Sky Protocol (DAI)

System: Sky Protocol — Money and Payments

Sky Protocol is an Ethereum-based stablecoin and collateralised credit system. USDS is the primary dollar-referenced stablecoin; DAI is the legacy stablecoin linked through conversion and integrations; sUSDS is the transferable savings position; stUSDS is the transferable risk-capital position funding SKY-backed borrowing; and SKY is the governance, value distribution and collateral token. Founded as MakerDAO in 2015 and rebranded to Sky, the boundary includes issuance, accounting, vault lending, savings, staking, liquidation, governance, oracle inputs, real-world-asset arrangements and approved Sky Agent capital-allocation roles. Sky.money and third-party vault interfaces are excluded where they are non-custodial or external access layers rather than privileged protocol components.

Market Data

Price$0.999788
Market Cap$4.21B
Fully Diluted Valuation$4.21B
30d Change0.00%
365d Change0.03%

Token Functionalities

Payments

  • General Medium of Exchange [Exogenous]

    Right to discharge payment or settlement obligations to willing counterparties using DAI. DAI has evidenced real counterparty acceptance beyond exchange listing, wallet support or transferability.

System Attributes

Operating Model

<p>On-chain,&nbsp;Ethereum&nbsp;smart&nbsp;contracts&nbsp;coordinate&nbsp;stablecoin&nbsp;issuance,&nbsp;vault&nbsp;accounting,&nbsp;collateral&nbsp;management,&nbsp;savings&nbsp;mechanics,&nbsp;staking,&nbsp;liquidations,&nbsp;governance&nbsp;execution&nbsp;and&nbsp;protocol&nbsp;surplus&nbsp;accounting.&nbsp;Off-chain,&nbsp;the&nbsp;system&nbsp;relies&nbsp;on&nbsp;material&nbsp;operational&nbsp;inputs&nbsp;for&nbsp;real-world-asset&nbsp;arrangements,&nbsp;custody,&nbsp;legal&nbsp;structures,&nbsp;valuation,&nbsp;monitoring&nbsp;and&nbsp;capital-allocation&nbsp;execution&nbsp;through&nbsp;approved&nbsp;Sky&nbsp;Agent&nbsp;or&nbsp;counterparty&nbsp;roles.&nbsp;These&nbsp;off-chain&nbsp;components&nbsp;are&nbsp;not&nbsp;merely&nbsp;support&nbsp;functions&nbsp;because&nbsp;they&nbsp;can&nbsp;affect&nbsp;the&nbsp;system’s&nbsp;collateral&nbsp;base,&nbsp;asset&nbsp;deployment,&nbsp;risk&nbsp;profile&nbsp;and&nbsp;ability&nbsp;to&nbsp;deliver&nbsp;parts&nbsp;of&nbsp;the&nbsp;stablecoin&nbsp;and&nbsp;credit&nbsp;product.</p>

Value Creation

<p>On-chain&nbsp;value&nbsp;is&nbsp;created&nbsp;through&nbsp;collateral-backed&nbsp;stablecoin&nbsp;issuance,&nbsp;vault&nbsp;borrowing,&nbsp;liquidation,&nbsp;savings-rate&nbsp;mechanics,&nbsp;staking&nbsp;and&nbsp;liquidity&nbsp;conversion&nbsp;between&nbsp;supported&nbsp;stablecoin&nbsp;instruments.&nbsp;Users&nbsp;and&nbsp;borrowers&nbsp;create&nbsp;demand&nbsp;by&nbsp;holding,&nbsp;exchanging,&nbsp;saving&nbsp;or&nbsp;borrowing&nbsp;against&nbsp;collateral&nbsp;through&nbsp;protocol&nbsp;contracts.&nbsp;Off-chain&nbsp;value&nbsp;is&nbsp;created&nbsp;where&nbsp;real-world-asset&nbsp;and&nbsp;capital-allocation&nbsp;components&nbsp;deploy&nbsp;reserves&nbsp;or&nbsp;collateral&nbsp;through&nbsp;legal,&nbsp;custody,&nbsp;counterparty&nbsp;and&nbsp;strategy&nbsp;arrangements.&nbsp;These&nbsp;off-chain&nbsp;components&nbsp;contribute&nbsp;to&nbsp;the&nbsp;productive&nbsp;activity&nbsp;behind&nbsp;some&nbsp;yield,&nbsp;collateral&nbsp;and&nbsp;reserve-management&nbsp;outcomes,&nbsp;while&nbsp;the&nbsp;core&nbsp;stablecoin,&nbsp;lending&nbsp;and&nbsp;accounting&nbsp;functions&nbsp;remain&nbsp;enforced&nbsp;by&nbsp;smart&nbsp;contracts.</p>

Value Capture

<p>Monetary&nbsp;value&nbsp;is&nbsp;captured&nbsp;and&nbsp;routed&nbsp;through&nbsp;protocol&nbsp;accounting,&nbsp;including&nbsp;stability&nbsp;fees,&nbsp;savings-rate&nbsp;costs,&nbsp;surplus&nbsp;and&nbsp;debt&nbsp;accounting,&nbsp;buybacks,&nbsp;reserve&nbsp;allocation&nbsp;and&nbsp;staking&nbsp;rewards.&nbsp;Stability&nbsp;fees&nbsp;and&nbsp;related&nbsp;system&nbsp;income&nbsp;are&nbsp;accounted&nbsp;through&nbsp;on-chain&nbsp;modules,&nbsp;while&nbsp;savings&nbsp;and&nbsp;staking&nbsp;distributions&nbsp;are&nbsp;routed&nbsp;through&nbsp;protocol-controlled&nbsp;mechanisms.&nbsp;The&nbsp;relevant&nbsp;captured&nbsp;value&nbsp;is&nbsp;therefore&nbsp;routed&nbsp;within&nbsp;the&nbsp;cryptoeconomic&nbsp;system&nbsp;and&nbsp;to&nbsp;on-chain&nbsp;participants&nbsp;rather&nbsp;than&nbsp;to&nbsp;a&nbsp;privileged&nbsp;off-chain&nbsp;equity&nbsp;or&nbsp;operating-company&nbsp;claim.</p>