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SkyRare
79/100STRICT
Rare
#60market cap18 Oct 2026

Sky

DeFi, financial protocol weightsMarket-cap rank 60, CoinGecko 23 Oct 2026
Fundamentals, not price
PillarRatingPosition on the 0 to 100 scaleWeightAdds
Sustainability84×0.2016.80
Transparency83×0.1613.28
Revenue80×0.2419.20
Innovation80×0.1612.80
Community74×0.107.40
Tokenomics68×0.149.52
Weighted sum, weights total 1.0079.00Rounds to the published score79
Analysed
18 Oct 2026
Engine
v5.2.0
Computed
2026-10-18 05:26 UTC
Inputs hash
ae8df4e8e208

Pro opens Sky in full. Change, scenario, signal, risk factors, catalysts.

See plans

Research, not financial advice. Read the terms.

Pillar evidence

Input set 18 Oct 2026. 7 sources, 12 citations.
Each arc is one pillar rating, drawn to scale from 0 to 100.
Sustainability84

Can this project keep operating and funding itself for years?

Sky governs the decentralized USDS and DAI stablecoin supply across crypto vaults and real-world asset reserves. Recurring stability fees and treasury yields support multi-year protocol operations.12

Transparency83

Can outsiders see and check what the team and the protocol do?

Core smart contracts for USDS, DAI, and collateral vaults are open-source and audited on Ethereum. On-chain governance votes and reserve compositions remain publicly verifiable.34

Revenue80

Does the protocol earn real fees or income from use?

Protocol revenue topped 100 million USD again as sUSDS supply expanded by 149 percent across lending markets. Stability fees from vaults and Treasury allocations fund the surplus buffer.45

Innovation80

Is the technology being built and shipped, and does it matter?

The Endgame architecture coordinates USDS issuance, the Sky Savings Rate, and autonomous Star sub-protocols like Spark. Cross-chain liquidity modules allocate capital into tokenized credit.23

Community74

Who uses, builds and holds it, and how durable is that base?

Deep DeFi liquidity integrations support USDS and DAI adoption across major Ethereum lending markets. Governance debates around the rebrand from MakerDAO moderated broader retail sentiment.67

Tokenomics68

Do supply, issuance and unlocks protect holders from dilution?

The MKR-to-SKY migration established a 23.46 billion token cap alongside protocol revenue buybacks and staking rewards. Directing surplus toward reserve buffers tempers near-term burn velocity.17

Sources
  1. 1sky.money/resources/understanding-the-sky-tokenCited for Sustainability, Tokenomics
  2. 2eco.org/support/inside-sky-dai-and-usds-architectureCited for Sustainability, Innovation
  3. 3github.com/makerdao/dssCited for Transparency, Innovation
  4. 4allium.so/blog/what-is-usds-stablecoinCited for Transparency, Revenue
  5. 5coingecko.com/en/coins/skyCited for Revenue
  6. 6twitter.com/SkyEcosystemCited for Community
  7. 7octobot.cloud/learn/crypto-currencies/sky/Cited for Community, Tokenomics

About Sky

Analysis of 18 Oct 2026

Sky, formerly MakerDAO, is a decentralized finance protocol governing the USDS stablecoin, Spark lending markets, and tokenized real-world asset vaults. Through its Endgame transition, the protocol upgraded MKR into SKY with a 23.46 billion token cap and launched yield-bearing sUSDS.

Full overviewShow less

Interest and stability fee revenues recently exceeded 100 million USD again as sUSDS supply expanded by 149 percent across DeFi money markets. Collateral reserves combine decentralized crypto vaults with short-term US Treasury allocations and institutional credit facilities managed through Spark.

Governance directs half of net protocol surplus toward token buybacks and staking rewards once reserve buffer thresholds are met. Priority allocations to capital buffers and fluctuating Sky Savings Rate yields have moderated near-term token burn velocity despite resilient cash generation.

Investment thesis

Sky operates one of the largest balance-sheet engines in decentralized finance, generating over 100 million USD in recurring stability and treasury fees. Our investment thesis centers on the protocol capturing institutional and DeFi stablecoin demand through yield-bearing sUSDS and Spark liquidity markets.

Full thesisShow less

Rapid 149 percent growth in sUSDS supply demonstrates durable product-market fit even as competition from regulated fiat issuers and synthetic dollars intensifies. Converting MKR into SKY under a fixed 23.46 billion supply cap simplified governance participation and linked token accrual to surplus generation.

Smart burn engine rules allocate up to half of net revenues toward market buybacks and staking distributions above reserve thresholds. Near-term buyback pace remains constrained while governance reinforces capital buffers against off-chain real-world asset and private credit risks.

Even so, current valuation multiples remain attractive relative to underlying cash flows and multi-billion dollar collateral backing. STRONG BUY suits long-term investors seeking established DeFi cash flow fundamentals and scalable decentralized dollar infrastructure.

Strengths
  • Market-leading decentralized stablecoin issuer generating substantial annualized protocol cash flows
  • Diversified reserve portfolio incorporating short-term Treasuries, private credit, and crypto collateral
  • Spark protocol ecosystem provides direct institutional credit and retail lending distribution channels
  • Established governance architecture managing reserve asset allocation and risk parameters on-chain
Risks
  • Yield-seeking stablecoin liquidity moves rapidly based on changes to the Sky Savings Rate
  • Real-world asset loans and off-chain vault structures carry legal and credit counterparty exposure
  • Interim reduction in token buybacks directs surplus into reserve buffers rather than token removal
  • Competition from regulated fiat-backed stablecoins and high-yield synthetic dollars caps fee expansion
Competitive position

Sky remains a leading DeFi stablecoin protocol after surpassing 100 million USD in revenue alongside a 149 percent jump in sUSDS supply. It competes with Aave, Ethena, Morpho, and regulated fiat stablecoin issuers by pairing decentralized collateral with Treasury income and Spark savings markets.

Conclusion

Sky remains one of the highest revenue-generating protocols in decentralized finance as of October 18, 2026. Protocol revenue exceeding 100 million USD and a 149 percent surge in sUSDS supply confirm durable demand for decentralized savings.

Full conclusionShow less

Multi-billion dollar USDS collateral backing and Spark lending integrations reinforce balance sheet resilience across market cycles. Allocating surplus toward reserve buffers rather than maximum token buybacks remains the primary near-term constraint on token value accrual.

STRONG BUY reflects steady cash generation and structural leadership in decentralized stablecoins.

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