SKY token
Overview
SKY serves as the governance token for Sky Protocol, a decentralized stablecoin platform accessible via sky.money and managed by autonomous participants. Token holders exercise governance authority and may stake SKY to earn a variable share of protocol revenue as rewards. The protocol's native stablecoin, USDS, is convertible one-to-one with USDC without any fee and is backed by overcollateralization. According to Sky's documentation, SKY is classified as a decentralized governance token and is not a security, investment contract, or financial instrument.
Within The Counterparty graph, SKY connects to 7 tracked entities, most strongly to Sky Protocol, MKR, MKR.
Relations
Top connections in The Counterparty knowledge graph (confidence-weighted, 7 of 7 total).
| Relation | Connected entity | Confidence |
|---|---|---|
issues | Sky Protocol | 95% |
replaced_by | MKR | 95% |
replaces | MKR | 95% |
supports_token | Sky Lending | 95% |
supports_token | MakerDAO / Sky | 95% |
issued_by | Sky DAO | 95% |
deployed_on | Ethereum | 85% |
Sources
Facts in this record were checked against the following. Where a claim is not covered here, the record states only what the graph holds.
Questions on the record
What is SKY used for?
The token governs Sky Protocol and can be staked to earn rewards from protocol revenue.
What is USDS?
USDS is Sky Protocol's native stablecoin. It is convertible one-for-one with USDC at no cost and is over-collateralised relative to its circulating supply.