Protocol, with a revamped governance token (SKY) and new stablecoin (USDS). The official mainnet launch of the new tokens and front end occurred on September 18, 2024, marking the transition from the legacy Maker architecture to the next-generation Sky ecosystem.

Sky Protocol’s development and strategic reorientation were led by Rune Christensen, the co-founder of MakerDAO, together with the decentralized Maker/Sky community. The initiative was designed to enhance governance participation, scalability, and modular innovation across decentralized finance. While Sky operates as a community-governed protocol without a centralized corporate structure, Christensen’s vision and the DAO’s voter base have been central to its direction and upgrades.

Sky Protocol Roadmap Highlights


- Sept 18, 2024: Official launch of Sky Protocol with SKY and USDS tokens.

- Late 2024 – 2025: Migration from MKR to SKY governance token at a fixed conversion ratio.

- May 2025: Completion of major governance transition, making SKY the sole governance token.

- Ongoing 2025–2026: Deployment of ecosystem modules like Staking Engine upgrades and multi-chain bridges like Unichain and Optimism.

- 2026 and Beyond: Continued expansion of Sky Stars sub-DAOs, decentralized governance tooling, and ecosystem growth.

What Is the SKY Token Utility?


SKY is the governance and utility token of the Sky Protocol, designed to coordinate decision-making, incentives, and capital efficiency across the ecosystem. SKY holders can vote on governance proposals covering risk parameters, collateral onboarding, protocol upgrades, and incentive structures, making SKY the core mechanism for decentralized control.

Beyond governance, SKY plays a direct role in DeFi utility and yield generation. Users can stake SKY to earn protocol rewards, delegate voting power, and use SKY-backed positions to mint or access USDS, Sky’s decentralized USD-pegged stablecoin. This ties SKY’s value to protocol usage, stablecoin demand, and long-term ecosystem growth rather than pure speculation.

You can trade SKY perpetual futures on the BingX Futures market, allowing you to go long or short SKY using USDT-settled contracts. BingX futures support leverage, real-time charts, and risk-management tools, making them suitable for traders looking to hedge exposure or speculate on SKY price movements without holding the spot token.

What Is Sky Protocol Tokenomics?


The Sky Protocol tokenomics are designed to enable decentralized governance and long-term sustainability across the Sky Protocol ecosystem. SKY replaces the legacy MKR token through a fixed conversion model of approximately 1 MKR = 24,000 SKY, increasing token supply to lower governance barriers while preserving proportional ownership and voting power.

SKY has no traditional mining inflation and derives value from active participation rather than passive holding. The token is used for governance voting, staking rewards, and backing USDS stablecoin issuance, aligning SKY holder incentives with protocol usage, stablecoin demand, and overall ecosystem growth.

How to Earn Rewards on Sky DeFi Protocol


You can earn rewards on the Sky Protocol by actively participating in its core DeFi mechanisms rather than simply holding tokens. The main reward paths are designed to align incentives with governance, liquidity, and stablecoin usage.

Primary ways to earn rewards include:

1. Stake SKY tokens: Lock SKY in the Sky staking engine to earn protocol rewards (often distributed in USDS) while retaining governance rights or delegating voting power.

2. Use USDS savings mechanisms: Supply USDS to Sky’s savings or yield modules to earn variable yield funded by protocol revenue and system fees.

3. Participate in governance incentives: Active voters and delegated governance participants may receive additional incentives tied to protocol participation and long-term alignment.

Rewards vary based on network conditions, governance decisions, and overall protocol activity, making Sky a participation-driven DeFi ecosystem rather than a passive yield model.

Info Source

Official Website

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Frequently Asked Questions about SKY (Sky)

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