thedefiant.io
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.
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.