It’s been approximately 38 days since Makerdao, the decentralized finance (defi) project, rebranded as Sky and launched both the USDS stablecoin and the SKY token. During this time, more than a billion USDS coins have been minted, and 530 million DAI have been converted to the new standard.
Makerdao Sees 530 Million DAI Upgraded Since Sky Transition
As of Oct. 4, 2024, Sky, previously known as Makerdao, has accumulated 605,106 users and holds $12.59 billion in total value locked. The project’s foundation dates back to 2014, when Danish entrepreneur Rune Christensen established its concept.
However, the lending protocol and its DAI stablecoin didn’t officially go live until late 2017. At the close of August 2024, the project transitioned to Sky, unveiling its new governance token alongside the USDS stablecoin.
At that time, Bitcoin.com News reported that USDS could be exchanged for Makerdao’s DAI token at a 1:1 ratio. It was also mentioned that USDS could be utilized to earn yield. According to Sky’s website, the Sky Savings Rate (SSR) stands at 6.25%, accompanied by a disclaimer.
The disclaimer clarifies that the SSR is “variable and determined by the decentralised Maker/Sky Ecosystem onchain governance and is configured on the Ethereum blockchain.” Sky states that the SSR, represented as an expected compounded annual rate, is designed to automatically refresh every five minutes.
This process relies on data sourced from the third-party provider Blockanalitica. Alongside the $12.59 billion in total value locked (TVL), Sky also reports a circulating supply of 1,062,192,713 USDS.
It reveals that 530,207,401 DAI has been upgraded so far. Currently, the DAI supply is approximately $5 billion, according to data from Artemis Terminal and Defillama.com. Other coin market cap aggregation platforms, however, lack up-to-date information on both DAI and USDS supplies.
Sky’s transition from Makerdao reflects the ongoing shifts in the defi ecosystem, where projects continuously evolve to stay competitive. The introduction of a new token and stablecoin with yield opportunities, alongside updated governance models, signals an emphasis on adaptability. As the Sky and USDS move forward, their trajectory will be closely watched, especially regarding their impact on defi and stablecoin markets.
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