# SKY-USD · catalysts, narrative & risks

**Deep-research report — K3vl4r**  
**Symbols:** SKY-USD  
**Sources:** 10  
**Published:** 2026-09-19  
**Canonical:** https://app.k3vl4r.com/research/deep-research-sky-usd-catalysts-narrative-risks-3208

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## What SKY-USD represents

SKY-USD is the price of **SKY**, the governance and ecosystem token of **Sky Protocol**, the rebranded successor to MakerDAO. It is an ERC-20 token on Ethereum (core contract `0x56072c95FAA701256059aa122697b133aDED9279`), not a standalone blockchain, and not an equity, ETF, or security [[1]](https://coinstats.app/ai/a/investment-analysis-sky)[[2]](https://coinstats.app/ai/a/fundamental-analysis-sky). SKY replaced MKR at a fixed ratio of 1 MKR = 24,000 SKY, and the ecosystem's dollar-referenced stablecoin is **USDS** (successor to DAI), with **sUSDS** being a liquid, yield-bearing savings token tied to the Sky Savings Rate [[1]](https://coinstats.app/ai/a/investment-analysis-sky)[[2]](https://coinstats.app/ai/a/fundamental-analysis-sky)[[6]](https://stealthex.io/blog/sky-price-prediction-is-sky-coin-a-good-investment/). The token launched September 18, 2024, as part of Rune Christensen's "Endgame" restructuring [[6]](https://stealthex.io/blog/sky-price-prediction-is-sky-coin-a-good-investment/).

## Recent catalysts (last ~1–3 months)

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