Introducing Sky: A New Era for MakerDAO and DeFi

After over two years of development, MakerDAO has officially transformed into Sky, bringing the long-planned “Endgame” upgrades to life.

As DeFi enters a new phase of growth, this Project aims to drive practical innovations that make decentralized finance more accessible and useful for everyday users.

Through decentralized governance, the Maker Protocol has evolved under the Sky banner, introducing major advancements:

• Revamped token infrastructure: Say hello to the upgraded USDS and SKY tokens.
• New digital home: Sky. money—a redesigned DeFi app and platform operated by an independent team.
•  Powerful new incentive mechanism: Native Token Rewards, offering users direct benefits for participation.
•  Scalable ecosystem expansion: Stars, formerly known as SubDAOs, act as focused, autonomous mini-ecosystems within project’s broader architecture.

This project marks the beginning of a bold new chapter in DeFi—one that builds on Maker’s legacy while pushing forward with a series of fast-moving feature rollouts designed to unlock the next wave of decentralized innovation.

Mark Your Calendar: Sky’s Token and Product Launch Arrives September 18

September 18 marks a major milestone—the official launch date for the project’s core products and token systems. This rollout sets the stage for the next phase of the ecosystem, unlocking powerful features and foundational tools for users worldwide.

Meet USDS: The Next-Gen Stablecoin

USDS is the newly enhanced stablecoin of the project’s Ecosystem, designed for seamless integration and reward compatibility. Users will be able to:

•  Upgrade Dai or swap USDC for USDS at a 1:1 ratio directly on Sky. money and supported interfaces.
•  Convert USDS back to Dai anytime—no lock-ins, no friction.
•  Access the protocol’s built-in reward engine without relying on third-party systems.

Earn While You Hold

From day one, USDS holders will be eligible for SKY Token Rewards, distributed natively through the protocol. A total of 600 million SKY tokens will be issued annually to qualifying participants—offering yield opportunities without added protocol risk.

Alternatively, users can opt into the traditional Savings Rate, a proven and widely used option trusted with billions over time.

Important Note: Due to regulatory constraints, the project’s Token Rewards and the Savings Rate won’t be available to users in certain jurisdictions—including the U.S., U.K., and VPN-based connections.

With this launch, the project isn’t just activating a product—it’s igniting a whole new way to experience stable, scalable DeFi.

Introducing SKY: The Heart of Sky Ecosystem Governance

SKY is the official governance token powering the project’s Ecosystem.

Holders of MKR have the option to convert their tokens into the project’s native token, with a conversion rate of 24,000 SKY per MKR. The upgrade is completely voluntary, and conversions can be reversed at any time—SKY can be swapped back to MKR.

Smart Burn Engine Activation

Upon launch, the Smart Burn Engine will redirect its focus to the SKY/USDS market, deploying both current and future liquidity sourced from protocol surplus. This ensures a strong, self-sustaining foundation for project’s market dynamics.

Governance Activation Ahead

Later in Sky Launch Season, advanced features like Sealed and Regular Activation will launch, offering USDS and the project’s rewards to active governance participants. These features won’t be available in restricted regions, including the U.S., U.K., or to VPN users due to regulatory constraints.

Sky.money: Your Portal to the Project’s Ecosystem

Sky.money serves as the decentralized hub for all things as it concerns the project—designed for simplicity, speed, and security.

Through this platform, users can:

• Upgrade Dai to USDS and MKR to SKY
• Earn the project Token Rewards or opt into the Savings Rate by using USDS within the Sky Protocol.

Sky.money is engineered to provide a seamless experience while setting a new benchmark for user-friendly access to decentralized finance.

Early Bird Bonus: Double Rewards for Early Joiners

Ahead of the official launch on September 18, users can pre-register on Sky. money to secure an Early Bird Bonus. Those who sign up early and qualify will receive 2x the project’s Token Rewards for the first month following the launch.

This limited-time bonus is only available to eligible users and is not accessible in certain jurisdictions, including the United States, and the United Kingdom, and to those using VPNs.

Legal Infrastructure of the Project’s Ecosystem

As decentralized finance matures, legal and regulatory complexity grows in parallel. From the outset, the project’s  Ecosystem has prioritized a forward-thinking legal strategy to minimize external risks and protect the independence of the project’s  Governance.

To preserve true decentralization, the legal framework is carefully structured to prevent external leverage or interference in protocol decision-making, allowing the ecosystem to scale responsibly.

Intellectual Property Management

A dedicated foundation is being developed to hold Sky’s core IP, modeled after the Dai Foundation but tailored to project’s needs. Full details will follow once legal structuring is complete, with the goal of keeping essential assets under decentralized Sky Governance.

Maintaining Sky. money: Operations and Oversight

As Sky nears its September 18 launch, the Sky.money domain will be overseen by an IP foundation and operated by Skybase, a crypto-fintech firm tied to Rune’s holding company. Skybase manages legal, technical, and marketing tasks without direct profit, funded instead by the broader Launch Project.

Currently focused on site maintenance, Skybase is designed for compliance and independence. Its role may expand if Sky Launch Season succeeds.