About Sky

Sky, formerly MakerDAO, issues two dollar stablecoins: USDS and the original DAI. They are backed by the loans Sky makes and the reserves it holds, and Sky pays part of what it earns back to holders who save. This page collects the headline charts; the other tabs go deeper.

• Financials: revenue by source, the cost of the savings rate, net income, distributions, the Operating Cash Balance and Sky Reserves.
• Collateral: what backs USDS and DAI, the backing ratio and how it ties to the Operating Cash Balance.
• Wholesale Credit: USDS lent to Primes (Prime Agents such as Spark and Grove), plus the D3M and RWA credit lines.
• PSM: the stablecoin reserves that let holders swap USDC for USDS or DAI one for one.
• Direct Borrowing: vaults and Lockstake, where users borrow against crypto collateral or staked SKY.
• Liquidations: vaults closed out when their collateral falls below the minimum ratio.
• Savings: sUSDS, stUSDS and the DSR, and the rates they pay against Treasury bills.
• SKY Token: SKY price, supply, staking, buybacks and staking rewards.
• USDS: USDS supply and where it is deployed.

First-party onchain data from Ethereum.