Blab Crypto
Rune Christensen Drives Sky Protocols Shift Toward AI-Managed Collateral and Institutional Partnerships
From biochemistry to blockchain, Rune Christensen’s career has spanned science, entrepreneurship and code‑governed finance. The Danish founder of MakerDAO in 2015 is now steering the rebranded Sky Protocol toward a model that relies on artificial‑intelligence agents to manage collateral and targets institutional clients such as BlackRock.
Sky, the new name for MakerDAO, went live in August 2024 with a fresh governance token (SKY) and a parallel stablecoin (USDS) that operates alongside the original DAI. The rebrand was part of Christensen’s long‑term “Endgame” strategy, designed to scale the protocol and reshape its governance structure. By 2025, Sky reported an annualized profit of $338 million, and USDS circulation had reached $8 billion.
Christensen’s background is a blend of software engineering and international business. He earned a degree in biochemistry from the University of Copenhagen, followed by a business qualification, and co‑founded Try China before entering the crypto space in 2014. His first major blockchain venture was MakerDAO, where he engineered DAI as a code‑governed stablecoin for on‑chain lending.
The Endgame plan, unveiled in 2022, outlined five phases to gradually decentralize MakerDAO over a decade. A core element was converting MKR, MakerDAO’s governance token, into SKY at a 1 MKR to 24 000 SKY ratio. In November 2024, MKR holders voted on the rebrand; despite low turnout, the decision to adopt the Sky name was ultimately approved.
In February 2026, Christensen spoke with CoinDesk at the Ondo Summit about Sky’s new direction. He described the protocol as “pushing into AI‑managed collateral and institutional partnerships” and said it is actively pitching the technology to large asset managers. The interview highlighted a shift from a purely DeFi platform to an infrastructure provider for institutional‑grade stablecoin management.
USDS remains soft‑pegged to the U.S. dollar and backed by surplus collateral. The protocol also offers a savings rate (sUSDS) and curated vaults, allowing users to earn yield on deposited USDS. According to CoinDesk, Sky’s revenue model now includes fees from these services and from institutional contracts.
Christensen has repeatedly stressed that the rebrand and Endgame plan were structural, not cosmetic. He argued that a clear governance decision matters more than the brand name and that AI‑driven collateral management complements decentralization rather than undermining it.
The move toward institutional engagement reflects broader trends in the stablecoin market, where large asset managers seek reliable, code‑based infrastructure. Sky’s ongoing talks with BlackRock signal the protocol’s intent to become a trusted partner for institutional‑grade liquidity.
As of early 2026, Christensen remains co‑founder and chief executive of Sky. The protocol continues to develop its AI agents, expand USDS circulation, and pursue institutional contracts. Upcoming milestones include the rollout of additional AI‑enabled services, further governance token upgrades, and potential listings on institutional exchanges.
Sky Protocol’s evolution illustrates how a DeFi project can transition from a community‑driven stablecoin to an infrastructure platform that serves both retail and institutional users. The protocol’s focus on AI‑managed collateral and institutional partnerships marks a significant shift in its strategic direction, potentially reshaping the stablecoin landscape in the coming years.
Sky, the new name for MakerDAO, went live in August 2024 with a fresh governance token (SKY) and a parallel stablecoin (USDS) that operates alongside the original DAI. The rebrand was part of Christensen’s long‑term “Endgame” strategy, designed to scale the protocol and reshape its governance structure. By 2025, Sky reported an annualized profit of $338 million, and USDS circulation had reached $8 billion.
Christensen’s background is a blend of software engineering and international business. He earned a degree in biochemistry from the University of Copenhagen, followed by a business qualification, and co‑founded Try China before entering the crypto space in 2014. His first major blockchain venture was MakerDAO, where he engineered DAI as a code‑governed stablecoin for on‑chain lending.
The Endgame plan, unveiled in 2022, outlined five phases to gradually decentralize MakerDAO over a decade. A core element was converting MKR, MakerDAO’s governance token, into SKY at a 1 MKR to 24 000 SKY ratio. In November 2024, MKR holders voted on the rebrand; despite low turnout, the decision to adopt the Sky name was ultimately approved.
In February 2026, Christensen spoke with CoinDesk at the Ondo Summit about Sky’s new direction. He described the protocol as “pushing into AI‑managed collateral and institutional partnerships” and said it is actively pitching the technology to large asset managers. The interview highlighted a shift from a purely DeFi platform to an infrastructure provider for institutional‑grade stablecoin management.
USDS remains soft‑pegged to the U.S. dollar and backed by surplus collateral. The protocol also offers a savings rate (sUSDS) and curated vaults, allowing users to earn yield on deposited USDS. According to CoinDesk, Sky’s revenue model now includes fees from these services and from institutional contracts.
Christensen has repeatedly stressed that the rebrand and Endgame plan were structural, not cosmetic. He argued that a clear governance decision matters more than the brand name and that AI‑driven collateral management complements decentralization rather than undermining it.
The move toward institutional engagement reflects broader trends in the stablecoin market, where large asset managers seek reliable, code‑based infrastructure. Sky’s ongoing talks with BlackRock signal the protocol’s intent to become a trusted partner for institutional‑grade liquidity.
As of early 2026, Christensen remains co‑founder and chief executive of Sky. The protocol continues to develop its AI agents, expand USDS circulation, and pursue institutional contracts. Upcoming milestones include the rollout of additional AI‑enabled services, further governance token upgrades, and potential listings on institutional exchanges.
Sky Protocol’s evolution illustrates how a DeFi project can transition from a community‑driven stablecoin to an infrastructure platform that serves both retail and institutional users. The protocol’s focus on AI‑managed collateral and institutional partnerships marks a significant shift in its strategic direction, potentially reshaping the stablecoin landscape in the coming years.
