Sky (SKY) is the governance token of the Sky Protocol, the decentralised finance platform formerly known as MakerDAO. In 2024 MakerDAO rebranded to Sky and introduced USDS, an upgraded stablecoin that sits alongside DAI, one of the first and most widely used decentralised stablecoins. SKY replaced the original MKR token, and holders could upgrade MKR to SKY at a fixed rate of 24,000 to 1. SKY holders vote on how the protocol is managed, including risk settings and reserve strategy. Sky Protocol lets users generate stablecoins against crypto collateral and has a long record in DeFi.