MakerDAO is the historical name of the decentralized stablecoin protocol and governance community that rebranded as Sky in 2024. The system continues to support DAI and the legacy MKR governance token alongside the newer USDS stablecoin and SKY governance token. Users should distinguish the protocol’s connected products from the separately named projects and services in the wider Sky ecosystem.
From MakerDAO to Sky
The rebrand introduced a new name and related tokens without making every older asset or contract disappear. DAI remains a stablecoin in the system, MKR remains relevant to legacy governance and conversion documentation, and Sky’s newer product names include USDS and SKY. A wallet, exchange, or application may support only some of these assets, so a similar name does not mean the tokens or contracts are interchangeable.
Stablecoins and savings products
Sky’s developer documentation describes a DAI–USDS converter at a 1:1 token ratio. This is a protocol conversion route, not a promise that every exchange market trades them at exactly the same price or that every wallet supports the route. The system also documents savings products such as sUSDS. A savings-token balance can represent accrued yield and is not necessarily exchangeable one-for-one with DAI or another savings token.
Governance and token conversion
SKY is the newer governance token associated with Sky. The current documentation describes an Ethereum MKR–SKY converter with a 1:24,000 unit ratio and notes that converter availability depends on the token contracts’ minting capabilities. A unit conversion ratio is not a market-price equivalence: one MKR and 24,000 SKY can trade at different prices. Governance parameters, active routes, and user-interface instructions can change, so check the current official route and transaction details before acting.
Risks and criticism
The protocol relies on collateral, risk parameters, smart contracts, and governance decisions to manage its stablecoin system. Collateral can lose value, positions may be liquidated, and governance changes can affect rates, access, and product rules. DAI, USDS, sUSDS, MKR, and SKY also have distinct contract and market risks. A rebrand does not remove those risks, and a stablecoin’s target value is not a guarantee of uninterrupted redemption or market liquidity.
Social Media Sentiment
A small r/MakerDAO discussion in August 2026 asked whether the move from DAI to USDS changed how long-time users actually use the system. One reply said the participant had begun buying USDS and using Sky.money and Spark after the rebrand. With only a few visible contributions, this thread shows one practical response and an open question, not broad community consensus. Open the original discussion.
Last updated: 2026-10
Related Terms
See Also
- Why DAO Governance Votes Often Fall Short
- Why Algorithmic Stablecoins Fail
- RWA Tokenization: BlackRock Explained
- Swap crypto with ChangeNOW
Sources
- Sky Protocol: Protocol Token Routes — Lists current DAI–USDS and MKR–SKY conversion routes and explains the distinction between savings-token units.
- Sky Protocol: USDS — Describes the USDS contract and the documented one-to-one converter with DAI.
- Sky Protocol: SKY — Documents the SKY governance token and the MKR–SKY converter, including its unit ratio and route conditions.
- Sky Protocol: DAI — Explains the DAI token contract and its role in the Multi-Collateral Dai system.