What is Sky?

Description

Sky (SKY) is the governance token of the SKY protocol, the evolution of the previous MKR token. SKY holders have the power to vote on key decisions concerning the protocol, contributing to the management and development of the platform. The main goal of SKY is to ensure the stability and growth of USDS, a decentralized stablecoin pegged to the US dollar, through governance mechanisms and community involvement.

MakerDAO, the previous version, was one of the pioneers of decentralized finance (DeFi) and remains a cornerstone of the Ethereum ecosystem. With its evolution into SKY, the organization further strengthens the distributed governance model, consolidating its position as one of the most relevant decentralized applications (dApps) in the DeFi landscape.

Technology

SKY is built on the Ethereum blockchain and uses smart contracts to manage the functioning of the SKY protocol and the USDS stablecoin. Users can generate USDS by depositing assets as collateral (e.g., ETH) and interact with the decentralized lending system. SKY plays a central role in protocol governance: holders can vote on key parameters such as interest rates and risk management, helping to maintain the stability of the stablecoin.

The network also relies on oracles to determine the value of collaterals and ensure system security. The decentralized organization of SKY aims to strike a balance between innovation, security, and decentralization.

On Conio, it is possible to buy and sell SKY. However, deposits and withdrawals of SKY are not yet available. You can still use the “Convert” feature to exchange SKY into another asset available in the Conio marketplace.