Sky

Sky Protocol (SKY) is the rebranded MakerDAO, one of DeFi's oldest credit and stablecoin systems on Ethereum. USDS is the dollar stablecoin that succeeded DAI. SKY is the governance token that succeeded MKR. Users mint or keep USDS against crypto and real-world collateral, earn through the Sky Savings Rate, and vote with SKY. Spark and other Stars sit as modular sub-systems around the core. The old names still work. The new stack is what governance is steering toward.

SKY token holders care about protocol surplus more than brand cosmetics. Fees and spreads from USDS credit creation fund the savings rate paid to depositors. What remains can support staking rewards and surplus-driven burns of SKY when governance turns that engine back up. Rate cycles matter: when dollar yields elsewhere look better, USDS demand and surplus can cool. Competition from USDC, USDT and other yield-bearing dollars never leaves the room.

The Endgame redesign also concentrates power questions. Founder-linked voting weight, RWA exposure, and a more modular Star structure change how risk and revenue are shared. Spark pushes Sky into lending markets next to Aave and peers. That grows distribution. It also ties SKY's fate to how well the stablecoin franchise keeps earning after depositors take their cut.

Observers disagree on what SKY owns. Some treat it as a claim on DeFi's deepest on-chain credit surplus once burns and staking catch up with USDS growth. Others treat the rebrand as a governance and rate-cycle story where depositors and collateral risk eat the economics before token holders do. Sky remains a stablecoin credit protocol first. SKY is the governance claim on whatever surplus survives.