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Maker

MKR

Sky

Decentralized lending platform

makerdao

Twitter

Categories:

Stablecoin Protocol

DeFi

Lending

RWA

Ecosystem:

Ethereum

Base

Region:

United States

Founded:

2014

Sky is a peer-to-contract lending platform that enables over-collateralized loans by locking Ether in a smart contract and minting Dai, a stablecoin pegged to the US dollar. Dai's stability is achieved through a dynamic system of collateralized debt positions, autonomous feedback mechanisms, and incentives for external actors. Once generated, Dai can be sent to others, used as payments for goods and services, or held as long-term savings.

Sky Fundraising

Fundraising Event

Round	Amount	Date	Investors
--	27500000	Dec 19, 2019	Dragonfly Paradigm
--	7000000	Dec 01, 2019	Uncorrelated Bain Capital Ventures ParaFi Capital
--	15000000	Sep 24, 2018	Andreessen Horowitz
--	12000000	Dec 16, 2017	Polychain* Andreessen Horowitz* Distributed Capital Partners 1confirmation FBG Capital Walden Bridge Capital

Investor

Sky Team

Sky Investment Portfolio

Rounds in the Past Year

Historical Rounds

Lead Investments

Portfolio Numbers

Project	Funding Status	Region	Categories	Ecosystem	Founded	Token Issuance
Multis	M&A	France	On-Chain Financing Solutions	Ethereum	Jan 01, 2020
Opolis			DAO Solutions		Jan 01, 1970	With Token

Maker

MKR

Add

+2.29%

Total dollar volume24H

$76,471,726

High24H

$1,395.866

Low24H

$1,395.866

Market Cap

#53-

FDV

$1,215,557,835

Market Cap / FDV Ratio

0.97

Turnover rate

6.46%

Circulating supply

Total supply

421,814

Max supply

1,005,577

All time high

$4,074.603

All time high date

Apr 04, 2024

Down from All time high

-65.74%

Cycle low

$831.7783

Cycle low date

Feb 03, 2025

Up from cycle low

67.82%

Contracts

Official links

Socials

Introduction

MakerDAO is a decentralized autonomous organization and smart contract system built on Ethereum, which introduced Dai, the first decentralized stablecoin on the Ethereum network. The MKR token serves two essential functions within the Maker system: governance and recapitalization. MKR holders are responsible for governing the Maker Protocol, which includes key decisions on Dai's stability mechanism, collateral selection, and loan interest rates. As part of the Endgame Plan initiated by co-founder Rune Christensen in 2023, the system has undergone significant upgrades to streamline governance and further decentralize the protocol. This includes the introduction of SubDAOs, such as SparkDAO, which focuses on decentralized lending, and SkyDAO, another independent unit that adds layers of governance autonomy.

MKR also plays a crucial role in the recapitalization mechanism of the system. When system debt exceeds the surplus, additional MKR tokens are minted and sold as Dai in debt auctions to stabilize the system. Conversely, when there is a surplus, Dai is used to purchase and burn MKR tokens through surplus auctions. In 2024, the Smart Burn Engine continued its role in stabilizing the MKR supply by purchasing tokens from the market and burning them.

A key development in 2024 was the announcement of a MKR-to-SKY token swap, part of the broader Endgame strategy to transition to a more decentralized governance model. This swap allows MKR holders to exchange their tokens for SKY, which represents governance in the SkyDAO ecosystem. This move is designed to further decentralize governance by distributing power across multiple subDAOs, giving holders a choice of where to participate.

MakerDAO’s Endgame Plan also introduced NewStable (NST) and NewGovToken (NGT), with optional upgrades for Dai and MKR holders. As part of this transformation, the goal is to scale Dai to a market cap of $100 billion while maintaining a high level of decentralization through the subDAO system.

Above are only for introduction, not intended as investment advice.

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