{"id":45926,"date":"2025-07-11T19:00:45","date_gmt":"2025-07-11T16:00:45","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=45926"},"modified":"2025-07-11T14:31:58","modified_gmt":"2025-07-11T11:31:58","slug":"sky-protocol-defi-rwa-stablecoin-ethereum-governance","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/","title":{"rendered":"What is Sky (SKY)? The Transformation from MakerDAO to Sky"},"content":{"rendered":"<p><span data-contrast=\"auto\"><strong>Sky Protocol<\/strong>, formerly known as <a href=\"https:\/\/coinengineer.net\/blog\/sky-pushes-to-replace-maker-token-and-finalize-sky-transition\/\"><strong>MakerDAO<\/strong><\/a>, is an innovative decentralized finance <strong>(DeFi)<\/strong> project built on the <strong>Ethereum<\/strong> blockchain. Its governance token, Sky (SKY), plays a key role in enabling users to mint decentralized and trustless stablecoins such as the well-known Dai and the newly introduced <strong>USDS<\/strong>\u2014both pegged to the <strong>US dollar<\/strong> using collateralized assets.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-45927 \" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/Ekran-goruntusu-2025-07-10-235731-1024x821.png\" alt=\"\" width=\"756\" height=\"606\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/Ekran-goruntusu-2025-07-10-235731-1024x821.png 1024w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/Ekran-goruntusu-2025-07-10-235731-300x240.png 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/Ekran-goruntusu-2025-07-10-235731-768x616.png 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/Ekran-goruntusu-2025-07-10-235731.png 1043w\" sizes=\"auto, (max-width: 756px) 100vw, 756px\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/#From_MakerDAO_to_Sky_A_Strategic_Rebrand\" title=\"From MakerDAO to Sky: A Strategic Rebrand\u00a0\">From MakerDAO to Sky: A Strategic Rebrand\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/#How_Sky_Works_Collateral_Vaults_Stablecoin_Issuance\" title=\"How Sky Works: Collateral Vaults &amp; Stablecoin Issuance\u00a0\">How Sky Works: Collateral Vaults &amp; Stablecoin Issuance\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/#Key_Features_of_Sky_Protocol\" title=\"Key Features of Sky Protocol\u00a0\">Key Features of Sky Protocol\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/#Sky_Ecosystem_Use_Cases\" title=\"Sky Ecosystem &amp; Use Cases\u00a0\">Sky Ecosystem &amp; Use Cases\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/#SKY_Token_Utilities\" title=\"SKY Token Utilities:\u00a0\">SKY Token Utilities:\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/#Team_Governance\" title=\"Team &amp; Governance\u00a0\">Team &amp; Governance\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/#Tokenomics\" title=\"Tokenomics\u00a0\">Tokenomics\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/#Roadmap_Highlights\" title=\"Roadmap Highlights\u00a0\">Roadmap Highlights\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/#Community_Social_Channels\" title=\"Community &amp; Social Channels\u00a0\">Community &amp; Social Channels\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"From_MakerDAO_to_Sky_A_Strategic_Rebrand\"><\/span><span data-contrast=\"auto\">From MakerDAO to Sky: A Strategic Rebrand<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"auto\">The story of Sky Protocol began in <strong>2015 as MakerDAO<\/strong>. Originally operating under the <strong>Single Collateral Dai (SAI)<\/strong> model, the platform evolved into a Multi-Collateral Dai (MCD) system that accepted a broader range of assets. By November 2019, MakerDAO had fully transitioned to a decentralized governance structure. In 2023, the project took a major leap by rebranding to \u201cSky Protocol\u201d\u2014a change reflecting its expanded vision, including Real World Asset (RWA) integrations beyond crypto.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Sky aims to create a secure and <strong>decentralized ecosystem<\/strong> where stablecoins are backed by transparent, asset-based systems integrating both DeFi and traditional finance.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_Sky_Works_Collateral_Vaults_Stablecoin_Issuance\"><\/span><span data-contrast=\"auto\">How Sky Works: Collateral Vaults &amp; Stablecoin Issuance<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"auto\">Sky Protocol allows users to deposit approved collateral (like ETH or RWAs) into smart contract-based Vaults to mint stablecoins (Dai or USDS). Also this process is entirely automated and transparent via smart contracts.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Key Components of Sky Protocol:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">Sky Vaults: Smart contracts that enable stablecoin minting against collateral.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">RWA Vaults: Advanced vaults that accept tokenized real-world assets (e.g., real estate, bonds), using RWA tokens and oracles for valuation.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">External Actors: Includes Keepers (for arbitrage and price stability), Oracles (price feeds), and Emergency Oracles (able to trigger shutdown).<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">DSR &amp; SSR: Dai and USDS holders can earn yield by locking their tokens in savings contracts. These rates are governed by protocol governance.