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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.comÂ
Andy
Co-Founder of The Rollup & The Rollup Ventures
Sky looks incredible on fundamentals rather than hype, with solid buybacks, good revenue and USDS stablecoin supply surging. Reaching $20B of USDS outstanding in 2026 seems quite likely. The team avoided contagion from the rsETH exploit, just hired for institutional business development, and runs the oldest DeFi protocol. Sky is up 47% this year. x.comÂ
Sky Ecosystem's financial growth through a difficult year for crypto makes SKY stand out against other DeFi protocols, including Uniswap and Aave. Gross protocol revenue rose about 50% year over year in September, and surplus remitted to reserves swung from a $17m shortfall to $7m. Sky reports its first Stage 2 burn of 2.86m SKY; a crypto bull market could bring more growth. SKY trades around its price last September. x.comÂ
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.comÂ
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.comÂ
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.comÂ
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.comÂ
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.comÂ
Aster remains one of the most undervalued DEX and privacy coins, with a bottomed-out chart ready to run back to previous all-time highs. It still generates over $200K a day in revenue, which should grow in a good market. Its dark pools make it the only DEX where traders can size perps without getting hunted, it is backed by Binance, and it lists attention tokens faster than anyone. x.comÂ
Aster's increased buyback and burn, now using 99% of daily platform fees, means little because its revenue was exposed as inflated by insider wash trading rather than real users. That wash trading pushed it into rankings alongside Hyperliquid, and the protocol is not even listed among revenue-tracked protocols on DefiLlama. x.com x.com x.comÂ