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SKY — Sky
Issues a dollar of its own that is backed by deposited collateral; the token decides on the rules.
What it is for
- Set out to
- The over-collateralized stablecoin Dai, issued by MakerDAO.
- Today in addition
- Renaming to Sky with USDS and a savings rate, issuance on further chains, spun-off units such as Spark and Grove.
- Notable
- The oldest stablecoin system, which has split itself into independent sub-units.
- Strength
- A long operating history.
- Weakness
- A nested structure with two tokens side by side.
Contract address
Chain: Ethereum
0x56072C95FAA701256059aa122697B133aDEd9279
Unabridged and deliberately not linked: a blockchain explorer that we have not checked would be a statement we cannot support.
Score
56of 93
Market capitalization
$1.59Bas stored
against Bitcoin, 90 days
—not against the dollar
CoinMarketCap
#33038numeric identifier
Supply cap checked at the contract, not enforced in code. No proxy, but the contract contains a mint function without any cap, protected only by a permission system that can admit further authorized parties. Criterion 1 is therefore capped at eight points; the score thus stood at 50 out of 93 on September 4, 2026 and stands at 56 out of 93 after the recalculation of criterion 10 on September 5, 2026. This asset is not in the sector barometer.
The four cycles
Measured on daily closing prices, never on daily highs or lows. The cycle boundaries are Bitcoin’s own highest and lowest daily closes: January 14, 2015, December 16, 2017, December 15, 2018, November 8, 2021, November 21, 2022, October 6, 2025 and the current low on June 30, 2026. A day counts only if at least ten thousand dollars were traded on it. The price against Bitcoin is given in satoshi — one satoshi is one hundred-millionth of a bitcoin.
| Cycle | Lowest daily close | Highest daily close | Rise low → high | Fall high → low |
|---|
| 2015 to 2017January 14, 2015 to December 16, 2017 | did not yet exist |
| 2018 to 2021December 15, 2018 to November 8, 2021 | did not yet exist |
| 2022 to 2025November 21, 2022 to October 6, 2025 | $0.039440.28 satFebruary 4, 2025 | $0.097498.64 satDecember 4, 2024 | in dollars +$0.0572 (+145.1%)against Bitcoin +100.7%from $0.0394 on February 4, 2025 to $0.0966 on July 27, 2025 | in dollars -$0.0580 (-59.6%)against Bitcoin -59.2%from $0.0974 on December 4, 2024 to $0.0394 on February 4, 2025 |
Only partly measured: reliable trading only from October 2, 2024. What lay before that in the window is not recorded; the figures above are the endpoints of the measured part, not those of the whole cycle. |
| Year by year |
| 2024: in dollars -1.5% (from $0.0630 to $0.0620) · against Bitcoin -36.1% |
| 2025: in dollars +3.5% (from $0.0669 to $0.0693) · against Bitcoin -18.6% |
| since 2026, ongoingJune 30, 2026 to September 17, 2026 | $0.050880.60 satAugust 15, 2026 | $0.073294.55 satSeptember 1, 2026 | in dollars +$0.0224 (+44.1%)against Bitcoin +17.3%from $0.0508 on August 15, 2026 to $0.0732 on September 1, 2026 | in dollars -$0.0159 (-21.7%)against Bitcoin -20.4%from $0.0732 on September 1, 2026 to $0.0573 on September 16, 2026 |
| Year by year |
| 2026: in dollars +13.9% (from $0.0521 to $0.0593) · against Bitcoin -12.7% |
If the high of a window comes before the low, the rise is calculated from the low to the next interim high within the same window.
The four questions that are always answered
Net supply and issuance pressure8 of 20
Starting valuation and size leverage6 of 14
Survivability4 of 12
Relative strength against Bitcoin4 of 6
11 of the twelve criteria collected individually, nothing extrapolated. What the twelve questions measure and what has been corrected about the measurement is on the method page.
The remaining criteria are not recorded individually for this asset; the total comes from the assessment of September 5, 2026.
For User growth per valuation it says “not determined” – that does not count.
The figures in detail
Price, as stored$0.0678
against Bitcoin, 7 days—
against Bitcoin, 30 days—
listed on CoinMarketCap sinceSeptember 2024
Age since listingnot researched
Fees relative to valuationnot determined
Supply still lockednot researched
hard supply capno
Carried by Nexocarried
Trading venues of 15 checked15 of 15
The fifteen largest centralized exchanges by the CoinMarketCap ranking were counted, as of September 5, 2026. Decentralized exchanges do not count. Bybit is not included in any figure, because the venue was not reachable through sixteen address forms. Which five venues are the best for each asset has not been collected yet.
Finding
The age of the predecessor token is not counted; this will be decided on December 8, 2026. The report of September 3, 2026 counts MKR from December 2017 and arrives at twelve points for criterion 3; version 4 does not know that rule, hence four points for 2.0 years. No fixed supply cap; ongoing issuance of around 1.4 billion SKY a year, buybacks of a similar size. Criterion 1 is therefore 8 instead of 20. The 70 points of the report thus become 50 out of 93 as of September 4, 2026; after the correction of September 5, 2026 it is 56 out of 93. At $34,152 the Kraken book is strikingly thin for an asset of this size. Against Tether at $183.27 billion and USDC at $73.73 billion the gap is more than tenfold.
Investors and partners: not researched — awards no points, because projects with large backers did not perform better.
Nexo: Carried by Nexo — purchase page documented on September 1, 2026.
No investment advice, no price forecast, no buy or sell recommendation. A high score does not mean “will rise”. It means the asset scores better on these questions than the others.