Sky USDS(USDS)价格 + 图表

什么是 Sky USDS?

USDS is the decentralised, over-collateralised dollar stablecoin issued by Sky Protocol, the rebranded successor to MakerDAO. The Sky brand and tokens were introduced in late 2024 as part of the protocol's 'Endgame' transformation, in which MakerDAO's governance voted to migrate its long-running DAI stablecoin and MKR governance token into a new Sky-branded ecosystem with USDS replacing DAI and SKY replacing MKR. DAI continues to circulate alongside USDS — the two are 1:1 swappable through the official Sky upgrade contract — but new development and most growth incentives concentrate on USDS.

Unlike fiat-backed stablecoins such as USDC or FDUSD, USDS is decentralised: it is minted when users deposit collateral (primarily ETH, staked ETH, USDC, and tokenised real-world assets) into Maker Vaults, governed entirely by the Sky DAO. The system maintains the $1 peg through a combination of collateralisation ratios above 100%, the Peg Stability Module which allows 1:1 swaps with USDC, and a target rate set by governance. Reserves are not held in a single bank account but are programmatic: every USDS in circulation is backed by on-chain collateral that exceeds its dollar value, plus a portfolio of off-chain real-world assets such as US Treasuries managed by Sky Protocol's institutional partners.

USDS pays yield through the Sky Savings Rate (SSR). Holders deposit USDS into the Sky Savings Rate contract and receive sUSDS, an automatically yield-accruing token whose exchange rate against USDS rises over time. The yield comes from the protocol's stability fee revenue (interest paid by borrowers) and the income generated by the real-world asset portfolio. SSR rates have historically tracked above the average of fiat-backed stablecoin savings rates because of the protocol's exposure to higher-yielding collateral and crypto market-driven stability fees.

USDS is multichain — issued natively on Ethereum and bridged to Solana, Base, and other networks. The Sky brand also includes integrations with Ethena (USDe is one of the protocol's allocations) and a partnership infrastructure with Spark Protocol (a lending market that uses USDS extensively). The decentralised structure means USDS does not depend on any single banking partner, but it does rely on the security of Ethereum, the integrity of the Sky DAO governance process, and the value of its underlying collateral mix.

核心功能： Sky USDS

• Decentralised Over-Collateralised Issuance: USDS is minted only when users deposit on-chain collateral worth more than the USDS issued, with all parameters governed by the Sky DAO. There is no single corporate issuer who can mint tokens unilaterally.
• Native Yield via the Sky Savings Rate: Holders deposit USDS into the SSR contract to receive sUSDS, whose exchange rate appreciates over time. Yield is funded by stability fees on Maker Vaults and real-world asset income.
• Hybrid Collateral Mix: USDS is backed by a combination of crypto collateral (ETH, staked ETH, USDC) and tokenised real-world assets such as short-duration US Treasuries managed by institutional partners. The mix balances on-chain transparency with traditional fixed-income yield.
• Peg Stability Module: A 1:1 USDS↔USDC swap module enforces tight peg discipline. Arbitrageurs can swap at par whenever USDS deviates from $1, restoring the peg without governance intervention.
• 1:1 Migration from DAI: Existing DAI holders can convert to USDS and back via the official Sky upgrade contract at par, allowing seamless migration without trading slippage. The two stablecoins coexist for as long as governance chooses.

Sky USDS 使用场景

• Decentralised Dollar Savings: Users who prefer over-collateralised on-chain backing over fiat reserves at a regulated bank deposit USDS into the Sky Savings Rate to earn yield without trusting a single corporate issuer.
• DeFi Native Borrowing: Borrowers deposit ETH, staked ETH, or other approved collateral into Maker Vaults to mint USDS for leverage, working capital, or arbitrage strategies — paying the protocol's stability fee instead of an external lender's rate.
• DAI Migration Path: Long-term DAI holders convert to USDS via the official upgrade contract to capture the SSR yield and align with the rebranded protocol's growth incentives, while retaining the option to convert back.
• Cross-Chain Liquidity: USDS is bridged to Solana, Base, and other networks, giving DeFi users access to Sky-native yield instruments outside the Ethereum mainnet.
• Real-World-Asset Yield Exposure: Because part of USDS reserves are tokenised US Treasuries managed by institutional partners, holders gain indirect exposure to short-duration Treasury yields without a brokerage account.

Sky USDS 代币经济学

总供应量

USDS has no fixed cap. Supply expands when borrowers mint USDS against collateral in Maker Vaults or swap into USDS via the Peg Stability Module, and contracts when borrowers repay or arbitrageurs swap out.

流通量

Every USDS is backed by at least $1.00 of collateral (typically $1.20–$1.50) plus the protocol's surplus buffer. Real-time circulating supply is published on Sky's transparency dashboard.

用途

USDS is a payment, trading, and savings instrument. Governance flows through the SKY token, not USDS. Holding USDS gives access to the Sky Savings Rate but not to protocol decision-making.

释放机制

USDS is minted on demand at par when collateral is deposited and burned at par when collateral is withdrawn. There is no inflationary emission curve.

如何购买 Sky USDS

1. 1

   1. Create a Binance account

   Sign up at binance.com or via the app and complete identity verification at the Intermediate level.

2. 2

   2. Fund your account

   Deposit fiat or transfer in USDT, USDC, or other supported assets.

3. 3

   3. Acquire USDS

   On Binance, search for USDS trading pairs (USDS/USDT typically has the deepest liquidity). On-chain, swap via Curve's USDS/USDC pool, Uniswap, or directly mint USDS from a Maker Vault by depositing collateral on app.sky.money.

4. 4

   4. Deposit into the Sky Savings Rate (optional)

   To earn native yield, deposit USDS into the SSR contract via app.sky.money to receive sUSDS. The exchange rate appreciates over time; there is no lockup.

5. 5

   5. Use across DeFi

   Use sUSDS as collateral on Spark Protocol, Aave, or Morpho to borrow other stablecoins, or supply liquidity to Curve stable pools. Always check protocol risk parameters before depositing.

Sky USDS 历史表现

USDS launched as the successor to DAI in September 2024 as part of MakerDAO's transformation into Sky Protocol. The migration has been gradual, with DAI continuing to circulate alongside USDS via the 1:1 upgrade contract. The peg has held within a tight range around $1, supported by the Peg Stability Module and the over-collateralised vault structure inherited from MakerDAO's eight-year operational history.

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