STRICT-Score
Max. Potenzial
12x
Potenzieller Ertrag
Wahrscheinlichkeit
65%
Erfolgschance
Risikoniveau
4/10
Mittleres Risiko
Marktkapitalisierung
$1.55B
Volumen
$14.84M
STRICT-Score Aufschlüsselung
Unser proprietäres Bewertungssystem evaluiert Projekte anhand von 6 Schlüsseldimensionen.
Analyseübersicht
Analyseübersicht
Sky (SKY) is the governance token of Sky Protocol, the rebranded and upgraded MakerDAO ecosystem. Trading at $0.058 (Dec 2025) with a $1.34B market cap and 22.9B circulating supply, SKY ranks #52 on CoinMarketCap. The token was distributed at 1 MKR = 24,000 SKY conversion rate during the August 2024 rebrand. Sky reached an all-time high of $0.1014 on December 3, 2024, before experiencing volatility with a low of $0.0343 in February 2025. The protocol recently executed a $40.5M buyback on December 3, 2025, to support price stability. SKY enables governance voting, staking rewards, and borrowing the USDS stablecoin.
Investitionsthese
Sky represents a strategic evolution of the proven MakerDAO infrastructure, combining DeFi's first major stablecoin protocol with modern governance and real-world asset integration. The "Endgame" strategy completed in May 2025 introduced independent SubDAOs (now "Stars"), with Spark as the first reaching $2.5B TVL. SKY's deflationary tokenomics include treasury-funded buybacks that removed 3.3% of supply in 2025, creating scarcity alongside growing utility. The protocol bridges traditional finance through tokenized real estate and bonds, positioning itself beyond purely crypto-backed collateral. With 79.3% community vote supporting the Sky rebrand and USDS adoption increasing, the platform maintains strong governance legitimacy while expanding its addressable market through RWA integration and multichain infrastructure.
Wettbewerbsposition
Sky Protocol occupies a unique position as the evolved form of DeFi's pioneering stablecoin platform, competing directly with Compound (COMP), Aave (AAVE), and Curve (CRV) in governance-driven DeFi. Unlike pure lending protocols, Sky's integration of RWA collateral and stablecoin infrastructure creates differentiated value. The USDS stablecoin competes with decentralized alternatives like Frax and Liquity while facing dominance from centralized USDC/USDT. Sky's SubDAO architecture (Stars) is more decentralized than Aave's governance but introduces complexity compared to simpler single-token models. The $1.34B market cap positions SKY below major DeFi protocols (Aave $6B+, Uniswap $5B+) but above mid-tier competitors. Spark's $2.5B TVL validates the ecosystem approach, though it competes with Aave's $20B+ and Compound's established lending markets. Sky's MakerDAO heritage provides credibility and proven infrastructure that newer protocols lack, while the RWA focus positions it ahead of purely crypto-native competitors in bridging traditional finance.
Fazit
Sky represents a calculated evolution of proven DeFi infrastructure with deflationary tokenomics and RWA innovation, but faces rebrand transition risks and fierce stablecoin competition. The ACCUMULATE rating reflects strong fundamentals from MakerDAO heritage, successful Spark ecosystem validation, and strategic RWA positioning, balanced against brand confusion, migration friction, and high price volatility. Best suited for patient DeFi-focused investors willing to weather governance complexity and market uncertainty in exchange for exposure to established infrastructure with modernization upside.
Stärken
- Proven MakerDAO legacy: Built on DeFi\
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Risiken
- Brand fragmentation: Maintaining both Sky/USDS and legacy MakerDAO/DAI creates market confusion and dilutes brand identity
- Migration pressure: 1% quarterly penalty for non-upgraded MKR holders (started Sept 2025) may create selling pressure and governance tension
- SubDAO complexity: Decentralizing to independent Stars increases coordination challenges and potential governance conflicts
- Price volatility: 66% decline from ATH ($0.10 to $0.034) within 2 months demonstrates significant downside risk in weak markets
- Competitive stablecoin landscape: USDS faces entrenched competition from USDC, USDT, and emerging alternatives in crowded market
Kommende Katalysatoren
USDS adoption acceleration and DAI migration completion
Zeitrahmen: Q1-Q2 2025
Additional Sky Stars (SubDAO) launches beyond Spark
Zeitrahmen: Q2-Q3 2025
Multichain expansion and layer-2 integrations
Zeitrahmen: Q2 2025
Institutional RWA partnerships announced
Zeitrahmen: Q3-Q4 2025
Preisziele
Market downturn scenario where DeFi sector contracts, USDS adoption stalls, and SKY revisits February 2025 lows. Continued selling pressure from forced MKR migration and governance uncertainty around SubDAO model. Assumes broader crypto bear market with risk-off sentiment.
Moderate growth case where Sky maintains market position with steady USDS adoption, successful Spark ecosystem expansion, and 2-3 additional Sky Stars launched. Deflationary buybacks continue removing supply while DeFi sector experiences modest growth. Price recovers toward December 2024 highs.
Strong adoption scenario where USDS becomes top-3 decentralized stablecoin, multiple successful Sky Stars launch with significant TVL, and major institutional RWA partnerships materialize. Multichain expansion drives liquidity, buyback program accelerates, and DeFi sector experiences renewed bull market momentum.
STRICT-Score
Bewertung: 78/100 | Potenzial: 12x
Verwandte im gleichen Sektor - DeFi
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