Sky Governance Token Surges 25.8% in a Week, Reaches 98.2% of Record Price
Sky, the governance token of the MakerDAO lending protocol, has reached a significant milestone. It is now only 3.8% below its record price of $0.100535 set in December 2024. The token has gained 25.8% over the past week, while Bitcoin has barely moved, increasing by less than 1%. The price of Sky has fluctuated between $0.08724 and $0.09779 over the past 24 hours, with a daily high that marks the highest level since the record almost two years ago.
The growth of Sky can be attributed to a series of figures from the protocol itself. The supply of its in-house stablecoin, USDS, has reached the $10 billion mark, with a savings rate of 3.60% per year. A listed asset manager, Galaxy Digital, has placed $100 million of sUSDS in its corporate treasury, and the protocol has generated significant revenue, with $436,321 earned within 24 hours for October 3, 2026, extrapolated to around $159 million per year.
The protocol's staking rate for deposited SKY is 6.56% per year, and for stUSDS, it is 5.07%. These rates explain part of the price move, as a governance token that is meant to carry an ongoing distribution is valued differently from one that merely embodies a voting right. The percentages named refer to earnings within the protocol, not to the price performance of SKY.