Sky

SKY is the governance token of Sky Protocol, a decentralized finance application on Ethereum that launched in 2024 as a rebrand and upgrade of the older Maker Protocol. The protocol is designed for people who want to save, earn rewards, or transact using a decentralized stablecoin called USDS, which is pegged to one US dollar, without handing custody of their funds to a central intermediary. Governance power is distributed across SKY token holders, who collectively manage the protocol through on-chain voting rather than through a traditional corporate structure.

Sky Protocol operates through smart contracts on Ethereum, removing the need for a central operator to custody funds or execute transactions. USDS serves as the stable unit of account within the system, while SKY holders can stake their tokens in a mechanism called the Staking Engine to participate in governance and earn rewards. The protocol also uses a cross-chain bridge layer called SkyLink to move funds between different blockchains at lower cost, and SKY itself has no consensus algorithm of its own, inheriting Ethereum's settlement layer.

The data provided does not include a specific fee stream, revenue figure, or fee-recipient breakdown for Sky Protocol, so no fee-based economic measures can be reported here. What the data does show is a circulating supply of 23,430,995,464 SKY tokens against a maximum supply of 23,462,665,147, meaning 99.91 percent of supply has already been issued on a point-in-time basis, leaving a dilution overhang of just 0.09 percent. Twenty-four-hour turnover stands at 0.43 percent of market capitalization, and the 30-day average volume represents 1.29 times market capitalization, both measured over their respective periods.