Sky
Sky (formerly MakerDAO) is a decentralized DeFi protocol on Ethereum that issues the third-largest stablecoin globally, USDS, and operates a permissionless yield platform via sUSDS, Sky Vaults, Fixed Yield, and an autonomous Sky Agent Network of capital allocators competing for governance-set mandates.
- Company typePrivate
- Founded2017
- HeadquartersGeorgetown, United States
- Headcount51–100
- GTM typeB2B and B2C
- OfferingSoftware
What Sky does
Sky (formerly MakerDAO), founded in 2017 and rebranded in 2024, operates Sky Protocol, a decentralized, non-custodial DeFi liquidity infrastructure built on Ethereum that issues USDS, the third-largest stablecoin globally with a $10.59B supply as of mid-2026. The protocol backs USDS with $14.39B of diversified Protocol Collateral spread across eight categories, including stablecoins (51.46%), onchain crypto lending, short-duration treasury bills, OTC crypto lending, and AAA corporate debt. The platform architecture is anchored by the Peg Stability Module (~$4.12B in liquidity enabling zero-fee, zero-slippage 1:1 USDC↔USDS conversion), an overcollateralized vault system with automated liquidation infrastructure operational since 2017, and the Sky Agent Network of autonomous capital allocators (Spark, Grove, Obex, Osero) that deploy USDS across competing yield strategies. No core protocol exploit has occurred across nearly a decade of operation, and Sky is the first DeFi savings product to receive an S&P credit rating. Sky Frontier Foundation projects $611.5M in gross protocol revenue for 2026 (81% YoY growth) with $157.8M in protocol profit.
Sky's products are accessed via the non-custodial sky.money interface (operated by Skybase) and include sUSDS (the world's largest yield-generating stablecoin, auto-compounding the governance-set Sky Savings Rate at ~3.60% APY with zero fees and no lockups), stUSDS (expert-mode risk capital earning up to 6.30% APY for SKY-backed borrowing), Sky Vaults (Morpho-deployed third-party yield strategies up to ~5% APY), Fixed Yield (Pendle-powered term products fixing the SSR rate at supply), and the SKY governance token (capped at 23.46B supply with emissions permanently disabled, 5.71% staking APY, 7.50% borrowing APR). Revenue is generated via Sky Agent Network Base Rates, stability fees on overcollateralized vaults, returns on ~$2.09B in US Treasuries and credit assets, and protocol fees flowing into the Surplus Buffer that funds the SSR and programmatic SKY buybacks via the Smart Burn Engine.
Sky firmographics
Firmographics- Name
- Sky
- Legal name
- Sky Protocol
- Website
- https://sky.money
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Sky (formerly MakerDAO) is a decentralized DeFi protocol on Ethereum that issues the third-largest stablecoin globally, USDS, and operates a permissionless yield platform via sUSDS, Sky Vaults, Fixed Yield, and an autonomous Sky Agent Network of capital allocators competing for governance-set mandates.
- Ownership category
- akta.pro rank
Sky industry classification
Industry- Product category
- Decentralized Finance (DeFi) Stablecoin Protocol
- NAICS
- Open-End Investment Funds (525910), Other Financial Vehicles (525990), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)
- akta.pro primary industry
- Yield, Vaults & Asset Management (vault strategies, robo-vaults, structured yield) (FSAPAEAG)
- akta.pro secondary industries
- Staking, Restaking & Liquid Staking Finance (LST/LRT, validator markets) (FSAPAEAH), Decentralized Lending & Borrowing Protocols (FSADAMAA), Tokenized Real-World Assets & On-Chain Treasuries (tokenized T-bills, money markets, cash management) (FSAPAEAJ), Institutional DeFi & On-Chain Liquidity Infrastructure (Permissioned DeFi, Lending) (FSAGAMAG)
Keywords
Where Sky is headquartered
LocationHeadquarters
- HQ city
- Georgetown
- HQ country
- United States
- HQ region
- North America
Markets served
Sky business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Stability Fees from Overcollateralized Vaults: Ongoing fees charged to vault users who mint USDS against their collateral. Fee parameters are set by Sky Governance and represent a primary revenue stream supporting the Surplus Buffer.
