Sky Investor Relations

Sky Ecosystem (formerly known as MakerDAO) is a global savings and capital allocation network managing billions in diversified assets, powering the Sky Savings Rate, engineered for the best risk-adjusted yield.

The Sky Savings Rate sources resilient, diversified yield, backed by institutional-grade collateral and sophisticated deployment strategies. Users access it through sUSDS, the world's largest yield-generating stablecoin.

The Sky Agent Network is an independent network of capital allocators who tap into USDS liquidity, billions of ready-to-deploy capital, and compete to generate the best risk-adjusted returns into the Sky Savings Rate.

Sky Protocol provides the resilient onchain infrastructure to seamlessly bridge billions in USDS with the Sky Agent Network, programmatically distributing the Sky Savings Rate with unmatched efficiency and transparency.

Sky Protocol is governed entirely onchain by SKY token holders. This decentralized structure ensures that all protocol upgrades, risk parameters, and asset allocations are executed with transparency and accountability.

USDS or DAI in circulation is backed by a surplus of Protocol Collateral managed across a diversified portfolio of onchain and real-world assets. The protocol earns revenue on that collateral, pays yield to depositors through the Sky Savings Rate, and the remaining Net Protocol Surplus is allocated according to the treasury management framework set by governance.

Understanding Sky's financials comes down to three things: what backs the stablecoins (the balance sheet), how the protocol earns and spends (the P&L), and where Net Protocol Surplus flows (the treasury management framework).

In short, the protocol earns revenue on the Protocol Collateral that backs its stablecoins (USDS and DAI), it pays yield to depositors through the Sky Savings Rate, and the Net Protocol Surplus is allocated according to the treasury management framework set by governance.

The balance sheet shows what backs every USDS and DAI in circulation.

Every stablecoin the protocol has minted is a redeemable claim against Protocol Collateral, which makes it an obligation on the protocol's books.

Protocol Collateral minus Protocol Obligations. Protocol Surplus grows when the protocol generates Net Protocol Surplus and shrinks when it doesn't. It represents the excess collateral above what the protocol owes to stablecoin holders. Sky's collateral portfolio is designed to always exceed outstanding obligations, with each vault independently overcollateralized and the PSM providing deep instant redemption liquidity.

SKY is the governance token for Sky Protocol as well as where the protocol's value can accrue programmatically. 

Holders who stake SKY govern the protocol entirely onchain, voting on interest rates, savings rates, collateral policies, capital allocation, and risk frameworks. The system is also designed so that Net Protocol Surplus can programmatically accrue to the  stakers of the SKY token, through open-market buybacks and distributions. The buyback and distribution rates are set by Sky Governance. Stakers can also borrow USDS against their staked position while continuing to earn rewards, effectively lowering their cost of capital without sacrificing governance participation or yield.

For a full overview of how governance works, see Governance.

After paying depositor yield, agent revenue shares, and operating costs, the remaining balance is Net Protocol Surplus. For a full breakdown of how Sky earns and spends, see Financials.

Net Protocol Surplus is allocated in various ways, including programmatic buybacks, staking rewards, and growing Sky Reserves, the protocol's solvency buffer.

The specific split between buybacks, staking rewards, and reserve building is set by governance vote and adjusts based on protocol priorities. When the protocol prioritizes resilience, more flows to reserves. When reserves are strong, more flows to stakers. This flexibility is by design, it allows the protocol to respond to market conditions while maintaining a structural commitment to returning value to governance participants.

→ Live revenue and Net Protocol Surplus data: info.skyeco.com/financials
→ Buyback and distribution activity: info.skyeco.com/buyback

SKY traces its origins to MKR, the governance token that launched alongside MakerDAO in December 2017. MKR was created with an initial supply of 1,000,000 tokens and distributed through private sales rather than a public ICO.

Protocol-held SKY: $146M at end of Q1 2026 across nine Sky Agents as Genesis Capital allocations.

Total SKY Buybacks: As of April 7, 2026 — 1,876M SKY ($139.4M USD), avg buyback price $0.0629 per SKY.

Sky Protocol is governed entirely onchain by SKY token holders. This decentralized structure ensures that all protocol upgrades, risk parameters, and asset allocations are executed with transparency and accountability.

Any participant can propose a protocol change. Proposals undergo peer review in the governance forum, where risk assumptions are stress-tested and technical parameters are refined. SKY holders then vote onchain, either directly or through delegates. Once approved, proposals are executed onchain and can only be modified by submitting and passing a new proposal.

Sky Protocol's core treasury and operational wallets are fully transparent and verifiable onchain. Below are the primary addresses allocators can use to independently track protocol reserves, operational spending, and governance funding in real time.