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; historical Maker Foundation sales of MKR to venture firms such as a16z, Dragonfly, and Paradigm were token purchases, not equity financings.