- Sky Agent Network Base Rate: Fixed Base Rate that Sky Agents pay back to Sky Protocol for accessing USDS liquidity. Agents borrow at the Base Rate and deploy across diversified yield strategies; the spread between agent yields and Base Rate funds protocol revenue.
- US Treasuries and Credit Asset Returns: Sky Protocol holds approximately $2.09 billion in US treasuries and credit assets. Returns on these real-world assets flow into the Surplus Buffer, supporting the Sky Savings Rate and protocol profitability. The protocol allocated up to $2.5B into tokenized RWAs through Obex's mandate.
- Protocol Revenue from sUSDS and stUSDS: Sky reported Q1 2026 gross revenue of ~$124 million and net revenue of ~$61 million, its highest since launching in 2017. Revenue driven by institutional demand for on-chain yield products and growth in USDS stablecoin. The Sky Frontier Foundation projects $611.5M in gross protocol revenue for full-year 2026 (81% YoY growth).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Usage-based | Pay-as-you-go | Sky Savings Rate (sUSDS) — 3.60% APY |
| Usage-based | Pay-as-you-go | stUSDS — 6.30% APY |
| Usage-based | Pay-as-you-go | SKY Staking — 5.71% APY |
| Usage-based | Pay-as-you-go | SKY Borrowing Rate — 7.50% APR |
| Usage-based | Pay-as-you-go | Fixed Yield — 4.99% APY |
| Usage-based | Pay-as-you-go | Sky Vaults — Up to 5.03% APY |
| Usage-based | Pay-as-you-go | Ecosystem Rewards — 3.42% APY |
Go-to-market motion1 record
Distribution channels5 records
Marketing channels8 records
Sky product offering
Product offeringCore offering
Sky is a decentralized DeFi protocol on Ethereum that issues USDS, a fully backed USD stablecoin (third-largest globally at ~$10.59B supply), and offers yield-generating products including sUSDS (yield-bearing stablecoin at Sky Savings Rate), stUSDS (risk capital for SKY-backed borrowing), Sky Vaults (Morpho-powered strategies), and Fixed Yield (Pendle-powered term products). Independent capital allocators (Sky Agents) deploy USDS liquidity under governance-set risk parameters, with protocol revenue funding the Sky Savings Rate paid to sUSDS holders.
Product overview
Sky is a DeFi protocol ecosystem (formerly MakerDAO) that operates as a platform-plus-modules architecture. The core infrastructure is Sky Protocol, an onchain platform for issuing USDS stablecoin and managing capital allocation through the Sky Agent Network. Users access yield products through the Sky.money interface, with primary offerings including: USDS (the native stablecoin, third-largest globally), sUSDS (the world's largest yield-generating stablecoin providing access to the Sky Savings Rate), stUSDS (high-performance risk capital for expert users), and SKY Token (governance token). Additional modules include Sky Vaults (Morpho-deployed yield strategies), Fixed Yield (Pendle-based term products), and Sky Ecosystem Rewards (partner token distribution). The ecosystem has operated since 2017 without a core exploit and is the first DeFi savings product to receive an S&P credit rating.
Differentiator
Problem solved
Functional benefit
Products and services
- USDS Stablecoin The native stablecoin of Sky Protocol, targeting a $1.00 peg and fully backed by diversified Protocol Collateral. USDS is the third-largest stablecoin globally with a $10.59B supply, serving as the entry point to sUSDS and the Sky Savings Rate.
- sUSDS Yield-Generating Stablecoin The world's largest yield-generating stablecoin by issuance. ERC-4626 token that accrues the governance-set Sky Savings Rate (3.00%-3.75% APY) automatically into token balance. Zero fees, no lockups, fully liquid.
