sUSDS (SUSDS)
The Sky ecosystem represents an innovative frontier in the world of decentralized finance (DeFi), built around its native stablecoin, USDS. It offers a unique blend of opportunities for users to engage in a transparent, decentralized protocol, enabling new ways to interact with cryptocurrency. The ecosystem is powered by two primary tokens, USDS and SKY, which together provide an enhanced experience for users looking to explore advanced DeFi solutions.
The role of USDS in the Sky ecosystem
USDS is a stablecoin that plays a central role in the Sky Protocol. It is designed to be an upgraded version of DAI, a well-known stablecoin from MakerDAO, which can be converted to USDS at a 1:1 ratio. This conversion allows users to tap into the expanded functionalities of the Sky ecosystem while maintaining stability. USDS provides a foundation for users to engage with various features of the protocol, including Sky Token Rewards and the Sky Savings Rate.
| Ticker | SUSDS |
| Category | Stablecoins |
| Website | https://sky.money/ |
| @SkyEcosystem | |
| Contract Addresses | |
|---|---|
| ethereum | 0xa3...bd Copied! |
| base | 0x58...7aCopied! |
Converting DAI to USDS
The process of converting DAI to USDS is straightforward and maintains a 1:1 exchange rate. This conversion is optional but offers users the chance to take full advantage of the Sky ecosystem’s enhanced features. By upgrading their DAI to USDS, users can participate in rewarding crypto activities while keeping control over their funds.
Understanding SKY within the Sky Protocol
Alongside USDS, the SKY token acts as a governance token within the Sky Protocol. It offers users the opportunity to participate in on-chain voting processes that shape the future of the ecosystem. SKY is an evolution of the legacy MKR token from MakerDAO, with a conversion rate of 1:24,000 MKR to SKY. This conversion allows holders to influence decisions and access future rewards within the ecosystem.
Voting and governance
The governance structure of the Sky Protocol relies on the active participation of its community. By holding SKY tokens, users can vote on proposals that dictate changes and improvements to the protocol. This decentralized decision-making process ensures that the ecosystem remains sustainable and aligned with the interests of its participants.
Features of the Sky ecosystem
The Sky ecosystem is rich with features designed to maximize the benefits of its stablecoin and governance token. Users can engage in various activities such as trading, upgrading, and earning rewards.
Trading within the Sky Protocol
Sky.money provides a non-custodial gateway to the Sky Protocol, allowing users to trade popular tokens such as USDC, USDT, and ETH for USDS and SKY, and vice versa. This permissionless trading ensures that users can seamlessly exchange tokens within the ecosystem without relying on intermediaries.
Earning rewards with USDS
USDS holders can access Sky Token Rewards (STRs) over time, with no minimum supply requirement. The amount of STRs earned is determined by the user's share of the total USDS pool, making it a dynamic and engaging way to earn rewards. These rewards are managed through a non-custodial smart contract, ensuring that users maintain control over their assets.
Sky Savings Rate (SSR)
The Sky Savings Rate is another feature that enables users to accumulate additional USDS over time. By supplying USDS to the SSR module, users receive sUSDS tokens, which reflect their interaction with the module. The SSR dynamically adds USDS tokens to the pool, allowing the value of sUSDS holdings to potentially increase. This feature provides a straightforward method for users to grow their USDS holdings without any minimum requirements.