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Editorial policySky Protocol is the rebranded MakerDAO ecosystem — issuing USDS stablecoin, sUSDS savings rate, and SparkLend, governed by SKY tokens (formerly MKR).
Quick answer
Sky Protocol is the evolution of MakerDAO under its Endgame rebrand. USDS is Sky's primary stablecoin (successor to DAI branding for new products). sUSDS pays the Sky Savings Rate to holders. SKY is the governance token (migrated from MKR). SparkLend is Sky's lending SubDAO. DAI continues alongside USDS during the transition.
Market context
DeFiLlamaAs of 23 June 2026, What is Sky Protocol? USDS, sUSDS and the MakerDAO Rebrand Explained reports approximately $5.70B total value locked in the cdp category across Ethereum.
Related comparisons
Sky Protocol represents MakerDAO's strategic rebrand and restructuring — moving from a single DAO governing DAI to a constellation of SubDAOs (Spark, Grove, etc.) under the Sky umbrella. USDS is the new stablecoin brand; sUSDS provides a native savings rate.
Existing DAI holders were not forced to migrate — DAI and USDS coexist, with SparkLend and Sky Savings products driving USDS adoption.
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