SKY looks undervalued at a $1.5B market cap, just 0.22x the $6.71B of USDS stablecoin supply it backs. Sky holds $5.6B in TVL, 3.7 times its token market cap, and USDS is about 2.2% of the $311B stablecoin market. Sky Ecosystem has completed its first burn of 2.86M SKY bought with 5% of monthly net protocol surplus, linking protocol performance to supply reduction. x.com 

Sky deserves more credit as a DeFi lender that survives crashes without socializing losses onto depositors. It has had zero lifetime bad debt since 2019, through Terra, 3AC, FTX and every ETH crash. Its Dutch auction liquidations find true market prices rather than paying a flat bonus and rebuild after failure, with SKY minting as a never-triggered last-resort backstop. RWA integration keeps revenue from vanishing when crypto dumps, a structurally different model from pool-based protocols. x.com 

Sky, formerly MakerDAO, is ready to break out of a W pattern that ranged for years, helped by improving fundamentals, buybacks on the way and a bullish DeFi season. A break above 0.1 would send it flying without a ceiling. Its redenomination also makes the coins mentally easier to buy. x.com 

Sky is still badly overlooked given about $90M of annual revenue and USDS supply on a fast track to $20B outstanding. Investors who like Hyperliquid should like Sky too. x.com 

Sky Protocol's SKY is undervalued because the market still has not caught up with its rebrand from Maker. It ranks 9th in revenue across all protocols, yet is not worth far more than Aave or Morpho. It buys back over 300K a day, 3x Aave, while Morpho returns nothing to holders. It will take time for people to realize how big and important it is. A vote just cut buybacks 10x for three months to focus on the protocol, a good decision. x.com  x.com 

If Aave TVL keeps migrating to Spark after the rsETH hack, SKY is the better buy than SPK, because most of Spark's revenue goes to SKY holders. 99% of SKY's supply is unlocked versus 25% of SPK's, and Spark's volume is highly speculative while Sky has seen organic demand all year. Sky earned about $403M in fees last year versus Spark's $75M, funding $75M of SKY buybacks while SPK's have just begun. Sky trades at 10.9x sales versus Spark's 15.7x, or 61.1x on fully diluted value. x.com 

Merger-driven expansion across seven chains could increase AERO fees, while Predictive Allocation directs emissions toward markets expected to generate revenue instead of minting rewards that cannot be justified. Aero-related products processed about $16.2B in DEX volume and generated about $7.7M in protocol revenue over 30 days. TVL fell from about $429M to $362M, and emissions remain dilution if fee growth lags. x.com  x.com 

Tokens that fund buybacks from revenue gained another reason to catch a bid after SEC staff said buybacks alone don't make an otherwise non-security token a security once its protocol is live. More usage can mean more fees for buybacks: Hyperliquid fees buy HYPE, Raydium swap fees buy RAY, and Pump, Jupiter, PancakeSwap, Aster, NEAR, Pendle, Maple and Sky do similar. Uniswap burns UNI from pool fees; Lido's DAO buys LDO by accumulation. Buybacks must be big relative to market cap and new supply. … Show more

Tokenization and demand for real economics make DeFi lending, spot and yield tokens extremely appealing on risk-reward. This unrivaled trend will grow DeFi value 50x or more over multiple years, and fast. The altcoin bear market is forcing better token structures: Ethena, Uniswap and Aave are improving unit economics, Chainlink to some extent. Battle-tested Pendle and Morpho, with efficient businesses and institutional ties, will re-rate hard. A DeFi Summer return is nearly certain. x.com 

Hyperliquid, Aerodrome and Sky generate revenue and will be rerated as crypto returns to fundamentals, even as Bitcoin's price action is unnerving. These tokens make money and reallocate it back to holders; projects without revenue, a real path to it, good tokenomics or institutional appeal will be stuck in the old era. x.com