Sky (formerly MakerDAO)

https://sky.money · Published 19 Aug 2026 · updated 19 Aug 2026

ChainSift Score / 100

RISK: HIGH

Sky (formerly MakerDAO) is a rebranded DeFi protocol operating through sky.money, a non-custodial interface run by Skybase International as an independent Sky Agent. The project has a strong institutional lineage as the successor to MakerDAO, one of the most audited and established DeFi protocols, but the sky.money website itself provides almost no independently verifiable documentation — no team page, no audit links, no tokenomics page, no legal pages — all returning 404. On-chain data confirms the SKY governance token is mintable with no supply cap enforcement at the contract level and exhibits extreme holder concentration (top-10 holders control 90.8% of supply), which represents meaningful distribution risk independent of the protocol's history.

This report is published free of charge and stays published. It was produced because somebody paid for the investigation to happen — we never disclose who requested a report, and paying for one does not influence what it says.

What we could not check. These are gaps in our collection, not findings about the project. The affected sub-signals were excluded from the score and from the maximum — the project is not penalised for them.

GitHub repository activity could not be directly assessed; the link was referenced in the footer but the repository was not fetched. Repo activity score is based on the known MakerDAO/Sky protocol history and blog post dates visible on the main page.
No social media pages (Twitter/X, Discord) were fetched; manufactured activity and public presence could not be fully assessed.
Skybase International's corporate registration and jurisdiction could not be independently verified from the retrieved content; no company registry link was provided.
Full audit history for Sky Protocol (as distinct from legacy MakerDAO audits) could not be verified from the retrieved content; the /audits page returned 404 and no external audit link was present on the main page.
Token holder distribution below the top-10 concentration was not available in the retrieval data; the full Gini coefficient or distribution curve could not be assessed.

On-chain contract data

SKY · Ethereum · 0x56072c95faa701256059aa122697b133aded9279

Owner can mint new supply
Top-10 holders control 90.8% of supply
Contract source is verified on the explorer
Liquidity is NOT locked

These facts are read from the contract and override anything the project's own material claims. See the live on-chain check →

Scores by category

Team & Transparency 11/20

identities verifiable 5 · track record 4 · public presence 2

The website footer identifies 'Skybase International' as the operator of the sky.money interface, but no team members, executives, or principals are named anywhere on the fetched page. The /about and /team pages both returned 404.
MakerDAO's founding history (Rune Christensen et al.) is well-documented independently across years of public records, GitHub activity, and governance forums, and this lineage partially supports track record for the underlying protocol. However, 'Skybase International' as a distinct entity has no independently verifiable team listed on this site.
The disclaimer explicitly states Skybase operates independently from SkyDAO and the Sky Frontier Foundation, but no governance forum links, named contributors, or public-facing team handles are present on the retrieved page.
Public presence is partially established through linked social channels (Discord, GitHub, community) referenced in the footer, but no named individuals are surfaced on the site itself, making individual-level verification impossible from the retrieved content.
The rebrand from MakerDAO to Sky adds ambiguity: legacy MakerDAO contributors are publicly documented, but whether those same individuals operate Skybase International cannot be confirmed from the site content retrieved.

Tokenomics 5/20

supply documented 1 · holder concentration 0 · unlocks disclosed 0 · token function 4

The website displays a SKY market cap of $1.33B and a price of $0.0570, from which total supply can be inferred at approximately 23.3 billion tokens, but no formal supply documentation, emission schedule, or tokenomics page exists on the site — /tokenomics and /token both returned 404. Score reflects only the incidentally displayed market data.
On-chain data confirms the top-10 holders control 90.8% of the circulating supply across 14,857 holders. This level of concentration is extremely high and represents significant price and governance risk regardless of the protocol's maturity.
No vesting schedule, team allocation disclosure, or unlock calendar was found anywhere on the retrieved site. The /docs and /whitepaper pages both returned 404. This is scored zero as the pages demonstrably do not exist on this domain.
Token function is clearly and specifically stated: SKY is the governance token of Sky Protocol used to vote on protocol decisions including the Sky Savings Rate, stake for rewards, and borrow USDS. This is a concrete and documented use case beyond speculation, earning near-full marks.
The token is confirmed mintable on-chain with no fixed supply cap enforced at the contract level (0x56072c95faa701256059aa122697b133aded9279). Combined with zero vesting disclosure, the mint capability represents an undisclosed dilution risk.

Technology 11/20

source verified 4 · audit published 0 · repo activity 5 · stage matches claims 2

Contract source is verified on-chain (confirmed in retrieval facts). Full marks awarded for source_verified.
No audit link is present on the sky.money website. The /audit, /audits, and /security pages all returned 404. MakerDAO historically commissioned extensive audits (ChainSecurity, Trail of Bits, etc.), but no audit is linked from this site or this interface. Per methodology, a claimed audit with no link scores 0; no claim is even made here.
GitHub is linked in the site footer, and the underlying Sky/MakerDAO protocol has a well-established open-source development history. The site references recent dated blog posts (August 2026, July 2026) indicating active ongoing development, supporting a reasonable repo_activity score. Full verification of commit frequency was not possible from the retrieved content alone.
The site presents a live, functioning DeFi interface with real on-chain statistics (4.72B sUSDS supply, $14.20B collateral, 9.78B USDS supply), and references active integrations with Morpho and Pendle. Product stage appears consistent with a live protocol.
The site makes no claim of being in beta or testnet, yet no audit link exists on the interface site. The gap between the sophistication of claims (market-leading returns, world's largest yield-generating stablecoin) and the absence of any linked security documentation on the site itself is a credibility gap, partially offset by the known MakerDAO heritage.

