Sky (SKY) Tokenomics, Unlock Schedule and Vesting Chart

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Sky (SKY) Token Unlock & Vesting Schedule

As of October 16, 2026, 23.89 billion of the 23.46 billion SKY (101.82%) have been released. The schedule is ongoing, with no final release date.

The chart shows gross modeled releases of every allocation: vesting unlocks, new issuance and reserve distributions, each allocation counted once. These have different meanings; a scheduled release is not evidence that tokens entered circulation or were sold. Review the coverage, sources and assumptions below.

Each color segment in the chart corresponds to a specific allocation group described in the Allocations section below. Underlying assumptions and data models used to reconstruct this schedule are explained in detail under Assumptions, while broader utility insights and token use cases are covered in Tokenomics & Utility.

Tokenomics & Utility

Supply and the MKR upgrade

The MKR-to-SKY upgrade began with a base conversion rate of 24,000 SKY for one MKR. A delayed-upgrade penalty now reduces the SKY received when MKR is converted. SKY’s stated maximum supply is about 23.46 billion tokens, and the protocol says new issuance beyond that cap has been disabled. These are features of the token’s design rather than measures of its trading activity. (sky.money)

SKY’s central utility is voting. Holders can also place tokens in the Staking Engine. A staked position can receive SKY rewards, retain a role in governance through delegation, and be used as collateral to borrow USDS. The borrowing rate and other settings are determined through governance. The rewards available to stakers are funded through protocol treasury activity and open-market SKY buybacks; governance determines how repurchased tokens are distributed or burned. (sky.money)

This links the token’s economic model to decisions about the wider protocol. SKY holders help set the rules for USDS and its related modules, while the protocol’s surplus helps fund token buybacks and other approved uses. Staking rewards and borrowing terms can change when governance changes those settings. (sky.money)

Assumptions

SKY was minted through MKR conversion, a later converter pre-mint and early reward programs; governance documents subsequent burns. Existing SKY is also transferred through MKR-holder conversions, rewards, liquidity funding, grants and development payments. The chart's large historical issuance path is an explicitly estimated interpolation, not a recovered monthly mint ledger, while several treasury transfers use proposed rather than verified execution months. Future holder conversions and governance-directed distributions remain undated, and the documented burns are only a lower bound.

MKR-backed SKY inventory and conversions: The sources give the amount but no release dates.
Legacy SKY rewards and Early Bird mints: The sources give the amount but no release dates.
Distribution to converting MKR holders: Releases depend on recipients claiming tokens or on grants being awarded.
Treasury-funded SKY rewards for SKY stakers: The original schedule was changed and the new timing is not yet published.
SKY token rewards for USDS suppliers: Timing not yet established.
SKY token rewards for USDS suppliers: The original schedule was changed and the new timing is not yet published.
Atlas Core Development SKY payments: Releases depend on future governance or treasury decisions.
Revenue-funded SKY buyback distributions to stakers: Releases depend on future governance or treasury decisions.

Sources (22)

Max Supply 23.46B

Unlocked Supply 23.89B

Unlock Progress 101.82%

Genesis Date September 2024

Fully Unlocked Ongoing

Allocations 10

Marketcap Rank (#) 63

Price ($) 0.071 -8.04% (7d)

24h Volume ($) 2M +7.29% (7d)

Marketcap ($) 1.7B

Fully Diluted Value ($) 1.7B

Circulating Supply 100% HIGH

Perpetuals: 4 markets on Binance, Hyperliquid, OKX and Lighter · $23.8M open interest

Spot

Perp


SKY/USDT	2.7M	241K/266K
SKY/USDT	788K	111K/108K
SKY/USD	400K	104K/101K
SKY/USDT	323K	105K/103K
SKY/USD	289K	59K/77K
SKY/USDT	235K	71K/70K
SKY/USDT	189K	169K/129K
SKY/USDC	162K	74K/69K
SKY/USDT	150K	158K/161K
SKY/USDT	82K	4.8K/9.2K
SKY/USDC	60K	11K/7.2K
SKY/TRY	56K	5.4K/3.1K
SKY/AAVE	50K	5.7K/5.7K
SKY/EUR	47K	13K/27K
SKY/USDT	21K	207/1.1K
SKY/USDC	19K	30K/29K
SKY/EUR	4.2K	15K/15K
SKY/WETH	87	215/214

Allocations

MKR-backed SKY inventory and conversions

23,462,665,147.366 tokens · 8 parts

Timing not yet established (September 2024 - September 2025): amount unknown

Observed release: 23,462,665,147.366 tokens

Estimated from the last observation onward: about 0.00 per day (0.03 per month), the rate between the observations of 13 September 2025 and 12 September 2026.

Sources: Token Holders: MKR-to-SKY conversion and SKY token supplyCodebase Change Analysis: pre-minted Converter V2 inventoryMKR-to-SKY Upgrade TimelineSKY initialization and original USDS-to-SKY rewards vestSKY virtual-asset description dated September 13, 2025SKY on-chain supply and September 2026 burn analysis

Legacy SKY rewards and Early Bird mints

426,292,860.225 tokens

Timing not yet established (September 2024 - June 2025): 426,292,860.225 tokens

Observed release: 426,292,860.225 tokens

Estimated from the last observation onward: about 1,561,512 per day (47,528,531 per month), the rate between the observations of September 2024 and June 2025.

Sources: Partial Phase 3 MKR-to-SKY Migration and SKY burn — June 26, 2025SKY initialization and original USDS-to-SKY rewards vestSky Token Rewards Rebalance — April 17, 2025MKR-to-SKY Phase Two and switch of SKY rewards vesting source; executed June 2, 2025

Last Updated: 2026-10-07 21:07:27 UTC

Description

#63

Sky.money is a non-custodial app for the decentralized Sky Protocol, which was originally MakerDAO, offering access to the USDS stablecoin, upgraded tokens, savings rates, and cross-chain bridging without holding user funds.

Sector:	Layer 1
Blockchain:	Other L1

2024