Sky (formerly MakerDAO)

Sky is the rebranded identity of MakerDAO, the decentralized protocol co-founded by Rune Christensen that issues the over-collateralized DAI stablecoin. Announced in August 2024 as part of Christensen's Endgame roadmap, the rebrand introduced the USDS stablecoin (upgradeable 1:1 from DAI) and the SKY governance token (converted from MKR at a 1:24,000 ratio), alongside the Sky Savings Rate and a modular structure of semi-independent units called Stars. MKR spot pairs were delisted in September 2025 as SKY trading began, and in April 2026 Binance auto-converted DAI balances to USDS 1:1. As of early-to-mid 2026 USDS supply sits above $9 billion and Sky's TVL is roughly $7.5 billion, ranking it among the largest DeFi protocols. As a DAO funded by protocol revenue and its treasury rather than equity rounds, Sky governs one of the largest decentralized stablecoin systems in crypto.

DAI/USDS is the original and largest decentralized, crypto-collateralized stablecoin, a cornerstone of DeFi independent of bank-issued reserves.

sky.money DeFi & RWAprivate

At a glance

Total raised

Undisclosed

no public funding on record

Headcount

—

no public estimate on record

Headquarters

—

Founded

2014

12 years active

Status

Private

DeFi & RWA

Subsector

DeFi & RWA

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Funding history

Total raised

—

Rounds tracked

No dated funding rounds on file. This company is privately held and may be raising or operating on undisclosed capital.

Founder backgrounds

Rune Christensen

Co-founder

Rune Christensen is a Danish entrepreneur who studied biochemistry at the University of Copenhagen and later economics and international business at Copenhagen Business School. Before crypto he co-founded a recruiting business placing Westerners as English teachers in China, which he sold after becoming convinced of cryptocurrency's potential. He discovered Bitcoin in 2011 and turned to Ethereum in 2014, where he began designing a decentralized, crypto-collateralized stablecoin. In 2015 he founded MakerDAO, which issued the DAI stablecoin, and in 2024 he led the protocol's rebrand to Sky as part of his 'Endgame' roadmap, introducing the USDS stablecoin and SKY governance token.

AI bull / bear

Bull case

Sky is the rare crypto asset that is simply a profitable business. The rebranded MakerDAO runs the largest decentralized stablecoin system — USDS supply climbed above $9 billion and peaked near $12 billion in April 2026 after Binance auto-converted DAI balances, with protocol TVL around $7.5 billion — and it monetizes the float like a bank: Q1 2026 gross protocol revenue reached $123.8 million with a net surplus of roughly $46 million, and annualized revenue has run near $338 million with $158 million in net profit through recent volatility. That cash funds everything — no VC, no equity overhang — while the Sky Savings Rate is becoming embedded yield infrastructure for mainstream fintech: PayPal launched a PYUSD savings vault on Spark anchored to the SSR, targeting $1 billion in deposits, exactly the distribution decentralized stablecoins never had. The Endgame architecture is compounding optionality — Spark alone became a top DeFi protocol, and governance has authorized up to $2.5 billion for Obex-incubated yield ventures — effectively a revenue-funded venture studio bolted onto a stablecoin bank. Having survived Black Thursday, the USDC depeg, and a decade of regime changes, Sky enters the GENIUS-era stablecoin boom as the incumbent decentralized issuer with real earnings, real reserves, and a completed DAI-to-USDS migration behind it.

Sky (formerly MakerDAO)

At a glance

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Funding history

Founder backgrounds

Rune Christensen

AI bull / bear

In the news

Leadership

Products

USDS

DAI

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