Sky —– the protocol formerly known as MakerDAO —– is one of the oldest and larg…ders governed every parameter —– collateral types, fees, debt ceilings —– making Maker the canonical de…vily toward real-world assets —– roughly 40% short-term U.S. t…le, and the balance in crypto —– so that real-world-asset reve… (/wiki/daos/lending/spark) ) —– a lending market built on Sky liquidity —– has grown past $3 billion in …e, risk-bearing balance sheet —– making it a continual referen…ns/what-is-a-caper) executes —– close enough that the two sys…spell holding the most weight —– “the hat” —– is the one that may be cast. …until the pause delay elapses —– delay() on MCD_PAUSE (https:…gsm-delay-to-48-hours/20241) —– and in that gap holders can l…n who has standing to stop it —– a rival coalition versus any seller —– and therefore in what a quiet…foundations/leaving-a-caper) —– a redemption right Sky answer… - Sky (https://sky.money/) —– official site. - Sky Govern…mkr-sky-dai-stablecoin-usds) —– MakerDAO rebrands to Sky; DAI…ptionally upgradeable to USDS.

Sky — the protocol formerly kn…w is at or above the baseline.Sky spends its 48 hours waitin…ptionally upgradeable to USDS.

Sky — the protocol formerly kn…n. A caper's second stage is exactly as longa window too, and it is not a delay. A caper propo…en locks the caper's trailing seven-day TWAP as a baseline and opens a window of PROPOSAL_WINDOW_SECONDS — 172,800 seconds, the same 48 hours —the market window – its length is PROPOSAL_WINDOW_SECONDS, a logic constant set to drill tuning on the current Stokenet deployment – and the action executes (/wi…ed in SKY; a caper spends its 48 hourswindow measuring, and the challenge …ptionally upgradeable to USDS.

Sky — the protocol formerly kn…ht of a community-run treasury. A caper (/wiki/foundations/what-is-a-caper) aims at the same on-chain, member-controlled treasury idea at a smaller, simpler scale: funds are raised (/wiki/markets/raising-funds) into a shared vault that no single party can unilaterally spend, decisions execut, and it is also the closest thing in this directory to a working precedent for how a caper (/wiki/foundations/what-is-a-caper) executes — close enough that the two systems have landed on the same number. Sky's pipeline has two stages, and the second is a delay. Executive voting in the Chief is continuous approval voting: SKY is locked behind candidate spells, and the spell holding the most weight — “the hat” — is the one that may be cast. The Chief migrated to a SKY-denominated contract (https://forum.skyeco.com/t/technical-scope-of-the-chief-migration/26361) in the 15 May 2025 spell; read at 0x929d…a6f9 (https://etherscan.io/address/0x929d9A1435662357F54AdcF64DcEE4d6b867a6f9) on 6 September 2026 the sitting hat carried 7,052,257,051 SKY in approvals. Passing is not executing, though. A cast spell goes into the Governance Security Module and cannot act until the pause delay elapses — delay() on MCD_PAUSE (https://etherscan.io/address/0xbE286431454714F511008713973d3B053A2d38f3) returns 172,800 seconds, the 48 hours governance voted for in 2023 (https://forum.skyeco.com/t/poll-notice-increase-the-gsm-delay-to-48-hours/20241) — and in that gap holders can lift a different hat or, in extremis, trigger emergency shutdown. A caper's second stage is exactly as long and is not a delay. A caper proposal (/wiki/governance/proposals) first clears a ranked ballot, which is legislative only. Triggering the winning action then locks the caper's trailing seven-day TWAP as a baseline and opens a window of PROPOSAL_WINDOW_SECONDS — 172,800 seconds, the same 48 hours — and the action executes (/wiki/governance/execution) if and only if the TWAP measured across that window is at or above the baseline. Sky spends its 48 hours waiting for a challenge that has to be organised in SKY; a caper spends its 48 hours measuring, and the challenge is a trade anyone can make alone. Both are optimistic governance (/wiki/dao-governance/execution) on-chain when a vote authorizes themconcepts/voting/optimistic-governance) : a decision that stands unless stopped. They differ in who has standing to stop it — a rival coalition versus any seller — and therefore in what a quiet window means. Sky's silence is nobody organising; a caper's silence is nobody selling. The rest is scale. A caper raises through an on-chain bonding curve (/wiki/markets/raising-funds) into a vault no single party can spend, and members retainkeep a direct claim on the treasuryit at exit (/wiki/foundations/leaving-a-caper) — a redemption right Sky answers only through the far heavier machinery of emergency shutdown. The Caper pages describe tho…ptionally upgradeable to USDS.

Name Sky (formerly MakerDAO) …tps://sky.money/) , forum.sky.moneyeco.com (https://forum.skyeco.com/) ,…i/daos/infrastructure/ens-dao)

Name Sky (formerly MakerDAO) …m.sky.money (https://forum.sky.moneyeco.com/) , governance portal (https…a-dao) , Uniswap (/wiki/daos/organizations/dexs/uniswap-dao) , ENS DAO (/wiki/daos/organizations/infrastructure/ens-dao)

Sky — the protocol formerly kn… its own DAO page (/wiki/daos/organizations/lending/spark) ) — a lending m…nance forum (https://forum.sky.moneyeco.com/) ) Why it matters Sky is t…nance Forum (https://forum.sky.moneyeco.com/) . - The Block (https://ww…ptionally upgradeable to USDS.

