Stablecoins / Ethereum / SKY
Sky
The protocol formerly known as MakerDAO: USDS converts 1:1 with DAI, sUSDS carries the Sky Savings Rate and SKY governs.
THE OVERVIEW
What Sky does
Sky is the protocol that grew out of MakerDAO. Its USDS token is an ERC-20 with permit support and smart-contract signature validation, and a converter exchanges DAI for USDS at a fixed one-to-one ratio in either direction with no fees, which the documentation states cannot be enabled on that route in future. [1]
sUSDS is a tokenized implementation of the Sky Savings Rate for USDS, compliant with ERC-4626. Users deposit USDS to receive sUSDS shares and withdraw USDS against them, with conversions between shares and assets reflecting accrued savings regardless of when the system’s accrual function last ran. No fees are charged on deposits or withdrawals. [2]
The token and governance upgrade replaces MKR with SKY for all on-chain votes and protocol parameters on the new Chief governance contract. The previously bi-directional conversion between MKR and SKY becomes uni-directional, and the documentation describes the change as giving SKY holders full protocol control. [3]
IN PRACTICE
What people use it for
UNDERSTAND THE TECHNOLOGY
Key concepts
MARKET CONTEXT
SKY market
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FOLLOW THE STORY
Sky news & coverage
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Official resources & sources
Dextape explanations based on the primary documentation below.