SKY Surges 14% as Savings TVL Passes $4 Billion
The SKY token experienced a 14% price surge today as the total value locked (TVL) in the Sky Savings platform reached a record $4 billion, despite broader altcoin market struggles. However, SKY is still down 9% for the month, following October 10th's altcoin liquidation event. Sky Savings, which primarily holds USDS (91% of its TVL) and also uses DAI (8%), offers variable savings rates of 4.5% on USDS and 1.25% on DAI. The platform's TVL has increased 63% in the past month and 150% since January 2025. Formerly MakerDAO, Sky rebranded in August 2024 and transitioned the MKR token to SKY in September 2024. With a TVL of $6.65 billion, Sky remains one of the top 10 largest DeFi protocols.
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Fiat-backed Stablecoin
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SKY Token's Recent Surge
The SKY token is soaring today as the total value locked (TVL) in the Sky Savings platform hits a new all-time high of $4 billion. SKY is up 14% today amid a sea of red, as continued BTC weakness is pressuring the altcoin market. While today’s price surge makes SKY an outlier compared to the rest of the market, the token is still down 9% over the last month, struggling to recover from the mass altcoin liquidation event on Oct. 10.
Sky Savings Platform Overview
Sky Savings allows users to deposit USDS and DAI to earn a variable savings rate. The vault consists primarily of USDS, which accounts for more than 91% of Sky Savings' TVL, while just 8% is made up of DAI. This setup highlights the dominance of USDS within the platform.
Growth of Sky Savings TVL
Sky Savings’ TVL has been one of legacy DeFi’s big winners in 2025, growing by 63% over the last month and a remarkable 150% since Jan 1. Currently, the platform pays out 4.5% on USDS and 1.25% on DAI, which explains why the TVL is heavily skewed towards USDS.
Rebranding from MakerDAO to Sky
Sky, formerly known as MakerDAO, completed its rebrand in August 2024, with the MKR token migrating to SKY in September 2024, alongside the launch of the USDS stablecoin. This significant rebranding has aimed to reshape the protocol's identity and ecosystem.
Current Standing of the Sky Protocol
Although SKY still trades far below MKR’s all-time high market capitalization of $5.5 billion, the protocol remains one of the top 10 largest DeFi protocols, with a TVL of $6.65 billion. This highlights the continued strength and relevance of the Sky protocol within the DeFi space.