Red Flags 14/20

contract mechanics 6 · copied content 4 · impossible claims 3 · manufactured activity 1

The SKY token contract is confirmed mintable with no fixed supply cap. While this is typical for governance tokens with programmatic emission, combined with 0% locked liquidity and 90.8% top-10 holder concentration, this represents a significant structural risk. No honeypot, blacklist, sell tax, or pause function was detected, which is positive. Contract mechanics score reflects the mint function and concentration risk as the primary concerns.
Liquidity locked at 0% is confirmed on-chain. No liquidity lock mechanism is in place, meaning liquidity providers can exit positions freely. This is noted as a risk factor.
The site includes appropriately cautious language throughout ('variable rate', 'not a guarantee', 'subject to change'), which is positive. However, the phrase 'world's largest yield-generating stablecoin' applied to sUSDS is a superlative marketing claim that is not independently sourced on the page. Minor deduction applied.
No content was identifiable as directly copied from another project in the retrieved text. The disclaimer and product descriptions appear specific to Sky/Skybase.
The on-chain holder count of 14,857 and the displayed protocol statistics ($14.20B collateral) are consistent with an established protocol rather than manufactured activity. However, follower counts and social engagement data were not retrievable from the fetched content, so manufactured_activity cannot be fully assessed — partial score reflects inability to verify rather than confirmed manufacturing.
The disclaimer contains an unusual level of legal distancing ('Skybase operates independently from SkyDAO, Sky Frontier Foundation, and all other Sky Ecosystem participants'), which, while legally understandable, makes accountability attribution difficult for users.

Legal 5/20

entity disclosed 4 · jurisdiction 1 · terms and privacy 0 · regulatory posture 0

A legal entity is named: 'Skybase International' is identified in the footer disclaimer as the operator of the sky.money interface. This is a specific entity name, earning partial credit, but no registration number, incorporation details, or verifiable corporate record is linked.
The entity is named 'Skybase International' suggesting international or offshore incorporation, but no specific jurisdiction is stated anywhere in the retrieved content. 'International' in a company name is not a jurisdiction.
The /terms, /terms-of-service, /terms-and-conditions, /legal, /privacy, and /privacy-policy pages all returned 404 — these pages demonstrably do not exist on this domain as of the retrieval date. Score is zero as absence is confirmed, not a retrieval failure.
The site explicitly notes that certain products are 'currently unavailable in the US', indicating awareness of US regulatory perimeter, which is a positive regulatory signal. However, no formal regulatory disclosure, licensing statement, or compliance framework is documented. The product (stablecoin yield, governance token staking) operates in areas of active regulatory scrutiny globally.
The disclaimer structure — extensively disclosing what Skybase does NOT do and does NOT control — appears designed to limit regulatory liability but does not constitute a positive regulatory posture with disclosed registrations or compliance frameworks.

Key risks

Extreme holder concentration: top-10 holders control 90.8% of SKY supply, creating governance capture risk and potential for outsized price impact from large holder actions, regardless of the protocol's stated decentralization.
Mintable token with no disclosed supply cap or emission schedule on the site: the owner address retains the ability to mint additional SKY tokens; no vesting or allocation transparency was found on the retrieved site.
Zero locked liquidity (0%): no liquidity lock mechanism is in place for the SKY token, meaning liquidity can be withdrawn freely at any time.
Absence of Terms of Service and Privacy Policy (all legal pages return 404): users of sky.money have no documented contractual framework, which may limit legal recourse and creates regulatory exposure for users in jurisdictions requiring such disclosures.
No audit links on the sky.money site: despite the protocol's heritage, no security audit is linked from the current interface, leaving users unable to verify the security posture of the Skybase-operated frontend and its integrations with Morpho and Pendle.
Regulatory ambiguity: products including stablecoin yield and governance token staking are areas of active regulatory development in major jurisdictions; the US restriction notice suggests awareness of this risk, but no formal compliance framework is disclosed.
Entity accountability gap: Skybase International's extensive disclaimers disavowing control over the protocol, governance, and rates, combined with no jurisdiction disclosure and no named principals, make it difficult to establish accountability in the event of user harm.

Questions to ask before investing

Can Skybase International provide its full legal name, jurisdiction of incorporation, and company registration number, and explain the corporate relationship between Skybase International, SkyDAO, and the Sky Frontier Foundation?
Where are the linked security audits for the SKY token contract and the sky.money interface smart contract integrations (Morpho vaults, Pendle fixed yield)? Specifically for the post-MakerDAO rebrand contracts.
What is the full SKY token allocation breakdown — team, investors, ecosystem, treasury — and what vesting or lock-up schedules apply to each allocation?
Who holds the mint authority for the SKY token contract (0x56072c95faa701256059aa122697b133aded9279), under what governance conditions can new tokens be minted, and is there an on-chain supply cap?
Given that the top-10 holders control 90.8% of SKY supply, can the project identify which addresses constitute this concentration (e.g., protocol treasury, staking contracts, exchanges) and whether they are subject to governance or lock-up constraints?
Why do the Terms of Service and Privacy Policy pages return 404, and under what legal framework do users of sky.money have recourse in the event of a loss?

Scored by the published ChainSift methodology: five categories of 20 points each. Sub-signal scores are summed by code, not chosen by a language model. This is risk assessment, not investment advice, and it describes what was observable on the date shown. Projects change.