Sky (SKY) Price Today

Sky's all-time high is $0.1005, reached on December 4, 2024. At today's price of $0.0556, SKY trades 44.7% below that peak. Its lowest recorded price was $0.0358 on February 3, 2025.

Over the past 30 days SKY has moved −3.98% and over the past 90 days −30.29%.

Circulating supply is 23,373,556,403 SKY , against a maximum supply of 23,462,665,147 SKY. About 23.4 billion SKY circulate. Supply is governance-elastic, not code-capped: the protocol emits 600 million SKY per year as rewards to USDS holders while its Smart Burn Engine buys back and burns SKY with surplus revenue (roughly $1M per day through 2025) — net supply direction depends on which side runs faster, plus unconverted MKR that still trickles in at 1:24,000.

What moves Sky's price

• USDS supply growth: protocol revenue scales with the stablecoin float, which grew from about $1.3 billion at the October 2024 relaunch to roughly $11 billion by mid-2026.
• Buyback-and-burn versus emissions: the Smart Burn Engine spent on the order of $100M buying SKY in 2025 while 600M SKY per year flow out as rewards — the net of those two is the token's supply story.
• The Sky Savings Rate: the governance-set rate on sUSDS (as high as 9.5% in late 2024, around 3.75% more recently) is the protocol's main deposit magnet, and rate changes move both TVL and revenue.
• Real-world-asset yield: Spark allocated $1 billion to tokenized T-bill funds (BlackRock's BUIDL, Superstate, Centrifuge) in March 2025 and committed another billion since; a large share of revenue tracks US interest rates.
• MKR conversion flow: roughly a fifth of MKR remained unconverted in late 2025; the Delayed Upgrade Penalty (1% from September 2025, rising each quarter) shapes how the remaining conversions add to SKY's float.
• Governance-concentration history, stated plainly: the 2022 Endgame ratification passed with Christensen controlling a majority of voting influence, and the November 2024 vote to keep the Sky brand drew about twenty voters with four entities casting ~80% of the weight. USDS is also upgradeable with freeze capability — unlike immutable DAI — a design choice that drew censorship criticism. These are structural facts about who controls the protocol.

About Sky

MakerDAO, founded by Rune Christensen in 2014, built DAI — the first major decentralized stablecoin, live since 2017 — and survived the March 2020 "Black Thursday" crash, when zero-bid liquidation auctions cost vault holders $8.3 million and led to a lawsuit settled for $1.16 million. The Maker Foundation dissolved in 2021, handing the protocol fully to token holders.

The Sky era began in September 2024: USDS and SKY launched as upgrades to DAI and MKR, the rebrand initially flopped badly enough that Christensen publicly floated reverting (a governance poll kept the new name), and by mid-2025 the transition was made effectively mandatory — MKR lost all governance rights in June 2025, major exchanges auto-converted MKR that September and DAI in spring 2026, and late converters now pay an escalating penalty. DAI and MKR still exist on-chain, but the tickers have effectively retired. Note that SKY's own price history begins in September 2024 — MKR's $6,292 all-time high belongs to a different asset.

SKY tokenomics

SKY governs everything: the savings rate, stability fees, collateral and RWA allocations, and the penalty schedule itself, voted on-chain via the Chief contract. Staking SKY through the Staking Engine earns rewards, delegates voting power, and can collateralize USDS borrowing. Sky Token Rewards (600M SKY/year to USDS holders) are geo-blocked in the US and UK — a deliberate regulatory posture. The first ecosystem "Star," Spark, runs lending and savings products managing several billion dollars and launched its own SPK token in June 2025.