Sky vs 
Aave
The governance tokens behind two of DeFi's largest protocols. Sky, formerly MakerDAO, issues a stablecoin and increasingly allocates reserves into real-world assets like Treasuries. Aave runs lending markets across many chains and now issues its own stablecoin too. Both tokens are claims on governance and protocol fees rather than on any underlying asset, which is the thing people most often get wrong about them.
12 months, both starting at 100 (AUD)
SKY → 84 · AAVE → 42| Measure | SKY | AAVE |
|---|---|---|
| Market cap | A$2.3B | A$3.0B |
| Rank | #58 | #47 |
| Price | A$0.0978 | A$197.13 |
| 90-day change (AUD) | +28.1% | +70.6% |
| 12-month change (AUD) | −1.8% | −51.8% |
| From all-time high | −37.5% | −76.8% |
| Supply model | Capped: 23.46B max | Capped: 16.0M max |
| AU exchanges we verify it on | 3 | 3 |
About Sky
SKY is the governance token of the Sky protocol — the rebranded MakerDAO, one of DeFi's oldest institutions — which issues the DAI/USDS stablecoins against collateral. Holders govern the system's parameters and risk settings.
About Aave
Aave is the leading decentralised lending protocol, where users supply and borrow crypto against collateral without an intermediary. The AAVE token governs the protocol and backs its safety module.
FAQ
Which is bigger, Sky or Aave?
By market value today: Aave (A$3.0B vs A$2.3B). Size measures money invested, not quality — but it does measure liquidity, which affects how easily you can buy and sell.
Which performed better this year?
Over the past 12 months in AUD terms: SKY −1.8%, AAVE −51.8% — the chart above shows the whole path, which matters more than the endpoints. Past performance is no indicator of future results, in either direction.
Can I buy both in Australia?
Yes — both are listed on AUSTRAC-registered exchanges we verify. SKY appears on 3 of our reviewed platforms and AAVE on 3. Compare costs first on the fee calculator, and remember every crypto-to-crypto swap between them is a CGT event.
Should I hold SKY or AAVE?
That's a personal decision we don't make for you — this page exists to make the structural differences clear so the choice is yours. What we'd say to anyone: understand what job each coin is designed for, size positions like the risk is real, and check the honest failure statistics before going further down the market-cap list.
Data from our market records (powered by CoinGecko), refreshed with the daily rebuild. General information only, not financial advice — we compare structure and history, we don't pick winners.