SkySKY

The governance token of Sky (formerly MakerDAO), issuer of the USDS and DAI stablecoins.

Rank #59Since September 2024

Price on 31 Oct 2026

C$0.0955 +20.2% since 31 Jul 2026 · 33.6% below its all-time high

The short version

Sky, formerly MakerDAO, is the largest decentralized stablecoin issuer, behind USDS and DAI; SKY replaced the MKR token in Sep 2024 at 24,000 SKY per MKR. Since Aug 2026, protocol surplus funds SKY buybacks for stakers plus a 5% burn. On 7 Oct 2026 Moody's rated the protocol B3, citing about US$90M of equity behind about US$10B of assets. On 31 Oct 2026 one SKY cost C$0.0955. From 31 Jul 2026 to 31 Oct 2026 its price changed +20.2% in Canadian dollars, and it was 33.6% below its all-time high of C$0.1438 set on 5 Oct 2026.^[1]

Checked 31 Oct 2026 · 17 sources · next update about 1 Dec 2026

Price, past year

Past year: high C$0.1391 (5 Oct 2026) · low C$0.0589 (23 Nov 2025) · +21.9%^[1]

Month-end prices (table)

Date	C$	US$
31 Oct 2026	C$0.0954	US$0.0684
30 Sep 2026	C$0.1164	US$0.0818
31 Aug 2026	C$0.0957	US$0.0690
31 Jul 2026	C$0.0806	US$0.0574
30 Jun 2026	C$0.0750	US$0.0528
31 May 2026	C$0.0886	US$0.0642
30 Apr 2026	C$0.1108	US$0.0816
31 Mar 2026	C$0.1021	US$0.0734
28 Feb 2026	C$0.0918	US$0.0672
31 Jan 2026	C$0.0860	US$0.0637
31 Dec 2025	C$0.0828	US$0.0605
30 Nov 2025	C$0.0764	US$0.0545

Daily prices from CoinGecko; C$ converted at the Bank of Canada daily rate. The latest point is live when available. Past prices, not a forecast.

Choose what to see

Key facts

Price, 31 Oct 2026: C$0.0955^[1]
3-month change: +20.2% in C$ (31 Jul 2026 to 31 Oct 2026)^[1]
From its high: 33.6% below its high of C$0.1438 (5 Oct 2026)^[1]
Market rank: #59, market value about C$2.2B^[1]
Kind: Token · Ethereum (ERC-20)
Started: September 2024

Checks: the same 9 questions for every coin

Facts, not a rating

Can an admin key create new coins?NoMint function held by Sky protocol contracts such as MKR conversion; emissions disabled^{[2, 3]}

Can anyone freeze or take coins from holders?NoNo blacklist, pause or balance-change function in the contract^[2]

Can the token's contract code be changed?NoFixed contract code on Ethereum, not a proxy^[2]

Is the supply capped?NoNo hard maximum in the contract; protocol contracts keep a mint function^[2]

Any scheduled unlocks in the next 12 months?NoNo vesting; remaining MKR converts with a rising penalty^[4]

Does a team or foundation hold over 10% of supply?Not disclosedMKR insider allocations were never fully documented; a16z bought 6% in 2018^[5]

Do network fees reach coin holders?YesSurplus funds SKY buybacks for stakers and a 5% burn since Aug 2026^[6]

Main network hacked or halted in the past 2 years?NoNo protocol exploit since 2020; a 6 Oct 2026 keeper-bot loss was third-party^[7]

Is a regulator or court case targeting the coin itself?NoNo SEC or CFTC action found^[8]

Each answer is a fact with a source, not a score. What each check means.

Who controls it

Run by: Sky governance (SKY holders); founder Rune Christensen remains the dominant voice^[8]
Entities: Maker Foundation dissolved in 2021; the Sky Frontier Foundation publishes figures; jurisdictions not verified^[8]
Backers: a16z bought 6% of MKR for US$15M (2018); Paradigm, Dragonfly and Inflection US$27.5M (2019)^[5]

Supply

In circulation: 23.42B SKY of a 23.46B maximum (99.8%)^[1]
Circulating: 99.8% of supply circulating; no vesting or scheduled unlocks^[9]
MKR conversion: Remaining MKR converts to SKY with a penalty rising 1% every three months since Sep 2025^[4]
Rewards: Staking rewards now come from buybacks; new SKY emissions are disabled^[3]
Concentration: Top 10 Ethereum addresses hold 89.6%, mostly staking and conversion contracts^[10]

Use and fees

Revenue: US$389M fees, US$194M revenue and US$55.7M to SKY holders over the past year^[11]
Sep 2026: Gross revenue US$30.8M; first Stage 2 burn of 2.86M SKY^[6]
Bug bounty: Immunefi bounty up to US$10M^[12]

Trading

Daily trading: About C$20.3M a day on average, 31 Jul 2026 to 31 Oct 2026^[1]
Daily turnover: Typically 0.67% of its market value changes hands each day^[1]
20-week average: 6.2% above its 20-week average price^[1]
1-year change: +20.2% in C$^[1]^[13]
Thin trading: Typically under 1% of its market value trades in a day^[1]

History

Not a forecast

Coins ranked 51-200 at this point in past cycles (12-14 months after a Bitcoin peak), one year later: 4,050 cases, 612 coins

39% were higher a year later^[14]

Typical result: Median -25% after a year; 45% higher after two years
Lost half or more: 38% within a year
Against Bitcoin: 12% did better than Bitcoin over the year

History, not a forecast.

Red flags and things to watch

No red flags found

A governance spell burned 7.37M SKY on 12-14 Oct 2026.^[15]
Galaxy Digital put US$100M into sUSDS and accepts it as loan collateral, reported Oct 2026.^[6]
DAI, Sky's legacy stablecoin, faces an EU wind-down by about 8 Jan 2027 under an ESMA opinion.^[16]
Moody's rated the Sky protocol B3 on 7 Oct 2026, citing about US$90M of equity behind about US$10B of assets.^[17]

Checked: admin keys, contract upgrades, unlocks, insider supply, hacks, legal actions and claims against records.

Sources and dates

Facts as of 31 Oct 2026. Prices from CoinGecko in Canadian and US dollars; US$ figures without a C$ price are converted at 1.3976 C$ per US$.