Sky (SKY): D-Score 29/100 — Centralized Leaning

BlockIndex D-Score: 29/100 (Centralized Leaning). Sky (SKY) is a Layer 2 cryptocurrency using PoS consensus. Sky (SKY): ERC-20 governance token enabling MakerDAO upgrade path, Smart Burn Engine, and staged governance activations.

Source: https://blockindex.ai/coin/sky · Data by BlockIndex.AI · Updated 2026-06-19

D-Score breakdown (0-100, higher means more decentralized)
Component: Score: Overall D-Score: 29: Node distribution: 0: Initial distribution: 0: Governance: 20: Age and history: 9: Autonomy: 0: Key facts
- Layer: Layer 2
- Consensus: PoS (N/A)
- Launch: Other (2024)
- Founder: N/A
- VC funded: No
- Max supply: 23,462,665,147
- Circulating: 23,285,728,519 (99.2%)

Market data (as of 2026-06-19)
- Price: $0.06
- Market cap: $1.37B
- 24h volume: $18.74M
- 24h change: +4.05% · 7d change: +2.98%

About
Sky (SKY) is an ERC-20 governance and utility token introduced via a strategic transition from MakerDAO. The transition allowed MKR holders to optionally upgrade MKR to SKY, providing an immediate holder base and liquidity upon launch. SKY is positioned as the primary on-chain governance instrument for the Sky Protocol, with a stated focus on enabling protocol coordination across the ecosystem's DeFi primitives. At the moment of transition, the Smart Burn Engine was reconfigured to target the SKY/USDS market, and the token received rapid market exposure through listings on major centralized exchanges and market data aggregators.

Technically, SKY is implemented as an Ethereum ERC-20 token (contract 0x56072C95FAA701256059aa122697B133aDEd9279). As an ERC-20 asset it inherits Ethereum's account model and consensus context (post‑Merge PoS), and does not operate as an independent L1 with its own validator set. Key protocol features described in the sources include governance activation primitives—Sealed Activation and Regular Activation—and the Smart Burn Engine, which together are designed to manage liquidity and align incentives for committed governance participants. The token's contract metadata and supply figures are visible on major market sites, but the public materials provided do not include an explicit audited code repository reference or licensing statement.

From an economic and market perspective, SKY has a reported maximum supply of approximately 23.46 billion tokens with circulating supply figures around 22.92 billion at the snapshots cited in the sources. The project benefited from an immediate upgrade pathway for MKR holders (the announced conversion ratio was 24,000 SKY per MKR), which shaped initial distribution and holder composition. Market snapshots in the provided dataset show active trading and liquidity across multiple Tier‑1 exchanges, with price and volume figures captured by major aggregators. The documentation and market pages emphasize governance utility and staged reward mechanisms for participation, although detailed token allocation tables, vesting schedules, or a formal premine/PIP disclosure were not present in the provided files.

Governance for Sky is described as on-chain and token-based; SKY is explicitly framed as the governance token for the Sky ecosystem. The sources document governance participation mechanics and protocol-level coordination tasks but do not present a full canonical governance charter or a named foundation/company controlling treasury functions. There is no named CEO or clear corporate entity in the provided materials, and the dataset includes notes about jurisdictional restrictions for certain activation features. Security history in the provided files shows no recorded hacks or chain halts associated with SKY; operationally, the token inherits the security assumptions of Ethereum.

Looking forward, the roadmap items in the supplied materials emphasize staged governance activations, Smart Burn Engine behavior, and market integration. The project’s immediate priorities are enabling governance participation mechanics, managing liquidity toward SKY/USDS, and rolling out the activation primitives that reward committed participants. Gaps in the supplied materials include detailed founder/team biographies, an explicit open-source code repository reference, precise PIP/premine disclosures, and node/network metrics (the token relies on Ethereum's infrastructure). Those gaps are relevant for deeper decentralization and risk assessments, but the available data confirms that SKY launched with substantial market exposure and clear governance intent.

Links
- Website: https://sky.money/
- Whitepaper: https://ipfs.io/ipfs/Qmex5coqQPXqo4FvCkPqvKfH2ibBgACTsUV3YrTGaC86LQ
- GitHub: N/A

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About the D-Score: BlockIndex.AI rates decentralization from 0 to 100 across node distribution, initial distribution, governance, age and history, and autonomy. Methodology: https://blockindex.ai/dscore