Sky (SKY)
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About SKY
The Sky Protocol (formerly MakerDAO) represents a cutting-edge decentralized financial ecosystem that empowers users to save, trade, and earn rewards while maintaining complete control over their funds. Built on robust blockchain technology, the platform features two native tokens, USDS and SKY, which enhance the functionality of established tokens like DAI and MKR from MakerDAO. With a Total Value Locked (TVL) exceeding $15 billion and an attractive Sky Savings Rate (SSR) of 6.50%, the Sky Protocol has established itself as a leading player in the DeFi (Decentralized Finance) sector. The ecosystem includes Sky Token Rewards (STRs), encouraging user participation and engagement. Users benefit from a non-custodial gateway via the Sky.money app. As the cryptocurrency market continues to expand, the Sky Protocol offers a comprehensive suite of features designed to enhance accessibility and user experience in decentralized finance. For those interested in the evolving landscapes of cryptocurrency and decentralized finance, the Sky Protocol serves as an innovative solution while maintaining a commitment to user autonomy and robust market performance.
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Frequently Asked Questions about Sky
What is Sky Protocol?
Sky Protocol (formerly MakerDAO) is a DeFi platform that offers users enhanced control over their assets, featuring native tokens USDS and SKY, and services like the Sky Savings Rate and Sky Token Rewards.
What are USDS and SKY tokens?
USDS is a stablecoin pegged 1:1 to the U.S. dollar, serving as a medium of exchange within the Sky ecosystem. SKY is the governance token, evolved from MakerDAO's MKR, allowing holders to participate in protocol decisions and access various platform features.
How can I acquire USDS and SKY tokens?
Users can upgrade their existing DAI and MKR tokens to USDS and SKY, respectively, through the Sky.money app. The conversion rates are 1:1 for DAI to USDS and 1:24,000 for MKR to SKY.
What is the Sky Savings Rate (SSR)?
The Sky Savings Rate allows users to earn interest on their USDS holdings. By depositing USDS into the SSR contract, users accumulate additional USDS over time. The SSR is variable and determined by ecosystem governance through decentralized on-chain voting.
What are Sky Token Rewards?
Sky Token Rewards enable users to support ecosystem projects by providing USDS, for which they receive SKY tokens as incentives. There is no minimum USDS supply amount required, and users can withdraw their funds at any time.
Is Sky Protocol accessible in the US?
Yes, but some functionalities, including the Sky Savings Rate and Sky Token Rewards, are not available in the United States.
How does Sky Protocol ensure the security of user funds?
Sky Protocol is a non-custodial platform, meaning users retain full control over their funds. The platform's smart contracts have undergone rigorous security audits to ensure the safety and integrity of user assets.
Can I trade other cryptocurrencies for USDS and SKY?
Yes, Sky.money allows users to trade popular tokens for USDS and SKY through decentralized exchanges powered by CoW Swap, utilizing smart contracts on the blockchain without relying on centralized entities.
What is the Seal Engine in Sky Protocol?
The Seal Engine enables users to supply MKR or SKY tokens to create positions and access Seal Rewards. These positions can be used to delegate governance voting rights, as collateral to borrow USDS, or to support the protocol's decentralization and security.