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Liquidation Process: When collateral value drops below a threshold, the protocol auctions the collateral via an Automatic Liquidation Mechanism.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Key_Features_of_Sky_Protocol\"><\/span><span data-contrast=\"auto\">Key Features of Sky Protocol<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"auto\">Sky ensures the stability and transparency of its stablecoins through several innovations:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">Multi-Collateral Support: Accepts ETH, various ERC-20 tokens, and RWAs.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Soft USD Peg: Dai and USDS are softly pegged to USD for a reliable store of value and medium of exchange.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Decentralized Governance: SKY holders control protocol changes via a dual-layer system\u2014Governance and Executive Votes.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Transparency &amp; Non-Custodial Vaults: All transactions are visible on Ethereum, and users retain control of their assets.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Advanced Security Layers: Systems like the Oracle Security Module (OSM), Governance Security Module (GSM), and Emergency Shutdown protect the protocol.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-ccp-props=\"{}\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-45928 \" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/sky-usds-1024x576.jpeg\" alt=\"\" width=\"808\" height=\"454\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/sky-usds-1024x576.jpeg 1024w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/sky-usds-300x169.jpeg 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/sky-usds-768x432.jpeg 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/sky-usds-1536x864.jpeg 1536w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/sky-usds.jpeg 1600w\" sizes=\"auto, (max-width: 808px) 100vw, 808px\" \/><\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Sky_Ecosystem_Use_Cases\"><\/span><span data-contrast=\"auto\">Sky Ecosystem &amp; Use Cases<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"auto\">Sky Protocol is not just technical infrastructure; it\u2019s a living, modular ecosystem accessed through various decentralized frontends and applications.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Ecosystem Elements:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">Stablecoins: DAI, USDS<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Governance Token: SKY<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Community Frontends: Oasis Borrow, SummerFi, instadapp, Zerion, MyEtherWallet<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Stars: Independent teams managing RWA operations<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Sky Atlas: A governance and system architecture framework<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-45934 \" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/sky-stable-1024x576.jpeg\" alt=\"\" width=\"694\" height=\"390\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/sky-stable-1024x576.jpeg 1024w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/sky-stable-300x169.jpeg 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/sky-stable-768x432.jpeg 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/sky-stable-1536x864.jpeg 1536w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/sky-stable.jpeg 1600w\" sizes=\"auto, (max-width: 694px) 100vw, 694px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"SKY_Token_Utilities\"><\/span><span data-contrast=\"auto\">SKY Token Utilities:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><span data-contrast=\"auto\">Voting: Used for governance proposals and parameter updates<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">System Backstop: Used to cover liquidation shortfalls<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">Store of Value: Represents community ownership and long-term value<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Team_Governance\"><\/span><span data-contrast=\"auto\">Team &amp; Governance<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"auto\">The protocol is led by seasoned DeFi experts:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\"><strong>Rune Christensen<\/strong>: Founder<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\"><strong>Mariano Conti<\/strong>: Head of Smart Contracts<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\"><strong>Gustav<\/strong>: Advisor<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-45929 size-large\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/Ekran-goruntusu-2025-07-10-235340-1024x212.png\" alt=\"\" width=\"1020\" height=\"211\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/Ekran-goruntusu-2025-07-10-235340-1024x212.png 1024w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/Ekran-goruntusu-2025-07-10-235340-300x62.png 300w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/Ekran-goruntusu-2025-07-10-235340-768x159.png 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/Ekran-goruntusu-2025-07-10-235340-1536x318.png 1536w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/Ekran-goruntusu-2025-07-10-235340.png 1799w\" sizes=\"auto, (max-width: 1020px) 100vw, 1020px\" \/><\/p>\n<p><strong>Backers &amp; Partners:<\/strong>\u00a0<span data-contrast=\"auto\"> The project is developed in collaboration with the original Maker Foundation developers, independent contributors, and third-party custodians in the RWA ecosystem. Investor names are not disclosed in the whitepaper.