MakerDAO is now branded as Sky: it is the same evolving decentralized-finance ecosystem, not an unrelated replacement. Its original stablecoin, DAI, remains alongside the newer USDS; MKR remains relevant as the ecosystem introduces SKY as its newer governance token. The core idea is still to use approved collateral and governance-set risk rules to support digital money designed to track the U.S. dollar.
What MakerDAO does
MakerDAO built a protocol for creating DAI, a stablecoin designed to stay near the value of one U.S. dollar. A user deposits approved digital collateral into a protocol vault and generates DAI against it. The dollar target is a design goal, not a guarantee that DAI’s market price can never move.
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The protocol’s whitepaper describes DAI as backed by excess collateral. Governance determines which collateral is eligible and sets risk parameters. Those rules matter: if collateral value falls, a vault can face liquidation under the applicable parameters.
What changed when MakerDAO became Sky
In 2024, MakerDAO adopted the Sky identity and introduced USDS and the SKY upgrade path. Sky describes its protocol as infrastructure that connects USDS liquidity with independent capital allocators called Sky Agents. These agents deploy funds across strategies within governance-set risk parameters; the ecosystem says protocol surplus helps fund the Sky Savings Rate.
The change is a rebrand and redesign of the ecosystem, not evidence that every legacy token or product vanished. DAI and MKR remain relevant, while USDS and SKY are the newer names and paths. The official whitepaper describes DAI and USDS as coexisting.
How DAI, USDS, MKR and SKY differ
| Asset or mechanism | Role | What to know about the transition |
|---|---|---|
| DAI | Original collateral-backed stablecoin, designed around a U.S.-dollar soft peg. | It remains relevant alongside USDS; the whitepaper says the two coexist. |
| USDS | Newer core Sky stablecoin. | Introduced with the Sky rebrand; it is not a statement that DAI ceased to exist. |
| MKR | Historically associated governance token. | Official developer documentation still lists MKR governance contracts. Do not assume all holders have migrated. |
| SKY | Newer governance token; staking SKY activates voting rights, according to Sky materials. | It is presented as an upgrade path from MKR. Verify current conversion details with official Sky information before making a transaction. |
| DSR and SSR | Dai Savings Rate and Sky Savings Rate, associated with DAI and USDS respectively. | They can coexist and differ; rates change, so a yield comparison needs dated figures from the same point in time. |
| sUSDS | Token received when supplying USDS to the Sky Savings Module. | It is tied to that module, not simply another name for USDS. |
What Sky Agents add to the picture
Sky’s ecosystem overview describes Sky Agents as independent capital allocators. They access USDS liquidity from Sky Protocol under governance-set risk parameters and deploy it across diversified yield strategies. The stated system-level aim is to deploy liquidity and contribute protocol surplus that funds the Sky Savings Rate.
This means Sky’s current description reaches beyond the original user-vault loop: it includes a network for allocating liquidity under protocol rules. “Independent” does not mean unconstrained; Sky’s description places these deployments within governance-set parameters. The overview alone does not establish the performance or risk of any particular strategy.
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What is going on with MakerDAO—now Sky?
Sky governance was still active in late September 2026. The official governance portal showed an executive proposal posted September 24, passed September 26 and executed September 28, 2026. It covered allocator parameters, a DAO resolution for a real-world-asset line, and proxy spells for ecosystem participants.
That dated proposal is evidence of ongoing protocol operations and governance decisions. By itself, it does not establish financial health, token performance, or long-term success. Current market prices, supply, collateral composition, risk assessments and savings rates are not stated here; each can change and needs a current, dated source to assess.
Quick Recap
What to check before using the protocol or its tokens
- Confirm the asset and network. DAI, USDS, MKR and SKY are not interchangeable labels; check the official current contract and network information before transferring tokens.
- Read current upgrade terms. SKY is associated with an MKR upgrade path, but do not infer that migration is complete for every holder or act on outdated conversion details.
- Check live risk settings. Vault collateral eligibility, parameters and liquidation exposure are governance-dependent and can change.
- Separate target from guarantee. A dollar soft peg and a savings mechanism do not eliminate market, collateral, smart-contract or governance risk.
- Use dated rate information. DSR and SSR can differ and fluctuate; an undated yield claim is not a reliable comparison.
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