Sky Protocol

Founded 2017 · DAO

Sky Protocol, formerly MakerDAO, is a decentralized finance protocol known for its main stablecoin, USDS.

Products

USDS active $11.5B
USDS Stablecoin
Crypto Backed

USDS is a decentralized stablecoin by Sky Protocol, maintaining a soft peg to the U.S. dollar with a supply exceeding $11 billion.
DAI active $4.3B
DAI Stablecoin
Crypto Backed

DAI is a decentralized stablecoin by Sky Protocol, maintaining its USD peg through over-collateralization.

Overview

Sky Protocol, previously known as MakerDAO, is a decentralized finance protocol that underwent rebranding in August 2024. It operates without a traditional CEO, with governance decisions made by token holders through on-chain voting.

Regulatory Status

In August 2025, S&P Global Ratings assigned Sky Protocol a B- credit rating, marking the first time a major credit rating agency assessed a DeFi protocol.

Key Products

Sky Protocol's primary stablecoin is USDS, introduced in September 2024 as the successor to DAI.