Sky Ecosystem
Learn more about Sky and what you can do in Summer.fi with it.
Last updated
Learn more about Sky and what you can do in Summer.fi with it.
Last updated
Oazo Apps 2023
Sky is an innovative decentralized organization that functions within the larger ecosystem of Ethereum, a blockchain platform. The primary objective of Sky is to maintain the stability of its native stablecoin, DAI, which is pegged 1:1 with the US dollar. Sky operates on the principles of transparency, user empowerment, and economic efficiency.
As a part of the larger DeFi (Decentralized Finance) movement, Sky showcases a unique approach to handling digital assets, providing an alternative to traditional financial systems. The protocol allows users to create DAI tokens by depositing collateral assets into Sky's smart contracts, thereby giving rise to a system of self-regulated loans.
The Sky Ecosystem, also known as the Multi-Collateral DAI (MCD) system, involves two tokens: MKR and DAI. MKR is the governance token, giving holders voting rights on changes to the system, and DAI is the stablecoin, maintained at a stable value against USD.