USDS (USDS)
USDS is a native currency of the decentralized Sky Protocol, formerly known as MakerDAO. It represents an upgrade from the stablecoin DAI, adapted to the newly branded MakerDAO ecosystem.
Overview
In August 2024, MakerDAO rebranded to Sky.money and introduced its upgraded tokens, USDS and SKY. These new tokens offer holders of the previous MKR and DAI tokens an option to switch to the updated versions. This change was part of a broader upgrade to their token ecosystem. In September 2024, USDS was officially launched, joining DAI as a stablecoin within the Sky ecosystem.
Users have options to acquire USDS by:
- Trading DAI for USDS on the Sky Protocol
- Trading USDC, USDT, ETH, or SKY for USDS
USDS can be utilized to:
- Access Sky Token Rewards
- Engage with the Sky Savings Rate to accumulate additional USDS
Moreover, USDS can be converted back to DAI, and the upgrade remains optional for users.
| Ticker | USDS |
| Category | Stablecoins |
| Website | https://sky.money/ |
| @SkyEcosystem | |
| Contract Addresses | |
|---|---|
| ethereum | 0xdc...4f Copied! |
| solana | US...cACopied! |
| base | 0x82...dcCopied! |
Utility
USDS provides access to Sky Token Rewards (STRs) without requiring a minimum supply amount. STRs are distributed based on the participant's share of the total pool of USDS tokens, rather than the amount supplied individually. The rate of STR rewards can vary as the total pool size changes over time. Sky.money does not influence the issuance, determination, or distribution of these rewards.
The USDS stablecoin and the rewards it generates are managed through a non-custodial smart contract, ensuring user funds remain secure without an intermediary. Additionally, USDS can be saved in the Sky Savings Rate (SSR) module to accumulate more USDS over time, again without a minimum supply requirement.
When USDS is contributed to the SSR module, users receive sUSDS tokens. These tokens act as a digital record of the interaction with the SSR module and any value accrued to a position. The Sky Protocol continuously adds USDS tokens to the pool in line with the SSR, allowing the value of sUSDS to increase over time. At any time, users can redeem their sUSDS for USDS, receiving their initial amount plus any accrued rewards.