SK
Sky Lending is the rebranded core lending engine of the Sky ecosystem, formerly MakerDAO. Borrowers lock collateral into vaults and mint USDS — the upgraded successor to DAI — paying a stability fee set by Sky governance rather than a utilization-driven rate.
USDS is overcollateralized by a mix of crypto, real-world assets, and other on-chain reserves, and the Sky Savings Rate offers holders direct yield generated by the protocol’s revenue. Governance is controlled by SKY token holders, who steer collateral admission, risk parameters, and treasury allocations through the Sky governance process.