MakerDAO Statistics 2026: Sky Rebrand, USDS Supply and Revenue

MakerDAO, now operating as Sky Protocol, had $9.87 billion of USDS and DAI in circulation on October 2, 2026, according to the Sky Ecosystem financial dashboard. Over the trailing twelve months, the protocol earned $410.36 million in revenue and $171.56 million in net income. Approximately 90.8% of the original MKR supply has migrated to SKY at the 24,000:1 ratio. Current MakerDAO statistics therefore describe a protocol midway through a long transition, with both generations of tokens still live.

Circulating USDS totals $5.94 billion, against $3.93 billion of circulating DAI. The figures below cover supply, revenue, expenses, collateral, Sky Agents, SKY buybacks, and the migration, drawn from protocol reports and on-chain dashboards.

Key Takeaways

• Sky Protocol’s gross revenue reached a record $124.20 million, per the foundation’s Q2 2026 report, in Q1 2026 before easing to $107.35 million in Q2 2026.
• Stablecoins back 51.59% of USDS loan coverage, ahead of on-chain crypto lending at 27.57%.
• sUSDS supply reached $5.52 billion at the end of Q2 2026, up 149% from $2.22 billion in Q2 2025.
• Spark accounts for $3.74 billion, or 63%, of the $5.97 billion Total Sky Obligation listed across the top Primes.
• Unique holders across USDS and DAI stood at 673,811 in Q2 2026, against 532,008 in Q2 2025.
• Cumulative SKY buyback deployments crossed $121 million in USDS by the end of Q2 2026, acquiring 1.9 billion SKY.
• Governance raised the Delayed Upgrade Penalty on MKR conversions from 3% to 4% during Q2 2026.

Editor’s Choice

• Circulating supply: $9.87 billion in USDS and DAI.
• Total supply: $11.65 billion, including $1.78 billion outside circulation.
• Total collateral: $16.88 billion, against $9.96 billion of loan coverage.
• Trailing twelve-month revenue: $410.36 million, up 8.1% year over year.
• Total value locked: $6.04 billion, per DefiLlama.
• SKY market capitalization: $2.11 billion at a $0.09 token price.
• SKY staked: 17.5 billion tokens.

MakerDAO Statistics: Sky Protocol Key Figures

• Circulating USDS and DAI grew by $333.33 million, or 3.49%, over the 30 days to October 2, 2026.
• Total supply, including tokens outside circulation, reached $11.65 billion, up 4.81% over 30 days.
• Net income over the trailing twelve months was $171.56 million, up 99.1% year over year, for a net margin of 41.81%.
• Net interest income over the same window was $204.44 million, at a net interest margin of 1.82%.
• Sky Reserves, defined as Sky Capital plus the Operating Cash Balance, stood at $83.51 million.
• DefiLlama records $6.04 billion in total value locked for Sky on Ethereum.
• DefiLlama puts cumulative fees at $1.262 billion and cumulative revenue at $764.76 million.
• The dashboard values circulating SKY at 11.5x trailing earnings and 4.8x trailing revenue.

Source: Sky Ecosystem Financial Insights (BA Labs), October 2026

DefiLlama defines total value locked as the total value of all coins held in the smart contracts of the protocol. That narrower lens keeps TVL below total collateral, as in wider decentralized finance market data.

About This Data

Compiled from 17 sources. Nine were published by the protocol and its foundation: three Sky Frontier Foundation reports, documentation, the white paper, a settlement post, the governance portal, and two official X posts. Eight are on-chain dashboard pages from BA Labs and DefiLlama. Sources cover events from 2015 to October 2026, and dashboard figures were read on October 2, 2026. Only protocol-published or on-chain data qualified. Figures are reviewed on a rolling basis and updated when sources publish new editions.

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USDS and DAI Supply Statistics

• Combined USDS and DAI supply grew from $7.1 billion at the end of Q2 2025 to $11.70 billion at the end of Q1 2026, then fell to $10.04 billion at the end of Q2 2026.
• Combined USDS and DAI supply peaked above $11.8 billion in early April 2026.
• The Q2 report tied the decline to a mid-quarter Sky Savings Rate cut from 3.75% to 3.60%, redemptions through the Peg Stability Module, and broader stablecoin market conditions.
• The foundation’s Q4 2025 update put 2025 growth in what it calls USDS supply at 74%, to $9.2 billion.
• Total stablecoin supply closed August 2026 at $9.53 billion, up from $9.41 billion in July.
• DefiLlama’s stablecoin tracker puts the USDS market cap alone at $6.698 billion.