- stUSDS Risk Capital Token Expert-mode token that supplies USDS to fund SKY-backed borrowing. Yield scales dynamically with pool utilization (target 90%), earning SKY Borrow Rate minus stUSDS Accessibility Reward on utilized portions; unutilized portions earn SSR.
- SKY Governance Token Decentralized governance token (ERC-20) on Ethereum that enables voting on critical protocol decisions including the Sky Savings Rate and protocol upgrades, plus staking to earn rewards and borrowing USDS against staked SKY. Has a maximum supply cap of 23.46 billion tokens with new emissions permanently disabled.
- Sky Vaults Curated third-party yield strategies deployed by Morpho and facilitated through Sky.money. Deploys USDS, USDC, or USDT across bluechip collateralized lending markets with variable, strategy-driven returns.
- Fixed Yield Term-based yield product that fixes the current Sky Savings Rate to a pre-defined maturity date using Pendle Protocol v2. Supply USDS, USDC, or sUSDS before maturity to lock in the rate; early exit available at market price.
- Sky Ecosystem Rewards Program allowing users to earn Sky Agent governance tokens (e.g., SPK from Spark) by supplying USDS. Rewards are proportional to share of total USDS supplied and fluctuate with pool size and governance decisions.
- Sky Agent Network Independent network of capital allocators (Spark, Grove, Obex, Osero) competing to deploy USDS liquidity across diversified yield strategies including fixed income, structured credit, onchain capital markets, and infrastructure financing. Performance-based competition drives protocol revenue that fuels the Sky Savings Rate.
Quantifiable outcome
- sUSDS grew to the world's largest yield-generating stablecoin by issuance
- +5 more outcomes
Companies that use Sky
Customer profileNamed customers3 records
Segments5 records
Ideal customer profiles3 records
Sky technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature10 records
Sky partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core and minor.
- UniswapcoreSpark (within Sky ecosystem) deployed $150 million into Uniswap v4 pools on June 25, 2026, creating a Stablecoin FX Layer with USDS/USDT and USDS/PYUSD trading pairs. The FX layer addresses stablecoin liquidity fragmentation by enabling institutions to execute large stablecoin swaps with reduced slippage and consistent pricing. PayPal, Tether, and Sky joined at launch as founding participants.
- ObexcoreObex is a Sky-backed stablecoin incubator deploying $1 billion into tokenized real-world assets including AI data centers, housing, and energy to expand yield on USDS beyond traditional crypto yields. Sky plans to allocate up to $2.5 billion of reserves into these assets through Obex's mandate. First wave of partners includes Maple, USD.ai, Daylight, Centrifuge, Securitize, River, TVL Capital and Better.
- Better Home & FinancecoreBetter Home & Finance Holding Company partnered with Framework Ventures to deploy $500 million in credit through Sky's stablecoin ecosystem. Better operates as a designated 'Star' (capital recipient) within the blockchain-based system, deploying capital into originated mortgage and home equity assets. Framework Ventures also acquired approximately 10% of Better's stock for $45 million. The partnership aims to reduce consumer borrowing costs by over 100 basis points annually and scale Better from $500M to more than $1 billion per month in originations by 2026.
- MorphocoreMorpho has integrated Sky Protocol infrastructure to deploy Sky Vaults — third-party yield strategies made available through sky.money. Morpho's permissionless smart contracts enable deployment of USDS, USDC, and USDT across bluechip collateralized lending markets. Sky.money curates strategies for mechanism quality, smart contract risk, and oracle risks.
- Pendle ProtocolcoreSky.money's Fixed Yield product uses Pendle Protocol v2 infrastructure, enabling fixed-rate stablecoin yield on sUSDS. Pendle creates term-based markets where users can lock in today's SSR to a published maturity date. The integration adds protocol-level risk separate from sUSDS core infrastructure.
- Sky Frontier FoundationcoreSky Frontier Foundation (SFF) is the core research and advocacy organization for the Sky Ecosystem. SFF publishes quarterly protocol updates, revenue projections, and ecosystem outlooks including the Q4 2025 update projecting $611.5M gross protocol revenue for 2026 with $21B USDS supply target.
