Add SKY as Collateral on USDS, USDC, USDT Markets on ETH Mainnet

New Markets
1

Summary

StableLab proposes the addition of a SKY as Collateral on USDS, USDC, USDT Markets on ETH Mainnet .

Project and Token Description

SKY is an upgraded version of the MKR token. It is an ERC-20 token with permit functionality and EIP-1271 signature validation. The SKY token also enables two-way conversions between SKY and MKR tokens, using the mint and burn functions of both tokens. The conversion rate of the stablecoin is 24,000 SKY to 1 MKR.

Motivation & Benefits to Compound Community

MKR and SKY are one of the most utilized and liquid DeFi governance tokens. By Compound adding SKY as a collateral, it will help to bring new users, growth, and TVL to Compound community.

Sky Protocol has an extensive history of collaborating with DeFi protocols. Therefore, we believe that this is the opportunity for both SKY and Compound to grow even further.

Point of Contact:

Price Feed Behavior

Is the price feed supported by ChainLink? If not, what entity is responsible for posting price updates? List names and addresses which may update the price feed?

Yes. SKY is supported by ChainLink.

Source:
https://docs.chain.link/data-feeds/price-feeds/addresses?network=ethereum&page=1&search=sky
Address:

0xee10fE5E7aa92dd7b136597449c3d5813cFC5F18

Etherscan:

Relevant Statistics and Links

Website:

https://sky.money/

Twitter:

https://x.com/SkyEcosystem

CoinMarketCap:

CoinGecko:

https://www.coingecko.com/en/coins/sky

MarketCap:

1.88 billion USD (SKY and MKR combined) https://info.sky.money/

Contract address:

0x56072c95faa701256059aa122697b133aded9279

Official Docs:

Platform:

SKY is built on Ethereum, as an ERC-20 token

The smart contract code for SKY token:

The smart contract code can be found in thehttps://github.com/makerdao/sky

A security audit report by a third-party security firm:

The audit reports can be accessed here

Community Check

The community should review the following items before approving a new asset.

  • Veracity of the info provided.
  • Correct configuration of any new contracts (oracle, custom price feeds, asset).
  • Documentation quality.
  • Favorable results in the execution of the token test suite or integration simulations.

Additionally, we look forward to the community to suggest

  • Collateral Factor
  • Reserve Factor
  • Borrowing Limit
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