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 supply Methodology

## 1. Overview

Sky's circulating token supply represents the number of SKY tokens that are publicly available and actively circulating in the market at any given time. This metric excludes tokens that are locked, reserved, or otherwise restricted from trading. The calculation relies entirely on CoinGecko's externally maintained circulating supply data, which CoinGecko calculates using their proprietary methodology that combines on-chain analysis with project-specific supply rules.

## 2. Data sources

- **CoinGecko API data**: Circulating supply figures for Sky/MakerDAO tokens, calculated and maintained by CoinGecko using their methodology that analyzes on-chain token distributions, locked tokens, treasury holdings, and other supply restrictions
- **Token Terminal project metadata**: Project identifier mapping to associate CoinGecko data with Sky's internal project classification system

## 3. Step-by-step calculation

### Component A: CoinGecko circulating supply retrieval

- **Purpose**: Obtains externally calculated circulating supply data for Sky tokens
- **Logic**: Retrieves circulating supply figures directly from CoinGecko's API using Sky's project identifier. CoinGecko maintains this data using their own methodology that tracks total token supply and subtracts locked, reserved, or restricted tokens based on on-chain analysis and project-specific rules
- **Key fields**: `circulating_supply` representing the number of tokens available for trading, timestamp information for time-series tracking

### Component B: Data standardization and formatting

- **Purpose**: Converts CoinGecko data into Token Terminal's standard metric format
- **Logic**: Applies Token Terminal's standard metric structure including consistent time boundaries, project labeling, and data quality formatting. Implements a fill-zeros strategy where missing data points are set to zero rather than being forward-filled or interpolated
- **Key fields**: Standardized `date`, `project_id`, `circulating_supply` value, and metadata fields for consistent reporting

### Final aggregation

- **Combining components**: The circulating supply data flows directly from CoinGecko retrieval to standardization without additional calculation or aggregation
- **Currency conversion**: Not applicable - circulating supply is reported as token count rather than monetary value
- **Time aggregation**: Data is maintained at daily granularity with consistent date boundaries
- **Final calculation**: The final metric value is the standardized circulating supply count from CoinGecko, with any missing data points filled with zero values to maintain complete time-series continuity

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

Number of tokens currently available for trading on the open market.

SkySKY

Circulating supply

Circulating supply

Competitive landscape