Complete reference of all tokens in the Sky ecosystem.
Core Tokens
| Token | Symbol | Type | Description |
|---|---|---|---|
| Sky Dollar | USDS | Stablecoin | Primary unit of account; 1:1 USD peg; ~$9B supply |
| Savings USDS | sUSDS | Yield token | Deposit USDS → earn Sky Savings Rate automatically |
| Sky | SKY | Governance | Voting rights + profit share via staking/buybacks |
| Segregated stUSDS | stUSDS | Risk capital | Segregated capital for SKY-backed borrowing; bears haircut risk |
Legacy Tokens
| Token | Symbol | Type | Description |
|---|---|---|---|
| Dai | DAI | Stablecoin | Original stablecoin; 1:1 convertible with USDS |
| Maker | MKR | Governance | Original governance token; 1:24000 convertible with SKY |
Agent Framework Tokens
Prime Agent Tokens
| Token | Symbol | Agent | Description |
|---|---|---|---|
| Spark | SPK | Spark | Spark Prime governance token |
| Grove | — | Grove | Grove Prime governance token |
| Keel | — | Keel | Keel Prime governance token |
| Obex | — | Obex | Obex Prime governance token |
All Prime tokens: 10B genesis supply, emissions permanently disabled
Risk Capital Tokens
| Token | Type | Scope | Description |
|---|---|---|---|
| srUSDS (Planned) | Senior Risk | Global | Senior risk capital for all of USDS; LCTS-only |
| TEJRC | Junior Risk | Per-Prime | Tokenized external junior risk capital; LCTS-only |
| TISRC | Senior Risk | Per-Prime | Tokenized isolated senior risk capital; LCTS-only |
| TESRC | Senior Risk | Per-Prime | Tokenized external senior risk capital |
Queue & Position Tokens
| Token | Type | Description |
|---|---|---|
| LCTS Shares | Position | Non-transferable internal accounting for queue positions (Portfolio Halos) |
| NFAT | Position | Non-Fungible Allocation Token — transferable claim on individual Term Halo deals |
| Halo Unit Shares | Ownership | Pro-rata claim on Halo Unit assets |
Token Standards
| Standard | Token Type | Characteristics |
|---|---|---|
| LCTS | Fungible | Liquidity Constrained Token Standard — queue-based entry/exit, pooled positions, uniform terms |
| NFATS | Non-fungible | Non-Fungible Allocation Token Standard — individual deals, bespoke terms, transferable |
Future Tokens (Post-Laniakea)
| Token | Type | Description |
|---|---|---|
| SGAs | Stablecoin | Sky Generated Assets — new currencies issued by Generators |
Token Mechanics
USDS
- 1:1 peg to USD
- Minted against collateral or via PSM
- Convertible 1:1 with DAI
- Available on multiple chains via SkyLink
sUSDS
- ERC-4626 vault token
- Exchange rate increases at Sky Savings Rate
- No lock-up; freely redeemable
- Earns yield on all supported chains
SKY
- Governance voting power
- Staking rewards (SSTR)
- Collateral for SKY-backed borrowing
- Deflationary via Smart Burn Engine
- 24,000 SKY = 1 MKR (conversion rate)
stUSDS
- Segregated from main protocol risk
- Higher yield than sUSDS (compensates for haircut risk)
- Dynamic debt ceiling = total stUSDS deposits
- Absorbs losses from SKY liquidation failures
srUSDS
- LCTS-based subscribe/redeem
- Exchange rate set each settlement
- Increases from yield, decreases from haircuts
- Global senior risk capital for USDS
NFAT
- ERC-721 representing claim on Term Halo deal
- Each NFAT has individual terms (duration, size, yield) within buybox
- Transferable — can be sold or used as collateral
- Burned on redemption when funds are claimed
LCTS
- Queue-based entry and exit
- Daily settlement processing (lock 13:00 UTC, settle by 16:00 UTC)
- Pooled positions with uniform terms
- Non-transferable queue positions; shares may be transferable depending on implementation
Token Addresses
See Appendix G: Deployed Infrastructure for contract addresses.