- SparkcoreSpark is the first and most prominent Sky Agent, managing $3.16 billion in lending, savings, and liquidity infrastructure. Spark distributes SPK tokens through Sky.money Ecosystem Rewards, provides the risk capital for stUSDS borrowing, and deployed $150M into the Uniswap v4 FX Layer.
- Canal+minorCanal+ formed a strategic co-commissioning partnership with Sky to develop premium English-language scripted content with a minimum of two projects per year over three years. Part of Canal+'s strategic turnaround plan for MultiChoice and broader content strategy.
- NetflixcoreSky bundled Netflix into its Ultimate TV subscription alongside Disney+, HBO Max, and Hayu streaming services. New and existing Sky TV customers gain access to Netflix content as part of the Sky TV package starting from £24 per month.
- DisneycoreSky signed a multi-year distribution agreement with Disney+ for the UK and Ireland market. Disney+ Standard with Ads made available through eligible Sky TV packages from March 2026. Includes new Disney+ Cinema linear channel for Sky Cinema subscribers. Deal expected to increase Disney+ reach in UK by 40%.
- Warner Bros. DiscoverycoreSky expanded partnership with Warner Bros. Discovery to bundle HBO Max (launching March 26, 2026) into Sky TV subscriptions. Deal brings HBO original series, Warner Bros films, DC Studios content, Max Originals, and TNT Sports coverage to Sky and NOW customers in UK and Ireland.
- HayuminorSky integrated Hayu reality TV content into its platform, making over 150 episodes from 10 popular franchises available to subscribers at no additional cost. Full Hayu catalogue unlocking in July 2026 as part of Sky's streaming bundle strategy.
Scale indicators13 records
Recent moves7 records
Expansion highlights6 records
Sky competitors and assessment
Company assessmentMarket position
Competitive moat6 records
Key risks6 records
Customer concentration
Sky social profiles
Digital presenceSky compliance and trust
Trust signalCompliance1 record
Sky financial estimates
Financial estimateRevenue estimate
Valuation estimate
Sky leadership team
Management profileNumber of profiles
Profiles5 records
Sky subsidiaries and ownership
Company hierarchySubsidiaries4 records
Sky funding detail
Funding detailFunding overview
Funding rounds16 records
Investors28 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Sky M&A and investment
M&A and investmentM&A
Investments13 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Sky
What does Sky do?
Sky is a decentralized DeFi protocol on Ethereum that issues USDS, a fully backed USD stablecoin (third-largest globally at ~$10.59B supply), and offers yield-generating products including sUSDS (yield-bearing stablecoin at Sky Savings Rate), stUSDS (risk capital for SKY-backed borrowing), Sky Vaults (Morpho-powered strategies), and Fixed Yield (Pendle-powered term products). Independent capital allocators (Sky Agents) deploy USDS liquidity under governance-set risk parameters, with protocol revenue funding the Sky Savings Rate paid to sUSDS holders.
Is Sky a public or private company?
Sky is a private company. It is classified as venture growth investor backed and is currently operating.
When was Sky founded?
Sky was founded in 2017. It employs 51 to 100 people.
Where is Sky based?
Sky is headquartered in Georgetown, United States, in the North America region.
How does Sky make money?
Four revenue lines are on record. Stability Fees from Overcollateralized Vaults are the primary driver. The others are sky Agent Network Base Rate, US Treasuries and Credit Asset Returns and protocol Revenue from sUSDS and stUSDS.
Does Sky have an API?
No public API is recorded for Sky.
What industry is Sky in?
Sky's product category is Decentralized Finance (DeFi) Stablecoin Protocol. Its primary akta.pro industry code is FSAPAEAG, Yield, Vaults & Asset Management (vault strategies, robo-vaults, structured yield), with a secondary code of FSAPAEAH, Staking, Restaking & Liquid Staking Finance (LST/LRT, validator markets). Its NAICS code is 525910 and its SIC code is 6200.