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 Token trading volume Methodology

## 1. Overview

Sky's token trading volume metric measures the total daily trading volume across all tokens associated with the Sky protocol (formerly MakerDAO). This metric aggregates trading activity from major centralized and decentralized exchanges to provide a comprehensive view of Sky token liquidity and market activity. The calculation relies on external market data from CoinGecko rather than direct on-chain transaction analysis, capturing trading volume that occurs across multiple venues and trading pairs.

## 2. Data sources

The metric relies on the following data sources:

- **CoinGecko API trading volume data**: Daily aggregated trading volumes for Sky protocol tokens across multiple exchanges and trading pairs
- **Token metadata tables**: Mapping of protocol identifiers to specific token symbols and CoinGecko token IDs
- **End-of-day price feeds**: CoinGecko price data for currency normalization and validation
- **Protocol token registry**: Official list of tokens associated with the Sky protocol ecosystem

## 3. Step-by-step calculation

### Component A: Token identification and mapping
- **Purpose**: Identify all tokens associated with the Sky protocol that should be included in the trading volume calculation
- **Logic**: The system retrieves all tokens linked to the Sky protocol identifier, primarily including the main SKY governance token and DAI stablecoin. This mapping uses internal protocol registries to ensure only official Sky tokens are included in the calculation
- **Key fields**: Token symbols, CoinGecko token IDs, and protocol association flags

### Component B: CoinGecko volume data retrieval
- **Purpose**: Fetch comprehensive daily trading volume data for each identified Sky token
- **Logic**: For each Sky protocol token, the system queries CoinGecko's API to retrieve daily trading volumes. CoinGecko aggregates this data across multiple exchanges, trading pairs, and market venues to provide comprehensive volume coverage. The data includes both centralized exchange volumes and decentralized exchange trading activity
- **Key fields**: Daily `volume` in USD, `token_id`, `date`, and exchange coverage metrics

### Component C: Protocol-level aggregation
- **Purpose**: Combine trading volumes across all Sky tokens to calculate total protocol trading volume
- **Logic**: The system sums the daily trading volumes across all Sky protocol tokens for each calendar day. This aggregation treats each token's trading volume equally and avoids double-counting across different trading pairs of the same token, as CoinGecko handles this deduplication at the token level
- **Key fields**: Aggregated daily `total_volume`, `date`, and `token_count`

### Final aggregation
- **Combining components**: Daily trading volumes are summed across all Sky protocol tokens to produce a single daily trading volume figure for the entire protocol
- **Currency conversion**: All volumes are already denominated in USD through CoinGecko's standardization process, eliminating the need for additional currency conversion
- **Time aggregation**: Data is aggregated by calendar day boundaries using UTC timezone, with each day representing the total trading volume across all exchanges and venues during that 24-hour period
- **Final calculation**: The final metric represents the sum of all Sky protocol token trading volumes for each day, providing a comprehensive measure of total market activity across the Sky ecosystem. Missing data points are filled with zero values to maintain complete time series continuity.

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

Total trading volume of the project's native token across spot venues.

SkySKY

Token trading volume

Token trading volume

Competitive landscape