Sky Protocol is the final evolution of the "Endgame" plan established by MakerDAO, a pioneering project in decentralized finance (DeFi), based on its operational experience.1 Since its establishment in 2014, MakerDAO has laid the foundation for DeFi by issuing DAI, the most trusted overcollateralized stablecoin in the Ethereum ecosystem, but has faced challenges such as complexity of governance, limitations in scalability, and a user experience that is difficult for the general public to access.4 These problems are fundamental. To address this, founder Rune Christensen proposed a major restructuring of the protocol, which was embodied in August 2024's rebranding to Sky...
Investment View
The community's opinion is first confirmed through a non-binding public opinion poll (Weekly Poll), then converted into an Executive Vote and reflected in the smart contract.16 One of the biggest recent advances in Sky governance is the shift from 'Inches (Rule by Man)' to 'Rule of Law'.9 The existing complex five-stage financial expenditure structure is simplified into a four-stage fixed framework, and operating expenditures are limited to within 20% of net revenue. A hard cap was introduced. 9 Through this, at least 80% of the protocol's profits are coded to be used to build reserves for the health of the...
Previous Versions
MakerDAO is a core DeFi protocol that created the “overcollateralized decentralized stablecoin” narrative through DAI in 2017. Since 2019, it has developed into an on-chain central bank-type system that combines lending, stablecoin, and risk management through Multi-Collateral Dai, Vault, Stability Fee, Liquidation, Surplus Buffer, and MKR/SKY governance structure. The key change in 2024-2026 is that MakerDAO evolved into Sky and introduced DAI→USDS, MKR→SKY, Sky Savings Rate, Staking Engine, Launch Agent·Allocator·Star structure.
Investment View
Implications: RWA collateral reduces volatility but adds legal and fiduciary risks. MakerDAO/Sky's overall maturity is evaluated at 83.5%. Points to watch for the next 12 months are USDS supply, SSR sustainability, SKY governance participation, and RWA risk management.