SKY · reward coins still outpace a throttled buyback.
SKY is the governance token of Sky, the rebranded MakerDAO stablecoin protocol on Ethereum — ~23.3B circulating, with no supply cap, rewards paid to savers and stakers, and a surplus-funded buyback that removes supply.
Sell pressure. Rewards emit ~419M SKY over the next 90 days at the current pace of about 4.7M a day.
Buy pressure. The surplus buyback removes roughly 57M SKY over the same period — running at a throttled rate since a late-March vote.
Net. About +1.6% to market over 90 days — supply heading up, as the reward stream stays ahead of the throttled buyback.
- Buyback rate reviewrateJun 14 2026 · removed from market
- Token-rewards schedule end~838M / 180dAug 26 2026 · added to market
New SKY is emitted to savers and stakers as rewards on a governance-set schedule — about 419M over the next 90 days at the current pace of roughly 4.7M SKY a day, set by the late-February 2026 vote.
SKY carries the MakerDAO history as a 1-to-24,000 redenomination of MKR, which was fully circulating — so there are no team, seed or treasury cliffs. Remaining MKR-to-SKY upgrades are 1:1 swaps of already-counted value, not new supply.
No public evidence of a discretionary treasury release in the window — monitored. SKY in the treasury is fed back into the buyback rather than sold; the unconverted MKR pool is a swap queue, not a sell overhang.
No bankruptcy estate or court-ordered distribution applies to SKY.
Protocol surplus buys SKY on the open market and removes it from the float — about 57M over 90 days. A late-March 2026 vote cut the daily spend 87% to roughly 37,600 USDS a day for three months to rebuild stablecoin reserves, so the offset is running well below its full pace.
There is no separate base-fee burn — the surplus buyback is the only mechanism that removes SKY, so it is all booked under buyback above.
No discretionary open-market buying outside the governed surplus buyback — monitored.
No new multi-year lock or escrow announced in the window — monitored.
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