What is Sky?
Sky is the governance token of the decentralized Sky Protocol, a DeFi ecosystem resulting from the rework and upgrade of MakerDAO. Sky replaces the old MKR token as the core governance mechanism and works alongside the USDS stablecoin to give users access to features like saving, voting, and earning within a non-custodial protocol environment.
Source: https://sky.money/
How does Sky work?
Sky functions as an ERC-20 governance token within the Sky Protocol. It replaces the MakerDAO token MKR and is used to participate in protocol governance, vote on key proposals, and access features like staking and rewards via the Sky.money interface. Users can convert MKR to SKY at a fixed ratio of 1 MKR = 24,000 SKY under the governance upgrade terms.
The token
Abbreviation: SKY
Category: Governance token in Decentralized Finance (DeFi)
Blockchain: Ethereum (ERC-20)
Protocol: Sky Protocol (evolution from MakerDAO)
Year of launch: 2024/2025, as part of the MakerDAO to Sky Protocol upgrade.
The technology behind Sky
Sky Protocol is built on the Ethereum blockchain and uses smart contracts to deliver a non-custodial decentralized financial infrastructure. The SKY token features permit functionality and EIP-1271 signature validation for advanced token interactions. Governance mechanisms utilize on-chain voting and provide conversion paths for MKR holders.
The Sky ecosystem
The ecosystem includes:
Sky.money: The main front-end to interact with the protocol for saving, trading, staking, and governance.
USDS: The ecosystem’s stablecoin (replacing DAI).
Sky Stars: Modular, independent DeFi projects within the broader Sky framework.
SkyLink: Cross-chain infrastructure connecting with multiple Layer-2 networks for lower cost and faster transactions.
Governance is decentralized and users can earn rewards via mechanisms such as Sky Savings Rate and Sky Token Rewards.
Who is the founder of Sky?
Sky Protocol evolved from MakerDAO, co-founded by Rune Christensen. The MakerDAO community and developers contributed to the transition to Sky Protocol, rebranding governance from MKR to SKY.
Impact on the environment
Click here to read more information about the environmental impact of this coin.
Risk disclaimer
Please note: for more information about this crypto asset, consult the official resources provided by the project via https://sky.money/
Before trading, make sure to read the general risk warning about crypto asset trading:
Cryptocurrencies, including Sky (SKY), are volatile and involve risks. The value of SKY can fluctuate significantly, and investments may result in financial losses. Always do your own research and only invest money you are prepared to lose.
The BTC Direct disclaimer van be found here.