The SKY token is soaring today as the total value locked (TVL) in the Sky Savings platform hits a new all-time high of $4 billion.
SKY is up 14% today amid a sea of red, as continued BTC weakness is pressuring the altcoin market.
While today’s price surge makes SKY an outlier compared to the rest of the market, the token is still down 9% over the last month and has yet to recover from the mass altcoin liquidation event on Oct. 10.
Sky Savings allows users to deposit USDS and DAI to earn a variable savings rate. The vault consists primarily of USDS, which accounts for more than 91% of Sky Savings TVL, while just 8% is made up of DAI.
Sky Savings TVL – Sky Ecosystem
SSR’s TVL has been one of legacy DeFi’s big winners in 2025, growing by 63% over the last month, and 150% since Jan 1. Currently, it pays out 4.5% on USDS and 1.25% on DAI, which explains why the TVL is heavily skewed towards USDS.
Sky, formerly known as MakerDAO, completed its rebrand in August 2024, with the MKR token migrating to SKY in September 2024 alongside the launch of the USDS stablecoin.
While SKY still trades far below MKR’s all-time high market capitalization of $5.5 billion, the protocol remains one of the top 10 largest DeFi protocols, with $6.65 billion in TVL.
