Yahoo Finance
Sky Protocol, earlier known asMakerDAO, is a decentralized finance (DeFi) project built onEthereum.
The crypto project is best known for its USDS stablecoin.
dollar, USDS attempts to keep its value the same as that of the dollar.
As per the onchain analytics platformDeFiLlama, USDS has a market cap of more than $6 billion and accounts for over 2% of the total stablecoin market.
Sky Protocol's governance token, SKY, gives holders the right to vote on the protocol's future.
With a market cap of $1.38 billion, SKY is the 62nd largest cryptocurrency.
Related: Explained: What is a stablecoin? On Sep.
11, Standard Charteredinitiated coverageof the SKY token with a price target of $0.325 by the end of 2028.
The 172-year-old bank's global head of digital assets research, Geoff Kendrick, compared the Sky Protocol to a "federal bank" as the crypto project issues stablecoins, has a governance framework, and lends assets at a wholesale interest rate.
In fact, Sky is also the largest issuer of yield-bearing stablecoins.
Sky lets users stake the USDS stablecoin in exchange for the sUSDS token.
Not only does the user earn the staking rewards on their USDS holding, they can also deploy the sUSDS token across the DeFi ecosystem.
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| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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