Name Sky (formerly MakerDAO) …ted What is a DAO? (/wiki/daos-governance/concepts/fundamentals/what-is…ations/infrastructure/ens-dao)

Sky — the protocol formerly kn…t and largest DAOs (/wiki/daos-governance/concepts/fundamentals/what-is…r, Spark (https://spark.fi/) ( its own DAO page (/wiki/daos/organizations/lending/spark) ) — a lending market built on S…treasury management (/wiki/daos-governance/concepts/treasury/dao-treasur…ptionally upgradeable to USDS.

Name Sky (formerly MakerDAO) …ted What is a DAO? (/wiki/daos/concepts/fundamentals/what-is-a-dao) , Uniswap (/wiki/dao/ecosystems/organizations/dexs/uniswap-dao) , ENS DAO (/wiki/dao/ecosystems/organizations/infrastructure/ens-dao)

Sky — the protocol formerly kn…t and largest DAOs (/wiki/daos/concepts/fundamentals/what-is-a-dao) in DeFi. It go…treasury management (/wiki/daos/concepts/treasury/dao-treasury-management) : div…ptionally upgradeable to USDS.

Sky — the protocol formerly kn…e origins. The Endgame "Stars" (such as Spark) are launching as subDAOs with their own tokens and governance; the first live Star, Spark (https://spark.fi/) — a lending market built on Sky liquidity — has grown past $3 billion in deposits ( live figure on DeFiLlama (https://defillama.com/protocol/spark) ). ( Sky governance forum (http…ptionally upgradeable to USDS.

Name Sky (formerly MakerDAO) Type Protocol DAO (stablecoin / lending) Governance token SKY (migrated from MKR at 1:24,000) Stablecoins USDS (formerly / alongside DAI) Founded MakerDAO 2015; rebranded to Sky on 27 August 2024 Notable for Created DAI, the first widely-used decentralized stablecoin; the multi-year "Endgame" restructuring into subDAOs ("Stars") Primary sources sky.money (https://sky.money/) , forum.sky.money (https://forum.sky.money/) , governance portal (https://vote.makerdao.com/) Related What is a DAO? (/wiki/dao/concepts/what-is-a-dao) , Uniswap (/wiki/dao/ecosystem/uniswap-dao) , ENS DAO (/wiki/dao/ecosystem/ens-dao)

Sky — the protocol formerly known as MakerDAO — is one of the oldest and largest DAOs (/wiki/dao/concepts/what-is-a-dao) in DeFi. It governs the issuance of decentralized, crypto-and-real-world-asset-collateralized stablecoins and is widely regarded as the original DeFi DAO, the project that proved a community could run a multi-billion-dollar monetary system through on-chain governance. DAI: the first decentralized stablecoin MakerDAO launched DAI in 2017, the first widely-adopted stablecoin not backed by a centralized issuer's bank account but minted against on-chain collateral and held near $1 by an autonomous system of vaults, liquidations, and a governance-set stability fee. MKR holders governed every parameter — collateral types, fees, debt ceilings — making Maker the canonical demonstration of decentralized monetary governance. ( Sky / Maker documentation (https://docs.sky.money/) ) Endgame and the rebrand to Sky In May 2022, co-founder Rune Christensen published Endgame, a multi-year plan to restructure the monolithic protocol into a modular network of semi-autonomous subDAOs. On 27 August 2024 the project rebranded from MakerDAO to Sky, introducing new tokens: the MKR governance token migrates to SKY at a 1:24,000 ratio, and DAI gains a sibling, USDS, that holders can optionally upgrade to. ( The Block (https://www.theblock.co/post/313235/makerdao-mkr-sky-dai-stablecoin-usds) ) The protocol today By early 2026 the combined supply of DAI and USDS sits around $13 billion, with USDS having overtaken DAI in raw size. The collateral mix has shifted heavily toward real-world assets — roughly 40% short-term U.S. treasuries allocated through "Star" allocators, around a third USDC via the peg-stability module, and the balance in crypto — so that real-world-asset revenue now supplies the majority of protocol income, a near-complete inversion of its crypto-native origins. The Endgame "Stars" (such as Spark) are launching as subDAOs with their own tokens and governance. ( Sky governance forum (https://forum.sky.money/) ) Why it matters Sky is the longest-running test of whether a DAO can manage a large, risk-bearing balance sheet — making it a continual reference point for DAO treasury management (/wiki/dao/concepts/dao-treasury-management) : diversification into yield-bearing real-world assets, governance-set rates, and the trade-off between decentralization and the operational discipline a multi-billion-dollar treasury demands. How Caper approaches this Sky shows both the promise and the weight of a community-run treasury. A caper (/wiki/foundations/what-is-a-caper) aims at the same on-chain, member-controlled treasury idea at a smaller, simpler scale: funds are raised (/wiki/markets/raising-funds) into a shared vault that no single party can unilaterally spend, decisions execute (/wiki/governance/execution) on-chain when a vote authorizes them, and members retain a direct claim on the treasury. The Caper pages describe those mechanics without the subDAO complexity. References - Sky (https://sky.money/) — official site. - Sky Governance Forum (https://forum.sky.money/) . - The Block (https://www.theblock.co/post/313235/makerdao-mkr-sky-dai-stablecoin-usds) — MakerDAO rebrands to Sky; DAI optionally upgradeable to USDS.