Sky (SKY) Exchange
Looking to exchange SKY? Swapzone compares live offers from partner exchanges by rate, speed and KYC label. No account, no custody, 0% platform fee. SKY is an ERC-20 token on Ethereum that replaced the legacy MKR token.
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What is SKY?
About Sky
SKY is the governance token of Sky Protocol (formerly MakerDAO), a decentralized finance protocol originally founded by Rune Christensen in 2014. MakerDAO rebranded to Sky in August 2024 as part of its “Endgame” plan, introducing SKY as the new governance token replacing MKR at a conversion ratio of 1 MKR to 24,000 SKY, and USDS as the upgraded stablecoin replacing DAI at a 1:1 ratio. Both legacy tokens (MKR and DAI) remain active; the upgrade is voluntary. Sky Protocol is the DeFi system behind USDS, an overcollateralized stablecoin where users lock crypto assets and tokenized real-world assets (RWAs) as collateral to mint dollar-pegged tokens. USDS supply passed $10 billion in late September 2026, according to Crypto Briefing, and CoinGecko listed about $10.2 billion in October 2026. The Sky ecosystem is accessible through Sky.money, a non-custodial platform for staking, governance, and USDS savings.
SKY tokenomics
SKY was created through a 1:24,000 redenomination of MKR, designed to lower the per-unit price and broaden governance participation. The redenomination does not change the economic value of holdings; it increases the number of tokens proportionally.
Conversion ratio — 1 MKR = 24,000 SKY; MKR holders can convert voluntarily through the Sky.money interface or supported exchanges
Supply — approximately 23.46 billion SKY in total and 23.43 billion in circulation as of October 2026, according to CoinGecko
Buyback program — Sky Protocol uses protocol revenue to buy back SKY on the open market; according to Sky's August 2026 financial and operational update, daily open-market buybacks roughly doubled during the month, from about $38,000 per day since mid-March to about $73,000 per day
Governance — one SKY equals one vote on protocol parameters including collateral types, stability fees, risk parameters, treasury allocation, and protocol upgrades
Sky Stars — formerly SubDAOs; independent decentralized projects within the Sky ecosystem that operate autonomously while connecting to Sky's infrastructure
Savings — USDS holders can deposit through the Sky Savings Rate to receive sUSDS, with yield funded by protocol revenue such as stability fees and RWA income
What determines SKY's value
SKY's value is driven by the protocol revenue generated from stability fees charged on USDS and DAI minting, liquidation penalties on undercollateralized positions, and yield from real-world assets held in the protocol's reserves (including US Treasuries and institutional lending positions). The buyback program channels part of this revenue into SKY demand: protocol income is used to purchase SKY on the open market, linking lending activity and token demand.
Traditional finance institutions have used MakerDAO and Sky: Société Générale's digital assets subsidiary FORGE and Huntington Valley Bank used the protocol to access on-chain lending, and on September 23, 2026 Sky Protocol and Galaxy Digital announced a strategic partnership under which Galaxy adds sUSDS to its corporate treasury. S&P Global Ratings affirmed a 'B-' rating on Sky Protocol on October 1, 2026. The Endgame plan's Sky Stars create independent product verticals (lending, RWA, savings, payments) that can generate revenue streams alongside the central buyback mechanism.
How to Exchange Sky on Swapzone
How to Choose a Sky Exchange
Sky (SKY) Price Analysis
Frequently Asked Questions About Sky (SKY)
SKY replaced MKR as the governance token at 1 MKR to 24,000 SKY, and USDS replaced DAI as the stablecoin at 1:1. The upgrade is voluntary, so MKR and DAI remain active and in circulation.
The redenomination lowers the per-unit price and broadens governance participation. It does not change the economic value of holdings, only the number of tokens, which scales proportionally.
Revenue comes from stability fees charged on USDS and DAI minting, liquidation penalties on undercollateralized positions, and yield from reserves in real-world assets such as US Treasuries and institutional lending positions.
Sky Protocol uses protocol revenue to buy SKY on the open market. According to Sky's August 2026 update, daily open-market buybacks roughly doubled during that month, from about $38,000 per day since mid-March to about $73,000 per day.
It is the roadmap under which MakerDAO rebranded to Sky in August 2024. It introduced SKY, USDS, and Sky Stars, independent product verticals for lending, RWA, savings, and payments.
Sky Stars, formerly SubDAOs, are independent decentralized projects within the Sky ecosystem that operate autonomously while connecting to Sky's infrastructure. Each can generate its own revenue stream.
A non-custodial platform for staking, governance, and USDS savings, with native SKY rewards for participants. MKR holders can also convert to SKY through its interface.
USDS supply passed $10 billion in late September 2026, according to Crypto Briefing, and CoinGecko listed about $10.2 billion in October 2026. Its collateral includes crypto assets and tokenized real-world assets.
Société Générale, through its digital assets subsidiary FORGE, and Huntington Valley Bank used MakerDAO/Sky to access on-chain lending, and Galaxy Digital announced a strategic partnership with Sky Protocol on September 23, 2026. It indicates institutional interest, not a guarantee of future volume.
Some partners' data may be out of date and still list the token under its legacy MKR ticker. SKY and MKR differ by a factor of 24,000, so verify you are sending the correct token before you confirm.
Open swapzone.io/exchange/sky, enter the amount, compare offers, and paste your Ethereum 0x address. Send SKY to the deposit address after checking the token is SKY, not MKR, and track the order. No MEMO is needed.
Sky is the governance token of the Sky Protocol, which is the rebranded version of MakerDAO, the protocol behind the DAI stablecoin. In 2024, MakerDAO rebranded to Sky and introduced SKY as a new governance token alongside USDS (the rebranded version of DAI). SKY holders vote on Sky Protocol parameters. The migration allows MKR (the old MakerDAO governance token) to convert to SKY at a rate of 1 MKR to 24,000 SKY. SKY is unrelated to Sky UK, the satellite television company, or any other Sky-branded service.
In the Sky Protocol, a Sky swap refers to the migration process from MKR to SKY tokens or from DAI to USDS. These are on-chain migrations at fixed rates through the Sky Protocol's own smart contracts. On this Swapzone page, you are swapping the SKY governance token for other cryptocurrencies through instant exchange partners, which is a different process from the Sky Protocol's internal migration tools.
MKR was the governance token of MakerDAO, the protocol behind DAI. In 2024, MakerDAO rebranded to Sky Protocol and introduced SKY as its new governance token, with a 1 MKR to 24,000 SKY conversion ratio available through the Sky Protocol's migration contract. MKR remains a separate ERC-20 token with its own price; the migration is optional and not automatic. Both MKR and SKY are active assets tradeable independently.
Why Exchange Sky with Swapzone?
24/7 live chat support at every stage of your SKY swap.
Non-custodial aggregator: you send SKY to the partner's deposit address and receive funds in your own wallet, never through Swapzone.
Live SKY offers from exchange partners side by side.
Swap SKY with 1,600+ cryptocurrencies.
Reviews from TrustPilot
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zenny review
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Excellent service
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