Sky (SKY) Review: Is It Safe to Use?
Sky is described as a DeFi protocol, but there isn’t enough verified detail to assess its costs, safety or how to get started.
By the SkyBitcoins review team · Updated
SkyBitcoins rating
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At a glance
Sky key facts
| Type | Decentralized finance protocol |
|---|---|
| Token | SKY governance token |
| Stablecoin | USDS |
| Listed site | Sky help forum |
| Updated |
Sky FAQs
What is Sky (SKY)?
Sky (SKY) is described as a decentralized finance protocol and the successor to MakerDAO. It is associated with the USDS stablecoin and the SKY governance token.
What is the SKY token used for?
SKY is identified as Sky Protocol’s governance token. The available details do not explain the token’s specific voting rights or how governance works.
Can I safely use Sky or connect a wallet?
The listed official site is a Sky help forum, which does not establish how to use the DeFi protocol. Costs, custody, audits and safe setup are not clear enough to recommend connecting a wallet or depositing funds.
Compare
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Liquity V2 offers user-set-rate borrowing against ETH and staked ETH, but you must choose a third-party frontend and manage liquidation risk.
Liquity V2 lets you borrow BOLD against ETH or liquid staking tokens at a rate you choose, but you must vet the frontend and manage liquidation risk.
Frankencoin offers collateral-backed ZCHF for borrowing, payments and savings, but check liquidation rules, fees and the exact network first.
Parallel offers USDp and sUSDp across five chains, but check variable yield, collateral and smart-contract risks before depositing.
Inverse Finance offers fixed-rate DOLA borrowing and sDOLA yield on Ethereum, but check market terms, liquidation risk and security before depositing.
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Mezo Borrow offers MUSD loans against Bitcoin, but check the full rate, collateral and liquidation terms before pledging BTC.
LiquidLoans offers 0% interest borrowing against ETH or PLS, but liquidation risk and unpublished fee and audit details merit caution.
POWERCITY Earn offers interest-free PXDC loans against PLSX, but collateral, peg and contract risks warrant caution.
Thala offers Move Dollar borrowing and other DeFi products on Aptos, but check live fees and collateral liquidation terms before depositing.
Balanced combines cross-chain DeFi with collateral-backed bnUSD, but check live costs, liquidation rules and audit details before depositing.
Balanced combines cross-chain swaps, lending and borrowing; check unlisted swap costs and the project’s security disclosures before depositing.
How we checked
Sources
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