USDS ranked as the world’s third-largest stablecoin and its largest yield-generating stablecoin in the Q4 2025 update. The foundation tied the Q2 pullback to a rate cut, PSM redemptions, and broader stablecoin conditions, a distinction that matters when this series is set against other decentralized stablecoin adoption data.

Recent Developments

• September 28, 2026: An executive proposal to enable Osero’s cBEAM and adjust ALLOCATOR-GROVE-A parameters passed on September 26 with 7,046,397,155 SKY in support and executed on September 28.
• September 23, 2026: Galaxy added $100 million of sUSDS to its corporate balance sheet and approved sUSDS as collateral across its institutional trading business.
• September 3, 2026: Soter Labs’ MSC #12 settlement summary put Sky’s August net revenue at 15,745,296 USDS.
• August 21, 2026: Token Terminal data placed Sky at $4.6 billion in tokenized funds, in a category totaling $34.4 billion.
• August 13, 2026: Sky Governance ratified Stage 2 of SKY Staking Rewards, allocating 22.5% of surplus to SKY buybacks for Staking Rewards, 22.5% to USDS Staking Rewards, and 5% to SKY buy and burn each settlement cycle.
• August 2026: Sky Reserves closed the month at $76.99 million, against the $150 million Solvency Reserve target.

USDS vs DAI Supply Breakdown

• Circulating supply of $9.87 billion equals 84.8% of the $11.65 billion total, with $1.78 billion, or 15.3%, outside circulation.
• Circulating USDS accounts for $5.94 billion, or 51.0% of total supply, and circulating DAI for $3.93 billion, or 33.7%.
• Counting every wrapper, USDS totals $6.84 billion and DAI $4.81 billion.
• Within USDS, the dashboard’s supply breakdown view puts sUSDS at $4.66 billion, or 68.1%, while unwrapped USDS accounts for $1.23 billion.
• SPK Token Rewards hold $563.33 million of USDS, and GROVE Token Rewards hold $169.69 million.
• stUSDS holds $190.23 million.
• On the DAI side, $4.61 billion sits unwrapped and $202.11 million sits in the DAI Savings Rate contract.

MakerDAO to Sky Rebrand and Token Migration Statistics

• The original Dai system accepted only ETH as collateral, and support for multiple collateral asset types arrived in November 2019.
• MKR launched alongside MakerDAO in December 2017 with an initial supply of 1,000,000 tokens, distributed through private sales rather than a public ICO.
• In November 2024, governance capped total SKY supply at 23,462,665,147 tokens with no programmatic emissions.
• Approximately 90.8% of the original MKR supply had migrated by the end of Q2 2026, generating 21.3 billion SKY of the current supply.
• MKR can no longer be used to vote on the Sky governance portal.

Source: Maker Protocol White Paper, Sky Protocol documentation, Sky on X, Sky Frontier Foundation Q2 2026 report (2015 to 2026)

Sky Protocol Revenue Statistics

• Sky Protocol booked $107.35 million of gross protocol revenue in Q2 2026, up 10.5% from $97.15 million in Q2 2025.
• The Q2 2026 total sat 13.6% below the Q1 2026 record of $124.20 million.
• Net Protocol Revenue rose 25.1% year over year to $40.09 million in Q2 2026, with the net revenue margin at 37.3%.
• The annualized gross revenue run-rate stood at $429.4 million based on Q2 monthly settlement cycles.
• Full-year 2025 gross protocol revenue grew 10% to $338 million.
• Protocol profits totaled $53 million in 2025, against $86 million in 2024, including a loss of $14 million in Q1 2025.
• DefiLlama’s income statement shows $85.09 million of gross protocol revenue for Q3 2026, down from $98.43 million in Q2 2026.
• DefiLlama records $113.66 million for Q1 2025 and $108.18 million for Q4 2025.

