Why this rating: SKY is now the sole governance token (MKR deprecated; holders directed to upgrade). On-chain executive votes via the Chief contract (vote.sky.money) give SKY holders treasury control, and the Smart Burn Engine is a live contract that routes surplus USDS/DAI into SKY buybacks ($114.5M repurchasing 1.83B SKY as of Mar 2026) plus stSKY staking rewards — a hard economic right, though Atlas-governed (configurable via executive vote). GSA-3 pass with conditionality flag: Smart Burn Engine is contract-executed and actively running, but funding/params are set by Atlas ruleset via executive vote — strong-but-not-constitutional economic right (analogous to Curve's fee distributor); GSA-1 pass with flag: SKY holders control treasury via on-chain executive votes, but Aligned Delegate concentration is severe (top delegate ~44.58%) and Atlas is a governance-constitution layer
GSA-3 pass with conditionality flag: Smart Burn Engine is contract-executed and actively running, but funding/params are set by Atlas ruleset via executive vote — strong-but-not-constitutional economic right (analogous to Curve's fee distributor)
GSA-1 pass with flag: SKY holders control treasury via on-chain executive votes, but Aligned Delegate concentration is severe (top delegate ~44.58%) and Atlas is a governance-constitution layer
GSA-2 near-miss: no explicit on-chain recall of Aligned Delegates; accountability is mandate-based, not directly enforceable
MKR->SKY migration completed (2025-26); Mar 2 2026 executive cut staking emissions (838.18M SKY over 180 days normalized)
No proposal history is available for Sky (MakerDAO) in the current scanner window.
Metrics
Curated metric — next quarterly update. On-chain revenue, treasury, and distribution-enforcement reads are not yet wired for this DAO's space in the Institute's state files; the quarterly re-assessment cycle will populate this block.
GSA-3 pass with conditionality flag: Smart Burn Engine is contract-executed and actively running, but funding/params are set by Atlas ruleset via executive vote — strong-but-not-constitutional economic right (analogous to Curve's fee distributor)
GSA-1 pass with flag: SKY holders control treasury via on-chain executive votes, but Aligned Delegate concentration is severe (top delegate ~44.58%) and Atlas is a governance-constitution layer
GSA-2 near-miss: no explicit on-chain recall of Aligned Delegates; accountability is mandate-based, not directly enforceable
MKR->SKY migration completed (2025-26); Mar 2 2026 executive cut staking emissions (838.18M SKY over 180 days normalized)