Overcollateralized borrowers deposit funds into Sky and receive DAI stablecoin.

Sky is a non-custodial stablecoin protocol built on Ethereum. Sky (previously MakerDAO) was founded by Rune Christensen and launched in 2015.

SKY tokenholders own and govern the protocol. They currently take all of the total interest and PSM fees paid by borrowers (revenue). Sky’s investors include a16z, Polychain, IOSG Ventures, etc.

governance

github

twitter

discord

etherscan

website

Stablecoin issuers

Sky | Fees and revenues breakdown

# Sky Circulating market cap Methodology

## 1. Overview

The Sky circulating market cap metric measures the total USD value of Sky tokens (formerly MakerDAO) that are currently in circulation and available for trading. This metric excludes tokens that are locked, staked, burned, or otherwise restricted from free circulation. The calculation uses CoinGecko's market data API, which provides professionally calculated circulating supply figures and current market prices. This approach leverages CoinGecko's established methodology for determining what constitutes "circulating" supply, accounting for complex token economics that may not be easily identifiable through blockchain analysis alone.

## 2. Data sources

- **CoinGecko API market data**: Real-time and historical market capitalization data for the Sky token
- **CoinGecko circulating supply data**: Professionally calculated circulating supply figures that exclude locked, staked, or restricted tokens
- **CoinGecko price feeds**: Current and historical USD price data for the Sky token
- **Token metadata**: Sky token identification and classification data for API queries

## 3. Step-by-step calculation

### Component A: Market cap data retrieval
- **Purpose**: Fetches comprehensive market data for the Sky token from CoinGecko's API
- **Logic**: The system queries CoinGecko's API using the MakerDAO identifier to retrieve current market capitalization, circulating supply, and price data. CoinGecko's methodology accounts for tokens that are locked in smart contracts, held in treasury wallets, or otherwise restricted from circulation. The API provides both current values and historical time series data
- **Key fields**: The retrieved data includes `circulating_supply` (number of tokens available for trading), `current_price` (USD price per token), and `market_cap` (calculated as circulating supply multiplied by current price)

### Component B: Data standardization and finalization  
- **Purpose**: Standardizes the retrieved market data into Token Terminal's consistent metric format
- **Logic**: The finalization process converts timestamps to daily boundaries, ensuring consistent time aggregation across all metrics. The system applies a fill_zeros strategy for handling missing data points, setting any gaps in the time series to zero rather than null values. Project metadata is added to identify this as Sky circulating market cap data, and all monetary values are confirmed to be in USD format
- **Key fields**: The standardized output includes `date` (daily timestamp), `value` (circulating market cap in USD), `project_id` (Sky identifier), and additional metadata fields for data lineage

### Final aggregation
- **Combining components**: The market cap data from CoinGecko is passed directly through the standardization process without additional calculations, as CoinGecko provides the final circulating market cap value
- **Currency conversion**: All values are maintained in USD as provided by CoinGecko's API, with no additional currency conversion required
- **Time aggregation**: Data is aggregated to daily boundaries, with the most recent market cap value used for each day
- **Final calculation**: The final metric value represents the total USD market value of Sky tokens in circulation, calculated as circulating supply multiplied by current market price, as determined by CoinGecko's methodology

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Project valuation based on token price times circulating supply.

SkySKY

Circulating market cap

Circulating market cap

Competitive landscape