Sky (SKY)

A lot of people still think of $SKY as "that old MakerDAO token with a new name."

I think that's exactly why the market is still underestimating what this ecosystem has quietly become.

While everyone is chasing the next shiny narrative, @SkyEcosystem s sitting underneath one of the largest cashflow machines in DeFi, generating $160M+ annual revenue, processing hundreds of millions in fees, and operating one of the biggest decentralized stablecoin systems in crypto.

A few things stand out to me:

> USDS has grown into a multi-billion dollar stablecoin backed by one of the deepest collateral systems in DeFi.

> Annual protocol revenue sits around $160M while the token trades at roughly 8x earnings.

> 98.9% of supply is already circulating, meaning almost no meaningful dilution risk remains.

> Spark continues absorbing liquidity across DeFi and has become a major growth engine for the ecosystem.

> Sky Agent Network introduces a completely new capital allocation layer where independent allocators compete fo

Now @SkyEcosystem is becoming DeFi’s yield infra layer, with ethereum:0x56072c95faa701256059aa122697b133aded9279 as the leveraged claim on that transition.

It has shifted from crypto-native collateral loops to a diversified RWA spread business that funds aggressive holder-aligned capital returns.

➥ Protocol surplus now flows 75% directly to SKY holders via buybacks and staking rewards
➥ While the Stars network scales USDS supply toward the $20.6B 2026 target

This creates a self-reinforcing flywheel👇

higher USDS adoption → more RWA yield spread → larger surplus → tighter ethereum:0x56072c95faa701256059aa122697b133aded9279 float + staking yields

I believe SKY is underrated here