Sky (SKY): what you need to knowSky (SKY): what you need to know

Sky is the new name for the protocol formerly known as MakerDAO, one of the oldest and largest DeFi protocols on Ethereum. In 2024 the Maker protocol was rebranded and restructured: the governance token MKR was replaced by SKY and the stablecoin DAI was renamed USDS. SKY holders decide on the policy and risk parameters of the Sky protocol.

Whitepaper: https://www.lcx.com/sky-mica-white-paper/

The Sky protocol uses smart contracts on Ethereum to mint USDS stablecoins against collateral such as ETH, other crypto assets and tokenised real-world assets. SKY holders can submit proposals and vote on them through on-chain governance. Users can also earn yield through the protocol by depositing USDS into reward mechanisms.

• Ticker: SKY

• Category: Governance / DeFi

• Blockchain: Ethereum

• Protocol: ERC-20 / Sky Protocol (formerly MakerDAO)

• Year of launch: 2024 (as SKY; protocol since 2017)

The underlying Maker Protocol has existed since 2017 and is one of the most battle-tested DeFi protocols, having weathered events such as the market crashes of 2020 and 2022. With the move to Sky, the protocol has become more modular: new SubDAOs can manage specific parts, such as collateral types, product development and growth.

The Sky ecosystem plays a major role in Ethereum DeFi: USDS is one of the leading decentralised stablecoins and is used as collateral, a means of payment and a yield instrument in many protocols. MKR holders could swap their tokens 1:1 to SKY at a ratio of 1 MKR for 24,000 SKY.

MakerDAO was founded by Rune Christensen in 2014 and launched the original Maker protocol in 2017. The rebrand to Sky came from the 'Endgame Plan', a multi-year roadmap introduced by Christensen to future-proof the protocol. The project is governed in a decentralised way by SKY holders.

BTC Direct has been the European entry point to crypto since 2013. We make buying Sky straightforward, even if it is your first time:

• Trusted in Europe. BTC Direct is registered with the Dutch Central Bank (DNB) and operates under MiCA, the EU regulation for crypto.

• Familiar payment methods. Pay with iDEAL, Bancontact, Sofort, SEPA bank transfer, credit card, PayPal or Apple Pay. Your SKY is on its way within minutes.

• Your coins, your control. We do not store your SKY. After your purchase, your coins are sent straight to your own wallet address.

• Based in the Netherlands, serving all of Europe. Our experts are based in the Netherlands and answer in your language across the SEPA zone. Need help? We are here.

• Start with a small amount. From just €30. The minimum varies per coin.

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For more technical information about Sky, visit the official website.

Cryptocurrencies, including Sky (SKY), are volatile and carry risks. The value of SKY can fluctuate greatly and investments can lead to financial losses. Always do your own research and only invest money that you are willing to lose.

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