SKY Token Rises 10% as Sky Governance Vote Expands USDS Credit System
Sky Protocol evolved from the Maker ecosystem and uses the USDS stablecoin and SKY governance token to build a decentralized credit system. The governance changes are significant because the protocol is shifting away from subsidies funded by high token emissions toward revenue, buybacks and credit infrastructure to support long-term value.
The Sky community recently voted to reduce SKY staking rewards and expand USDS credit infrastructure. Combined with the existing token buyback program, the changes drove SKY's price up 10%. About 67% of SKY is currently staked. The available information did not disclose the exact voting date or the value of the buybacks.
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The history behind this eventStandard Chartered Sees SKY Rising Fivefold by End-2028
Sky, formerly known as MakerDAO, is a decentralized-finance protocol centered on the USDS stablecoin and on-chain lending. Standard Chartered dubbed the project “DeFi’s federal bank” as it initiated research coverage, marking the lender’s first formal assessment of the token. The call matters because it links SKY’s valuation to growth in stablecoin adoption, borrowing activity and rewards distributed to holders, offering a traditional bank’s framework for evaluating a major DeFi platform.
Standard Chartered forecast SKY will rise about fivefold to $0.325 by the end of 2028. The bank expects wider USDS adoption and an expanding loan book to strengthen the protocol’s economics, while staking rewards continue to channel value to token holders. It also projected that SKY’s overall performance through 2028 will catch up with Ether and exceed Bitcoin, positioning the token as a higher-upside crypto bet over the forecast period.
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