Sky (MakerDAO)

avoid.net/sky-makerdao→58/100·82% conf.

[AI-DRAFTED · AWAITING VERIFICATION][src:claude-code-investigator]

58/100

[CAUTIONARY]82% conf.

Summary

Sky (formerly MakerDAO) is a DeFi lending protocol founded by Rune Christensen that governs the DAI/USDS stablecoin system. Rebranded in August 2024 with USDS and SKY token migration. Key risks include the March 2020 Black Thursday oracle failure ($8.32M in losses, $28M class action dismissed), governance centralization (top 3 holders controlled 78%+ of votes per academic research), DAI depeg events, and USDS freeze function controversy. No SEC/CFTC enforcement actions exist. USDS supply grew ~86% to ~$9.86B through 2025.

Have evidence about Sky (MakerDAO)?

Timeline(15 events)

2017-12-18

DAI stablecoin launches on Ethereum mainnet

2019-04-01

OpenZeppelin discovers critical DSChief governance vulnerability ($100M at risk)

openzeppelin.com

2020-03-12

Black Thursday: $8.32M in ETH collateral drained via zero-bid exploit

2020-10-01

Flash loan used to manipulate MakerDAO governance vote

2021-07-01

Maker Foundation dissolved; governance fully transferred to MKR holders

2022-10-01

Endgame Plan ratified via new Constitution

2022-10-28

Co-founder Nikolai Mushegian dies; police find no foul play

2023-02-24

$28M Black Thursday class action dismissed by US judge

2023-03-11

DAI depegs during SVB/USDC crisis

2023-04-01

Metronym settles Black Thursday subset for $1.16M

2023-07-20

MakerDAO halts lending to Centrifuge pool after $2M+ default

2023-09-01

Christensen proposes NewChain (Solana fork); Vitalik sells ~$580K MKR

2024-08-27

MakerDAO rebrands to Sky; USDS and SKY tokens launched

2024-11-01

Sky brand retention vote: ~20 voters, 4 entities hold ~80% of vote weight

2025-05-01

MKR-to-SKY conversion penalty mechanism introduced

Provenance & Audit Trail

src:claude-code-investigator

This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.

full audit log →version history →

model: claude-code-investigator

generated: 5/13/2026, 3:43:54 AM

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