stablecoin protocol review
Sky / Maker
Stablecoin and collateral system behind DAI and USDS with governance-managed collateral, peg modules, and savings mechanisms.
reviewedhigh
TVL
$8.10B
Protocol reported or analyst-entered value.
Exposure
$6.90B
Mapped collateral and market exposure.
Dependencies
12
1 critical dependencies.
Markets
1
3 monitor signals configured.
Protocol facts
Static fields from the typed research record.
ProductsDAI, USDS, Peg stability modules, Savings rate
ChainsEthereum, Base
Categorystablecoin
Review statusreviewed
Markets
Collateral, oracle, cap, and liquidation parameters by market.
Risk findings
Findings separate the observed evidence from the analyst outcome.
| Severity | Dimension | Finding | Outcome | Evidence | Sources |
|---|---|---|---|---|---|
| high | asset issuer | Collateral mix includes off-chain modules | Withdrawals can halt or peg confidence can deteriorate. | Sky/Maker stablecoins are backed by a mix of onchain and off-chain collateral modules. | |
| medium | governance admin | Governance controls collateral and rates | Governance can change market rules before users exit. | Risk parameters, modules, and emergency procedures are governance controlled. |
Dependency edges
Inbound and outbound trust assumptions touching this protocol.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| high | outbound | accepts collateral | Sky / Maker -> WBTC | Sky / Maker DAI/USDS backing system accepts WBTC as collateral or core liquidity |
| high | inbound | governed by | Spark -> Sky / Maker | Spark parameters and stablecoin exposure are connected to Sky governance |
| medium | outbound | accepts collateral | Sky / Maker -> USDC | Sky / Maker DAI/USDS backing system accepts USDC as collateral or core liquidity |
| medium | outbound | accepts collateral | Sky / Maker -> wstETH | Sky / Maker DAI/USDS backing system accepts wstETH as collateral or core liquidity |
| medium | outbound | priced by | Sky / Maker -> Ethereum | Sky collateral modules depend on Ethereum oracle and OSM update paths |
| low | outbound | settles on | Sky / Maker -> Ethereum | Sky / Maker deployment inherits Ethereum settlement risk |
| low | outbound | accepts collateral | Sky / Maker -> DAI | Sky / Maker DAI/USDS backing system accepts DAI as collateral or core liquidity |
| low | outbound | accepts collateral | Sky / Maker -> USDS | Sky / Maker DAI/USDS backing system accepts USDS as collateral or core liquidity |
| low | outbound | accepts collateral | Sky / Maker -> WETH | Sky / Maker DAI/USDS backing system accepts WETH as collateral or core liquidity |
Blast radius
Highest-severity paths that could transmit risk into or out of this protocol.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| high | outbound | accepts collateral | Sky / Maker -> WBTC | Sky / Maker DAI/USDS backing system accepts WBTC as collateral or core liquidity |
| high | inbound | governed by | Spark -> Sky / Maker | Spark parameters and stablecoin exposure are connected to Sky governance |
| medium | outbound | accepts collateral | Sky / Maker -> USDC | Sky / Maker DAI/USDS backing system accepts USDC as collateral or core liquidity |
| medium | outbound | accepts collateral | Sky / Maker -> wstETH | Sky / Maker DAI/USDS backing system accepts wstETH as collateral or core liquidity |
| medium | outbound | priced by | Sky / Maker -> Ethereum | Sky collateral modules depend on Ethereum oracle and OSM update paths |
| low | outbound | settles on | Sky / Maker -> Ethereum | Sky / Maker deployment inherits Ethereum settlement risk |
| low | outbound | accepts collateral | Sky / Maker -> DAI | Sky / Maker DAI/USDS backing system accepts DAI as collateral or core liquidity |
| low | outbound | accepts collateral | Sky / Maker -> USDS | Sky / Maker DAI/USDS backing system accepts USDS as collateral or core liquidity |
| low | outbound | accepts collateral | Sky / Maker -> WETH | Sky / Maker DAI/USDS backing system accepts WETH as collateral or core liquidity |