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 Treasury Methodology

## 1. Overview

The Sky treasury metric measures the total USD value of tokens held in Sky's treasury addresses on Ethereum. This metric tracks the protocol's financial reserves by monitoring token balances across two specific treasury addresses and converting all holdings to USD using end-of-day price feeds. The calculation provides daily snapshots of the protocol's treasury value, answering the business question of how much value Sky holds in its treasury reserves.

## 2. Data sources

The calculation relies on several key data sources:

- **Blockchain events**: Parsed Ethereum `Transfer` events from ERC20 token contracts to track token movements
- **Transaction data**: Ethereum transaction records and logs to identify transfers affecting treasury addresses
- **External data**: End-of-day token price feeds for USD conversion of most tokens, and daily CoinGecko market data specifically for SPK token pricing
- **Token metadata**: Contract information and token details to properly identify and process different ERC20 tokens

## 3. Step-by-step calculation

### Component A: Token balance tracking

- **Purpose**: Calculates net token balance changes for Sky's treasury addresses
- **Logic**: Processes parsed Ethereum `Transfer` events to identify all token movements affecting two specific treasury addresses: `0xbe8e3e3618f7474f8cb1d074a26affef007e98fb` and `0x8ee7d9235e01e6b42345120b5d270bdb763624c7`. For each transfer event, determines whether the treasury address is the sender (outgoing transfer, negative balance change) or recipient (incoming transfer, positive balance change). Tracks balance changes separately for each token contract and treasury address.
- **Key fields**: Important columns include `timestamp` for when the transfer occurred, `account_address` identifying the treasury address, `token_address` for the specific ERC20 contract, `token_symbol` for token identification, and `balance` representing the net change amount

### Component B: Cumulative balance calculation

- **Purpose**: Converts balance changes into running balances over time
- **Logic**: Applies cumulative sum calculations using window functions partitioned by timestamp grain, chain, account address, and token address. This transforms individual transfer events into running balance totals for each token at each treasury address. Uses forward-filling to ensure continuous time series data, carrying forward the last known balance for any missing timestamps.
- **Key fields**: Maintains the same core fields while transforming the `balance` field from incremental changes to cumulative totals

### Component C: USD conversion

- **Purpose**: Converts token balances from native units to USD values
- **Logic**: Joins token balance data with end-of-day price feeds to convert each token holding to USD. Uses standard price feeds from the main prices table for most tokens, but applies special handling for token `0xc20059e0317de91738d13af027dfc4a50781b066` (SPK token) by using CoinGecko daily market data with the identifier 'spark-2'. Only processes positive balances and filters out any tokens with zero holdings.
- **Key fields**: Transforms the `balance` field into `amount` representing USD value by multiplying balance quantities with corresponding `price_usd` from the price feeds

### Final aggregation

- **Combining components**: Sums all USD-converted token values across both treasury addresses and all token holdings to calculate total treasury value
- **Currency conversion**: Uses end-of-day price feeds for most tokens and daily CoinGecko market data for SPK token, with all conversions applied at the daily grain
- **Time aggregation**: Maintains daily time boundaries with forward-filling to ensure complete time series coverage
- **Final calculation**: The final metric value represents the sum of all token holdings (in USD) across Sky's treasury addresses, providing a comprehensive view of the protocol's treasury reserves

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

Total value of a project's onchain treasury, including its native token.

SkySKY

Treasury

Treasury

Competitive landscape

Chain breakdown