Sky Protocol (USDS)

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$0.999708
Market Cap$10.59B
Fully Diluted Valuation$10.59B
30d Change0.00%
365d Change0.00%

Token Functionalities

Value Distribution

  • Third-Party Reward Distribution (Discretionary but Regular) [Exogenous]

    Right to receive third-party or partner rewards through repeatable programmes, conditional on depositing USDS. Strength is Discretionary but Regular because rewards are programme-based and repeatable, but depend on partner, Agent or governance-defined terms rather than an immutable protocol obligation attached to all USDS holders.

Payments

  • General Medium of Exchange [Exogenous]

    Right to discharge payment or settlement obligations to willing counterparties using USDS. USDS has evidenced real counterparty acceptance beyond mere transferability, exchange listing or wallet support. The right is not system-enforced; it depends on counterparties choosing to accept USDS for payment or settlement.

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>