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tokenomics\"><\/span><span data-contrast=\"auto\">Tokenomics<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><span data-contrast=\"auto\"><strong>Total Supply<\/strong>: 23.46B SKY<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\"><a href=\"https:\/\/coinmarketcap.com\/currencies\/sky\/\"><strong>Circulating Supply<\/strong><\/a>: 21.28B SKY<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Roadmap_Highlights\"><\/span><span data-contrast=\"auto\">Roadmap Highlights<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li><span data-contrast=\"auto\">2022: Launched Web3 fund platform v1.0, broker partnerships with Gate and Binance<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">2023: Reached 50K users, launched DAO, partnered with TRON and ChainGPT<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">2024 (Planned): TGE, Telegram Mini App, DEX\/CEX integration, algo trading, SDK\/API tools<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<li><span data-contrast=\"auto\">2025 (Target): AI tech, NFT management, and crypto cashback features<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Community_Social_Channels\"><\/span><span data-contrast=\"auto\">Community &amp; Social Channels<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul class=\"darkmysite_processed\" data-darkmysite_preserved_bg=\"rgb(16, 18, 19)\" data-darkmysite_preserved_color=\"rgb(16, 19, 20)\">\n<li class=\"ai-optimize-56 darkmysite_processed\" data-darkmysite_preserved_bg=\"rgb(16, 18, 19)\" data-darkmysite_preserved_color=\"rgb(16, 19, 20)\"><a class=\"darkmysite_processed\" href=\"https:\/\/sky.money\/\" data-darkmysite_preserved_bg=\"rgb(16, 18, 19)\" data-darkmysite_preserved_color=\"rgb(254, 216, 43)\"><strong class=\"darkmysite_processed\" data-darkmysite_preserved_bg=\"rgb(16, 18, 19)\" data-darkmysite_preserved_color=\"rgb(254, 216, 43)\">Website<\/strong><\/a><\/li>\n<li class=\"ai-optimize-57 darkmysite_processed\" data-darkmysite_preserved_bg=\"rgb(16, 18, 19)\" data-darkmysite_preserved_color=\"rgb(16, 19, 20)\"><a class=\"darkmysite_processed\" href=\"https:\/\/x.com\/SkyEcosystem\" data-darkmysite_preserved_bg=\"rgb(16, 18, 19)\" data-darkmysite_preserved_color=\"rgb(254, 216, 43)\"><strong class=\"darkmysite_processed\" data-darkmysite_preserved_bg=\"rgb(16, 18, 19)\" data-darkmysite_preserved_color=\"rgb(254, 216, 43)\">Twitter<\/strong><\/a><\/li>\n<li class=\"ai-optimize-6 darkmysite_processed\" data-darkmysite_preserved_bg=\"rgb(16, 18, 19)\" data-darkmysite_preserved_color=\"rgb(16, 19, 20)\"><a class=\"darkmysite_processed\" href=\"https:\/\/discord.gg\/skyecosystem\" data-darkmysite_preserved_bg=\"rgb(16, 18, 19)\" data-darkmysite_preserved_color=\"rgb(254, 216, 43)\"><strong class=\"darkmysite_processed\" data-darkmysite_preserved_bg=\"rgb(16, 18, 19)\" data-darkmysite_preserved_color=\"rgb(254, 216, 43)\">Discord<\/strong><\/a><\/li>\n<\/ul>\n<p><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/strong><\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/strong><\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/strong><\/a>\u00a0channels for\u00a0<\/em><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sky Protocol, formerly known as MakerDAO, is an innovative decentralized finance (DeFi) project built on the Ethereum blockchain. Its governance token, Sky (SKY), plays a key role in enabling users to mint decentralized and trustless stablecoins such as the well-known Dai and the newly introduced USDS\u2014both pegged to the US dollar using collateralized assets.\u00a0 From<\/p>\n","protected":false},"author":36,"featured_media":45931,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,5],"tags":[20434,20440,10798,14919,20436,20430,20438,20433,20435,20429,20431,20439,20437,20432],"class_list":["post-45926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi-projects","category-project-review","tag-dai-alternative","tag-decentralized-savings","tag-defi-ecosystem","tag-defi-security","tag-ethereum-defi","tag-makerdao-rebrand","tag-oracle-integration","tag-rwa-crypto","tag-sky-governance","tag-sky-protocol","tag-sky-stablecoin","tag-smart-contract-finance","tag-stablecoin-vaults","tag-usds-coin"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is Sky (SKY)? The Transformation from MakerDAO to Sky - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Sky Protocol, the next-gen MakerDAO, introduces RWA-backed stablecoins and governance with SKY token on Ethereum.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is Sky (SKY)? The Transformation from MakerDAO to Sky - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Sky Protocol, the next-gen MakerDAO, introduces RWA-backed stablecoins and governance with SKY token on Ethereum.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-11T16:00:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-11T11:31:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/what-is-sky.