sDAI, issued by the Sky (formerly MakerDAO) Protocol smart contracts under the governance of SKY tokenholders, is a yield-bearing vault token representing a deposit into the protocol's savings rate contract that auto-accrues protocol revenue [S1][S2][S3].

Each sDAI represents value deposited into the Sky Savings Rate (SSR) savings contract, where the savings-token-to-deposit exchange rate grows automatically over time with no lockups [S3][S1]. Yield is funded by real protocol revenue delivered through the Sky Agent Network rather than token emissions [S3]. The rate is variable, set through SKY governance, and can drop significantly, go to zero, or even be negative [S2][S3]. The interface advertises zero entry and exit fees; holders bear all network gas fees [S3][S1].

There is no corporate token issuer; the asset is issued by permissionless, non-custodial smart contracts under SKY tokenholder governance, not a single corporate entity [S1][S2]. The only named entity is interface operator Skybase International, governed under the law of the Cayman Islands, which states it is not a broker-dealer, exchange, investment adviser, custodian, or financial service provider [S4]. Users must be of majority age and must not reside in prohibited jurisdictions including the United Kingdom, Russia, and China, nor appear on OFAC lists [S4]. Holders self-custody and retain exclusive control of their assets, redeeming at any time without lockups [S4][S3].

The savings token follows the ERC-4626 yield-vault standard and remains ERC-20 compatible while accruing yield [S3]. Sky Protocol operates on Ethereum and other supported networks, with cross-chain transfers via SkyLink [S3][S5]. Tokens are minted by supplying deposits to the savings contract and redeemed by returning them, settling onchain at the prevailing exchange rate, effectively immediate on Ethereum subject to gas [S3][S2].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://sky.money/" },
    { id: "S2", url: "https://docs.sky.money/legal/skybase-international/user-risks.md" },
    { id: "S3", url: "https://sky.money/susds" },
    { id: "S4", url: "https://docs.sky.money/legal/skybase-international/terms-of-use.md" },
    { id: "S5", url: "https://docs.sky.money/legal/skybase-international/user-risks" },
  ]}
/>


Tokenized funds

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

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Stablecoin issuers

Sky | Fees and revenues breakdown

Savings Dai (sDAI) is a tokenized fund share issued by Sky.

sDAI has been issued on Ethereum as an ERC-20 and ERC-4626 token since March 2023, with bridged versions on two more.

Savings DaisDAI

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