Key finding: The Q2 2026 report puts Q2 2025 gross protocol revenue at $97.15 million. The Q4 2025 update lists the same quarter at $84 million, and DefiLlama records $84.42 million. The figures differ by publication, so a MakerDAO revenue number is only comparable with others from the same report or dataset.

Source: Sky Frontier Foundation, Q4 2025 Update and 2026 Outlook

Note: The source marks the Q1 2025 protocol profits figure (-14) and the Q4 2025 gross revenue figure (76) with footnotes that are not reproduced here.

How does MakerDAO make money?

Sky Protocol, the former MakerDAO, drew $58.15 million of its $107.35 million Q2 2026 gross revenue from Primes, $34.60 million from Stablecoins and the PSM, and $13.48 million from Crypto Vaults. Its net interest income, interest earned on the collateral book against interest paid on savings and staking, reached $204.44 million over twelve months.

Sky Protocol Expenses and Net Revenue

• Total expenses rose 6.4% to $67.26 million in Q2 2026, driven by Sky Savings Rate distributions to sUSDS holders.
• The USDS Savings expense grew 10.6% to $53.91 million in the quarter.
• Operating expenses fell to $0.16 million in Q2 2026 from $2.47 million in Q1, while integration expenses reached $9.27 million.
• The expense-to-revenue ratio rose to 62.7% from 50.9% in Q1 2026.
• Net revenue for MSC #12 came to $15.75 million, with 20%, or $3.15 million, routed to Security and Maintenance and $6.3 million to Sky Reserves.
• In August 2026, gross protocol revenue declined 11.47% against August 2025, while Net Protocol Surplus increased 13.40% year over year.

Source: Sky Frontier Foundation, Q2 2026 Quarterly Report

Savings payouts now drive the cost base, which ties net revenue closely to the rate governance sets.

Sky Savings Rate and sUSDS Statistics

• The sUSDS rate stood at 3.60%, with $4.86 billion in total deposits.
• sUSDS, the USDS staking product, paid 5.07% on $190.23 million of staked USDS.
• sUSDS closed Q2 2026 at $5.52 billion, down from $6.45 billion at the end of Q1.
• Cumulative Sky Savings Rate distributions to sUSDS holders crossed $250 million on June 29.
• The end-of-quarter Sky Savings Rate fell from 4.75% in Q3 2025 to 3.60% in Q2 2026.
• On August 19, Sky.money reported $7.1 billion across its product suite, including $4.92 billion in the Sky Savings Rate.

Source: Sky Frontier Foundation, Q2 2026 Quarterly Report

The sUSDS balance fell by $0.93 billion over Q2 2026, the quarter of the rate cut. Rate-driven swings like this one argue for reading sUSDS figures next to broader stablecoin market cap data rather than in isolation.

USDS Collateral Backing Statistics

• Total loan coverage backing USDS stood at $9.96 billion at 19:14 UTC on October 2, 2026, with maintenance coverage of $10.76 billion and total collateral of $16.88 billion.
• Stablecoins provided $5.14 billion of loan coverage, or 51.59%.
• Onchain crypto lending provided $2.75 billion of loan coverage against $8.9 billion of total collateral.
• AAA corporate debt accounted for $497.14 million of loan coverage, and short-duration Treasury bills accounted for $428.9 million.
• At the end of Q2 2026, Primes Vaults held $6.84 billion, approximately 55% of the $12.32 billion in protocol collateral.
• Protocol collateral grew 18.2% year over year to $11.10 billion by the end of August 2026.

Why it matters: Real-world-asset vaults are now a residual $92.97 million of legacy pre-rebrand integrations, and institutional RWA exposure flows through Prime Agent allocations instead. The tokenized-Treasury story that defined late MakerDAO has not gone away; it has moved one layer down, into the Sky Agents’ books.

USDC’s own supply trend is therefore part of the USDS picture, and the USDC and USDT supply comparison follows it.

