RWA·Ethereum · Base · Arbitrum · Optimism · Solana
Sky (MakerDAO)
Sky Protocol is the rebranded MakerDAO. It issues USDS (the upgraded successor to DAI; 1:1 convertible via the official converter) and DAI itself, plus the yield-bearing sUSDS (ERC-4626) which streams the Sky Savings Rate (SSR). Combined USDS+DAI supply sits at ~$13B in early 2026; SSR was 3.75% APY at end of Q1 2026.
- 01USDS / DAI stablecoin integrations
- 02sUSDS as a yield-bearing dollar (savings UX)
- 03CDP-style borrowing against ETH/wstETH/RWA collateral
- 04DAI ↔ USDS one-click conversion
- 05treasury allocation into a battle-tested onchain dollar
- pnpm add viem
| Variable | Scope | Description |
|---|---|---|
| NEXT_PUBLIC_USDS_ADDRESS | Client | USDS ERC-20 on Ethereum mainnet: 0xdC035D45d973E3EC169d2276DDab16f1e407384F. |
| NEXT_PUBLIC_SUSDS_ADDRESS | Client | sUSDS ERC-4626 (Sky Savings Rate vault) on Ethereum mainnet: 0xa3931d71877C0E7a3148CB7Eb4463524FEc27fbD. |
| NEXT_PUBLIC_DAI_USDS_CONVERTER | Client | DaiUsds converter (1:1, both directions) on Ethereum mainnet: 0x3225737a9Bbb6473CB4a45b7244ACa2BeFdB276A. |
Use Sky as the dollar layer. To save: `IERC20(USDS).approve(sUSDS, amount); IERC4626(sUSDS).deposit(amount, receiver)` mints sUSDS shares whose price grows at the Sky Savings Rate; `redeem(shares, receiver, owner)` is instant (no cooldown, no queue) so build the UX as 'tap to compound'. To convert legacy DAI: `DaiUsds.daiToUsds(receiver, daiAmount)` (and `usdsToDai` for the reverse) — 1:1, no fee, no slippage. To borrow USDS against collateral, open a Vault via the official Vault Manager (LST, ETH, wstETH, RWA collaterals supported); each ilk has its own stability fee, debt ceiling, and liquidation ratio set by Sky governance. Never compute SSR from a hardcoded APY — read it on-chain via the SSR module so the UI tracks governance changes.
- ⚑USDS supply, debt ceilings, and the SSR are governance-controlled — the rate changed multiple times in 2025-2026 and can move sharply; pull live values, never hardcode APY.
- ⚑sUSDS withdrawals are instant in normal conditions, but in extreme stress the protocol's PSM/USDC reserve can be drawn down — large redemptions may face slippage if forced through the open market.
- ⚑DAI is not deprecated, but new development is on USDS; some integrations (Aave GHO collateral, certain Curve pools) still use DAI — match the asset to the venue.
- ⚑Vault liquidations use Chainlink (and recently Pyth on some ilks) — a bad oracle update or extreme price gap can liquidate positions before users react; LSTs (wstETH, etc.) carry additional de-peg risk on top.
- ⚑Stablecoin de-pegs in 2023-2025 (USDC SVB event, USDT brief de-peg) propagated into DAI/USDS via the PSM — surface PSM composition (USDC share) so users can assess this risk.
- ⚑Cross-chain USDS on Base/Arbitrum/Solana uses canonical bridges; the L1 contract is the source of truth — never assume L2 USDS is freely redeemable without bridging back.