MakerDAO (now Sky)
- Primary Nature
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One of DeFi's earliest and largest DAOs — governs the DAI/USDS stablecoin protocol and its multi-billion-dollar collateral reserve. Rebranded from MakerDAO to Sky in September 2024 as part of its “Endgame Plan” restructuring, converting the MKR governance token to a new SKY token. - Core Philosophy
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Decentralized, over-collateralized stablecoin issuance. The Endgame Plan aims to decentralize further by spinning out semi-autonomous “Sky Stars” subDAOs, each with its own governance token, product focus, and treasury, while remaining tied to the core protocol through shared reserves and USDS integration. - Governance & Voting
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SKY (formerly MKR) token-weighted on-chain voting — governance polls and executive votes. Community reception to the rebrand itself was mixed: only a small minority of MKR holders had converted to SKY as of the migration window, prompting the community to hold a call and vote on whether to revert the branding. - Financial & Treasury Tools
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USDS stablecoin supply scaled from roughly $100M to over $2.3B between the September 2024 launch and early 2025, ranking among the top three stablecoins by market cap by January 2025. - Legal & Tax Architecture
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No single unified legal wrapper for the DAO itself — governance is executed entirely through on-chain SKY voting and subDAO “Star” governance tokens, the first of which is the Spark protocol. - Technology Interface
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On-chain governance polls and executive votes via the Sky/Maker governance forum; subDAO “Star” architecture for specialized product lines. - Pricing Model
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N/A — a protocol/DAO, not a tool with a pricing tier; revenue comes from stability fees on collateralized loans, liquidation penalties, and yield from deployed reserve assets.