Sky Agent Network and Institutional Allocation Statistics

• Spark carries $3.74 billion of the $5.97 billion Total Sky Obligation, Grove $1.83 billion (31%), and Obex $404.16 million (7%).
• Prime Agent Vaults totaled $6.84 billion at the end of Q2 2026, with approximately $2.58 billion allocated across Janus Henderson, BlackRock, Anchorage, PayPal, Securitize and Galaxy.
• Sky Agents held approximately $854 million in the Janus Henderson Anemoy Treasury Fund (JTRSY) and approximately $390 million in the Anemoy AAA CLO Fund Token (JAAA), a combined $1.24 billion.
• As of September 1, Sky Agents held approximately $1.23 billion with Janus Henderson, $618.32 million with BlackRock, and $304 million with Galaxy.
• Galaxy exposure stood at $27 million at the Q2 close before the Grove warehouse lending facility lifted it.
• Sky Agent vaults expanded from $5.63 billion to $6.06 billion during August 2026.

Tokenized funds now link USDS directly to the asset tokenization market.

SKY Token Supply and Staking Statistics

• SKY had a total supply of 23.5 billion tokens and a circulating supply of 23.4 billion on October 2, 2026.
• SKY’s market capitalization rose 32.97% over 30 days to $2.11 billion, with the price at $0.09.
• Holders had 17.5 billion SKY staked across every rewards contract, up 0.52% over 30 days.
• The highest staking rate on offer was 6.53%, and all rewards have paid out $121.4 million in cumulative USD value.
• At the end of August 2026, 17.4 billion SKY was staked, approximately 74% of circulating supply.
• The annualized staking rate compressed to approximately 5.7% at the end of Q2 2026 from 10.51% in Q1.
• DefiLlama values staked SKY at $971.63 million, or 43.78% of market cap.

Source: Sky Frontier Foundation, Q2 2026 Quarterly Report

Roughly a quarter of circulating SKY sits outside staking contracts, a ratio worth comparing with wider crypto staking statistics.

SKY Buyback Statistics

• SKY buybacks totaled $96.8 million in 2025, with $40.2 million in Q2 2025 and $19.4 million in Q4 2025.
• The program acquired 1,554 million SKY in 2025, including 619 million SKY in Q2 2025.
• Sky Protocol deployed $3.41 million in USDS to SKY buybacks in Q2 2026, acquiring 51 million SKY at an average price of $0.067.
• MSC #12 routed $2.83 million to SKY buybacks for stakers and $2.83 million to USDS staking rewards, each 45% of the Smart Burn Engine allocation.

By the numbers: Cumulative SKY buyback deployments crossed $121 million in USDS since February 2025, acquiring 1.9 billion SKY at an average price of $0.063. Circulating SKY supply stands at 23.4 billion tokens. The cumulative buybacks equal about 8.1% of that circulating supply.

USDS Holder and Governance Statistics

• Unique holders across USDS and DAI rose from 532,008 in Q2 2025 to 680,170 in Q1 2026, then held broadly steady at 673,811 in Q2 2026.
• The holder count stood at 551,089 in Q3 2025 and 581,990 in Q4 2025.
• The governance Chief contract held 7,158,570,875 SKY. That equals about 30.6% of circulating SKY.
• The governing executive proposal, dated September 24, 2026, passed with 7,046,397,155 SKY in support. That is about 98.4% of the SKY in Chief.

Hundreds of thousands of addresses hold the stablecoins, while about 7 billion SKY tokens decide executive votes, a gap worth comparing with wider DAO governance data.

Is MakerDAO the same as Sky?

Yes. Sky Ecosystem is the protocol formerly known as MakerDAO, and SKY traces its origins to MKR, the governance token that launched alongside MakerDAO in December 2017. Governance approved the move from MKR to SKY in August 2024 at 1 MKR to 24,000 SKY.

The older tokens did not disappear: $3.93 billion of DAI still circulates alongside $5.94 billion of USDS. MakerDAO statistics and Sky statistics therefore describe one protocol, measured across two generations of tokens.

Conclusion

Sky Protocol, the former MakerDAO, had $9.87 billion of USDS and DAI in circulation when this data was read. It earned $410.36 million in trailing revenue and $171.56 million in net income, while stablecoins back 51.59% of its loan coverage. Its balance sheet now leans on other stablecoins and a few Prime Agents rather than the crypto vaults that made MakerDAO’s name.

Two scheduled mechanisms set the pace from here. The Delayed Upgrade Penalty is scheduled to rise by one percentage point each quarter for remaining MKR holders. Sky Reserves sat at roughly half the $150 million Solvency Reserve target at the end of August, and once that target is crossed, the buyback allocation scales up toward a long-run 25% share of Net Protocol Surplus.