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 Pre-migration price Methodology

## 1. Overview

The Sky pre-migration price metric tracks the historical USD price of the MKR token before Sky's protocol migration. This metric captures the token's market valuation during the MakerDAO era, providing a baseline for comparing pre- and post-migration token performance. The calculation retrieves end-of-day price data from external market data providers and applies standardized processing to ensure consistent time series data.

## 2. Data sources

- **Market price data**: End-of-day token price feeds from CoinGecko API for the MKR token (identified by CoinGecko ID `maker`)
- **Token metadata**: Token identification mappings that connect the Sky protocol's `makerdao` tag to the corresponding CoinGecko identifier
- **External price feeds**: Historical USD price data from cryptocurrency market data aggregators

## 3. Step-by-step calculation

### Component A: Token identification and price retrieval
- **Purpose**: Retrieves historical USD price data for the MKR token from external market data sources
- **Logic**: The system identifies the target token using the CoinGecko ID `maker` and the internal dbt tag `makerdao`. Historical price data is fetched from CoinGecko's API, which provides end-of-day USD prices for the token. The price data includes timestamps and price values in USD denomination.
- **Key fields**: `timestamp` for the price date, `timestamp_grain` for time aggregation level, and `price` containing the USD value

### Component B: Column standardization
- **Purpose**: Renames the price field to reflect its pre-migration context and prepares data for final processing
- **Logic**: The standard `price` field is renamed to `pre_migration_price` to clearly identify this as historical pricing data from before Sky's migration from MakerDAO. This naming convention helps distinguish pre-migration metrics from current token prices.
- **Key fields**: `pre_migration_price` contains the USD price value, along with preserved timestamp fields

### Final aggregation
- **Combining components**: The renamed price data flows directly from the price retrieval component without additional joins or combinations
- **Currency conversion**: Prices are already in USD from the CoinGecko API, requiring no additional currency conversion
- **Time aggregation**: Daily price points are maintained with consistent timestamp boundaries as provided by the external data source
- **Final calculation**: The final metric value is the USD price of MKR token on each date, with missing data points filled using a zero-fill strategy. The data is tagged with identifier `makerdao` and processed through standardized metric finalization that applies consistent formatting, timestamp normalization, and gap-filling logic to ensure a complete time series dataset.

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

Historical USD price of the governance token before token migration.

SkySKY

Pre-migration price

Pre-migration price

Competitive landscape