S

Sky

SKY/USD #62 Crypto
$0.0645−5.71%24h
24h Range
$0.0640$0.0695
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SKY to USDT Converter

1 SKY = 0.0646387 USDT · updated 06:21 UTC

Volume Bubbles Chart (1h)

Each 1-hour candle's volume is signed by its direction (up candles count as net buying, down candles as net selling) and drawn as a bubble at the closing price, green for buying and red for selling. Bubble size and colour intensity show how strong that flow is compared with the last 300 candles: the strongest 30% get full bubbles with their USD value, the rest stay as small dots. Unusually large bubbles flag aggressive buying or selling worth a closer look, often near breakouts, reversals or key levels.

Seasonal Chart

Plots one line per calendar year showing the % change since the start of that year, with the current year highlighted against up to four previous years. Lining the years up on the same calendar shows whether the price tends to rise or fall in the same months, helping you spot recurring seasonal patterns. Treat it as context rather than a forecast: past seasonality does not guarantee future moves.

Sky Markets

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Sky Historical Data

About Sky (SKY)

Sky is the new name of MakerDAO, one of the oldest projects in decentralized finance. MakerDAO created DAI, a stablecoin backed by crypto collateral. In August 2024, it rebranded as Sky and introduced two upgraded tokens: the USDS stablecoin and the SKY governance token, which replaces the older MKR. DAI and MKR still exist, but new features center on the upgraded tokens. FMchart builds the SKY price from quotes on several large exchanges.

From MKR to SKY

Each MKR can be upgraded into 24,000 SKY at a fixed rate. Founder Rune Christensen said the change was meant to broaden participation in governance by letting more users hold meaningful amounts. In May 2025, governance made SKY the only token used for voting. During the switch, liquidations involving SKY were suspended for a time to limit price manipulation between the two tokens. A delayed-upgrade penalty began in late September 2025. It started at 1% and rises by one percentage point every three months, so late converters receive fewer tokens.

USDS and DAI

DAI holders can switch to USDS at a fixed 1:1 rate, and the original DAI still works. Users who supply USDS to the protocol can earn token rewards, and governance sets and adjusts the reward rate. At launch, some rewards and savings features were not offered in the United States or the United Kingdom, or to users of VPNs. SKY itself is not a stablecoin; its price moves freely with the market. The protocol's dollar-pegged tokens are USDS and DAI.

Voting and staking

Holders vote on how the protocol is run, including collateral rules and the rates paid to savers. The token can also be staked, and stakers can delegate their voting power to others. Staking rewards were first paid in USDS from protocol income. Since November 3, 2025, the main staking option pays rewards in SKY instead, funded at first with SKY provided by the Sky Frontier Foundation. Because governance is open, outcomes depend on how many holders take part and how they vote.

How the upgrade went

By September 2025, about 81% of MKR had been converted into SKY. Roughly 176,000 MKR, worth over $316 million at the time, still had not moved. The penalty was designed to push the remaining holders to upgrade. Downgrading from SKY back to MKR was switched off as part of the change, so the move is one-way.

Risks to keep in mind

The system relies on smart contracts, price oracles and liquidations working as designed. A sharp crash in collateral values could leave it short. Stablecoins issued by the protocol can briefly trade away from $1. New stablecoin rules in major markets could affect how the project operates. The SKY price also follows the wider crypto market.

Sources: MKR-to-SKY Upgrade Phase One executive vote, May 15, 2025 (Sky governance portal), MakerDAO rebrands to Sky, DAI stablecoin optionally upgradeable to USDS (The Block), Sky pitches ousting Maker token, enabling staking, to complete upgrade (Cointelegraph), Sky opens vote to penalize stragglers delaying MKR-to-SKY token conversion (The Block), Executive vote: initialize lsSKY to SKY farm, October 30, 2025 (Sky governance, GitHub)

Last reviewed: Oct 8, 2026

Sky (SKY) FAQ

What is Sky crypto?

Sky is the rebranded MakerDAO, a decentralized finance protocol that issues stablecoins. SKY is its governance token, and USDS is its upgraded dollar stablecoin. The rebrand was announced in August 2024. MKR holders can upgrade at 24,000 SKY per MKR, and DAI can move to USDS at a 1:1 rate.

Is Sky the same as MakerDAO?

Yes. MakerDAO renamed itself Sky in 2024 as part of a long-term plan called Endgame. MKR was replaced by SKY, and DAI gained an upgraded version called USDS. The original DAI remains in use. Founder Rune Christensen said the goal was to broaden participation in governance.

What is the MKR to SKY conversion rate?

One MKR converts into 24,000 SKY at a fixed rate. Since late September 2025, late upgrades carry a delayed-upgrade penalty that started at 1% and grows by one percentage point every three months. Converting back from SKY to MKR is no longer possible.

What is SKY worth today?

The SKY price is about $0.0645 on FMchart's composite feed. Around $2.37M of SKY changed hands in the last 24 hours across the exchanges in FMchart's composite. Because MKR converts at 24,000 SKY each, SKY's unit price is much smaller than MKR's used to be.

What is Sky's market cap and supply?

About 23,428,790,796 SKY are circulating, and Sky's market capitalization is about $1.51B, ranking 62 by market value. Most of the supply comes from MKR conversions at 24,000 SKY per MKR, so the totals are far larger than MKR's were. Unconverted MKR still exists.

What is USDS?

USDS is the Sky Dollar, an upgraded version of DAI that aims to stay at $1. DAI can be converted to USDS at a 1:1 rate. Users who supply USDS to the protocol can earn rewards, though at launch some features were not available in the US or UK.

What is the delayed upgrade penalty for MKR?

It is a cut applied to MKR holders who convert late. The penalty began at 1% in late September 2025 and rises by one percentage point every three months. It was introduced to encourage the remaining MKR holders to finish upgrading.

How high has SKY's price gone?

SKY's highest price to date is $0.1009, reached on Oct 5, 2026. Its price has been shaped by the MKR upgrade, protocol income and the wider DeFi market. A past record shows where the price has been, not where it is going. The Price Statistics panel lists the low too.

What do SKY's monthly and quarterly returns show?

In FMchart's composite price history (since September 2025), SKY's best month was August 2026 (+19.7%) and its worst was June 2026 (-23.3%). The Quarterly Closing Price (USD) table shows where each quarter ended. SKY only launched in 2024, so the record is short and should not be read as a trend.

What can you do with SKY tokens?

SKY holders can vote on Sky governance or delegate their votes. They can also stake SKY; since November 2025, the main staking option pays rewards in SKY. Votes cover collateral rules and saver rates. SKY is not a stablecoin, so its value rises and falls with the market.