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Yeliz Akmaca\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Yeliz Akmaca\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/\",\"name\":\"What is Sky (SKY)? The Transformation from MakerDAO to Sky - Coin Engineer\",\"isPartOf\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/what-is-sky.png\",\"datePublished\":\"2025-07-11T16:00:45+00:00\",\"dateModified\":\"2025-07-11T11:31:58+00:00\",\"author\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/5f900e6c865999388c1ea494e5953442\"},\"description\":\"Sky Protocol, the next-gen MakerDAO, introduces RWA-backed stablecoins and governance with SKY token on Ethereum.\",\"breadcrumb\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/#primaryimage\",\"url\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/what-is-sky.png\",\"contentUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/what-is-sky.png\",\"width\":1280,\"height\":720},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/coinengineer.net\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"What is Sky (SKY)? The Transformation from MakerDAO to Sky\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\",\"url\":\"https:\/\/coinengineer.net\/blog\/\",\"name\":\"Coin Engineer\",\"description\":\"Btc, Coins, Pre-Sale, DeFi, NFT\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/coinengineer.net\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/5f900e6c865999388c1ea494e5953442\",\"name\":\"Yeliz Akmaca\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/b399e2146177639d343205648bae3bdb3cd7bb9d02c7186f71149c7122151b69?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/b399e2146177639d343205648bae3bdb3cd7bb9d02c7186f71149c7122151b69?s=96&d=mm&r=g\",\"caption\":\"Yeliz Akmaca\"},\"url\":\"https:\/\/coinengineer.net\/blog\/author\/cmyelizz\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What is Sky (SKY)? The Transformation from MakerDAO to Sky - Coin Engineer","description":"Sky Protocol, the next-gen MakerDAO, introduces RWA-backed stablecoins and governance with SKY token on Ethereum.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/","og_locale":"en_US","og_type":"article","og_title":"What is Sky (SKY)? The Transformation from MakerDAO to Sky - Coin Engineer","og_description":"Sky Protocol, the next-gen MakerDAO, introduces RWA-backed stablecoins and governance with SKY token on Ethereum.","og_url":"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/","og_site_name":"Coin Engineer","article_published_time":"2025-07-11T16:00:45+00:00","article_modified_time":"2025-07-11T11:31:58+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/what-is-sky.png","type":"image\/png"}],"author":"Yeliz Akmaca","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Yeliz Akmaca","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/","url":"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/","name":"What is Sky (SKY)? The Transformation from MakerDAO to Sky - Coin Engineer","isPartOf":{"@id":"https:\/\/coinengineer.net\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/#primaryimage"},"image":{"@id":"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/#primaryimage"},"thumbnailUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/what-is-sky.png","datePublished":"2025-07-11T16:00:45+00:00","dateModified":"2025-07-11T11:31:58+00:00","author":{"@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/5f900e6c865999388c1ea494e5953442"},"description":"Sky Protocol, the next-gen MakerDAO, introduces RWA-backed stablecoins and governance with SKY token on Ethereum.","breadcrumb":{"@id":"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/#primaryimage","url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/what-is-sky.png","contentUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2025\/07\/what-is-sky.png","width":1280,"height":720},{"@type":"BreadcrumbList","@id":"https:\/\/coinengineer.net\/blog\/sky-protocol-defi-rwa-stablecoin-ethereum-governance\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/coinengineer.net\/blog\/"},{"@type":"ListItem","position":2,"name":"What is Sky (SKY)? The Transformation from MakerDAO to Sky"}]},{"@type":"WebSite","@id":"https:\/\/coinengineer.net\/blog\/#website","url":"https:\/\/coinengineer.net\/blog\/","name":"Coin Engineer","description":"Btc, Coins, Pre-Sale, DeFi, NFT","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/coinengineer.net\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/5f900e6c865999388c1ea494e5953442","name":"Yeliz Akmaca","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/b399e2146177639d343205648bae3bdb3cd7bb9d02c7186f71149c7122151b69?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/b399e2146177639d343205648bae3bdb3cd7bb9d02c7186f71149c7122151b69?s=96&d=mm&r=g","caption":"Yeliz Akmaca"},"url":"https:\/\/coinengineer.net\/blog\/author\/cmyelizz\/"}]}},"_links":{"self":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/45926","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/comments?post=45926"}],"version-history":[{"count":2,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/45926\/revisions"}],"predecessor-version":[{"id":45936,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/45926\/revisions\/45936"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media\/45931"}],"wp:attachment":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media?parent=45926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/categories?post=45926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/tags?post=45926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}