Sky Protocol
AuditedBlue ChipReal YieldSky (formerly MakerDAO) is the pioneer of decentralised stablecoins, enabling users to mint USDS by locking overcollateralised crypto and real-world assets in CDP vaults.
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The Problem
Centralised stablecoins carry custodial and regulatory risk, while early decentralised ones lacked scalability, capital efficiency, and cross-chain reach.
The Solution
Sky issues USDS — a decentralised, overcollateralised stablecoin backed by diversified crypto and real-world assets — with a native savings rate (sUSDS) that distributes protocol revenue directly to holders.
Why it Matters
The oldest and most battle-tested decentralised stablecoin with deep RWA integration, a $11.7 B supply, record profitability ($124 M gross revenue in Q1 2026), and a cross-chain expansion strategy via SkyLink.
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Frequently asked questions about Sky Protocol
What is Sky Protocol?+
Sky Protocol is a CDP protocol operating on Ethereum, Base, Arbitrum, Optimism, Solana. Sky (formerly MakerDAO) is the pioneer of decentralised stablecoins, enabling users to mint USDS by locking overcollateralised crypto and real-world assets in CDP vaults.
How does Sky Protocol work?+
Sky issues USDS — a decentralised, overcollateralised stablecoin backed by diversified crypto and real-world assets — with a native savings rate (sUSDS) that distributes protocol revenue directly to holders.
Is Sky Protocol safe?+
DeFi Sentinel rates Sky Protocol AAA with a safety score of 94/100, indicating highest safety tier. The score reflects five risk dimensions: smart contract & technical risk, economic design & market risk, governance & centralization, sustainability & competitive position, and reputation & social trust. Sky Protocol has 6 audits on record. DeFi Sentinel's analysis flagged 3 medium risk alerts across Smart Contract & Technical Risk and Governance & Centralization. As with all DeFi protocols, residual risk remains and users should review the full risk breakdown before depositing.
What is the safety score of Sky Protocol?+
Sky Protocol has a DeFi Sentinel safety score of 94/100 (rating AAA), last updated May 6, 2026. The score is computed across smart contract & technical risk (30%), economic design & market risk (25%), governance & centralization (20%), sustainability & competitive position (15%), and reputation & social trust (10%).
Which chains does Sky Protocol support?+
Sky Protocol is deployed on Ethereum, Base, Arbitrum, Optimism, Solana.
Has Sky Protocol been audited?+
Yes. Sky Protocol has 6 audit reports on record from firms including ChainSecurity, ChainSecurity, Trail of Bits. Audit reports and dates are linked under the Resources tab on this page.