Sky (formerly MakerDAO) is one of the longest-standing DeFi protocols, and its mission is to make DeFi accessible for everyone. With on-chain activity at an all-time high, DeFi TVL closing in on $140 billion, and institutions increasingly eyeing the growing tokenization market, this has also been a milestone year for the Sky ecosystem.
Maker’s brand refresh to Sky coincided with the launch of a wide range of new DeFi-enabled features, and in USDS, an upgraded version of DAI was brought to life. Within just two weeks of launch, USDS surpassed $1 billion and has since cemented its place in the stablecoin ecosystem. USDS and DAI boast a current joint market cap above 5.2 billion. Offering a choice between native token rewards and a market-leading 12.5% savings rate, Sky’s stablecoin has introduced a new level of choice for stablecoin users.
USDS goes multichain on Solana.
As the leading decentralized stablecoin provider, Sky sought to further increase the adoption of USDS with its introduction to the Solana ecosystem. In what has been a bullish year for Solana, its robust ecosystem of consumer apps, composability, and highly performant technology aligned perfectly with Sky's vision for mass adoption and growth of USDS. The event marks the beginning of a multichain era for USDS, with further expansion planned for 2025.
Spark Tokenization Grand Prix.
In July, Spark, the first Star (subDAO) in the Sky ecosystem, launched its Tokenization Grand Prix with the aim to onboard $1 billion in tokenized real-world assets to Sky. Industry leaders like Superstate and Ondo Finance, as well as teams from traditional institutions like Blackrock, submitted proposals to be onboarded as the next major collateral for Sky’s USDS stablecoin. Selected partners and competition winners are set to be chosen in early 2025 for their share of up to $1 billion in liquidity, with the potential for further expansion.
Backed by numbers
Buoyed by the Sky rebrand and introduction of USDS, the Sky Protocol’s estimated annual net revenue rose dramatically to more than $250M, up by over 200% since the launch of USDS (see revenue and cost flow graphic attached). Underpinning the stability of the +5Bn USDS and DAI in circulation is more than 12 billion of collateral backing (see collateralization graphic attached). As always, the latest revenue and collateral figures for the Sky Protocol can be viewed transparently and in real-time.
