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Maker (Sky) vs Ethena (2026)
The incumbent decentralised stablecoin issuer versus the fastest-growing synthetic dollar protocol.
Updated June 2026
| Criteria | Sky (Maker/DAI) | Ethena (USDe) |
|---|---|---|
| Stablecoin | DAI / USDS | USDe |
| Revenue model | Borrow fees + RWA yield | Funding rate capture |
| Governance age | Since 2017 | Since 2024 |
| RWA exposure | Significant | Minimal |
| Token | MKR / SKY | ENA |
Verdict
Sky for decentralised governance and RWA-backed diversification; Ethena for scalable yield-bearing synthetic dollars.
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