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 Fully diluted market cap Methodology

## 1. Overview

The fully diluted market cap represents the total market value of Sky (formerly MakerDAO) if all tokens that could ever exist were in circulation. This metric answers the question "What would Sky's market capitalization be if the maximum possible token supply was trading at the current market price?" The calculation uses external market data from CoinGecko, which provides comprehensive cryptocurrency market statistics including fully diluted valuations.

## 2. Data sources

The calculation relies on the following data sources:
- **CoinGecko market data**: Daily snapshots of fully diluted market cap values from CoinGecko's comprehensive cryptocurrency market database
- **CoinGecko price feeds**: End-of-day token price data for Sky/MakerDAO tokens used for validation and supplementary calculations
- **Token metadata**: Configuration data that maps Sky/MakerDAO to the correct CoinGecko identifier and token specifications
- **Market data snapshots**: Daily aggregated market statistics including circulating supply, total supply, and market cap calculations

## 3. Step-by-step calculation

### Component A: Market cap data retrieval
- **Purpose**: Extract fully diluted market cap values from CoinGecko's market data API
- **Logic**: The system queries CoinGecko's API using the Sky/MakerDAO identifier to retrieve daily snapshots of market data. CoinGecko calculates fully diluted market cap by multiplying the current token price by the maximum possible token supply (total supply rather than circulating supply). This includes tokens that may be locked, vested, or not yet released but are part of the protocol's tokenomics design.
- **Key fields**: Daily `market_cap_fully_diluted` values in USD, `date` timestamps for daily aggregation, and `token_identifier` for Sky/MakerDAO association

### Component B: Price data integration  
- **Purpose**: Provide supplementary price information for validation and cross-reference
- **Logic**: Parallel extraction of end-of-day token prices from CoinGecko's price feeds using the same Sky/MakerDAO identifier. This price data serves as a validation mechanism and may be used within the market cap calculation macro for consistency checks or alternative calculation methods.
- **Key fields**: Daily `price` values in USD, `date` timestamps aligned with market cap data, and standardized token metadata

### Final aggregation
- **Combining components**: The primary fully diluted market cap values from CoinGecko are processed through standardization logic, with price data available for validation and supplementary calculations within the dbt macros
- **Currency conversion**: All values are already provided in USD by CoinGecko, eliminating the need for additional currency conversion
- **Time aggregation**: Daily boundary logic uses end-of-day snapshots aligned with CoinGecko's daily market data updates, typically captured at UTC midnight
- **Final calculation**: The metric represents CoinGecko's calculated fully diluted market cap (current price × total supply) with gap filling applied using a 'fill zeros' strategy, meaning any missing daily values are replaced with zero rather than forward-filled or interpolated values

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

Project valuation based on token price times total supply.

SkySKY

Fully diluted market cap

Fully diluted market cap

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