BGB vs SKY
Bitget Token and Sky (formerly Maker) scored on the same 25 variables, ranked against the same 251 tokens, with every gap between them shown.
Scoring pass 18 Sept 2026. Market snapshot 7 Oct 2026.
What separates them
BGB scores 135 of 250 and ranks 39th of 251. SKY scores 141 and ranks 30th. SKY leads by 6 points, which is inside the range where the individual variables matter more than the total. BGB takes 9 of the 25 variables, SKY takes 13, and 3 are level.
3 variables separate them by 3 points or more. BGB is clear on Supply Inflation (7 against 3) and Buyback and Burn (7 against 4). SKY is clear on Institutional Adoption (8 against 4).
BGB still has 65% of its eventual supply to enter circulation against 0.1% for SKY. On the same market capitalisation, a buyer of BGB is taking the 2.86x dilution path and a buyer of SKY the 1x one.
SKY is valued at $1.86B against $1.37B for BGB, a 1.4x difference. The larger of the two also scores higher, so the market and the framework agree on the ordering here.
BGB trades 76.8% below its all-time high and SKY 21.2% below its own. Recovering the high needs 4.3x from BGB and 1.3x from SKY, which is the same statement read as the return each one has to produce.
All 25 variables, head to head
Both tokens were scored by the same framework in the same pass, so the numbers are directly comparable. What a comparison adds over two separate pages is the gap: a 6 against a 6 is a non-event, a 9 against a 3 is the reason to hold one and not the other.
Cash flow
| Protocol Revenue | 6 | 8 | SKY +2 | |
| Revenue Trend | 6 | 7 | SKY +1 | |
| P/S Multiple | 5 | 7 | SKY +2 | |
| Real Staking Yield | 4 | 6 | SKY +2 |
Supply
| Supply Inflation | 7 | 3 | BGB +4 | |
| Vesting Schedule | 7 | 9 | SKY +2 | |
| Circulating / FDV Ratio | 7 | 9 | SKY +2 | |
| Buyback and Burn | 7 | 4 | BGB +3 |
Ownership
| Smart Money Flows | 5 | 5 | level | |
| Insider Selling | 5 | 6 | SKY +1 | |
| Holder Concentration | 4 | 3 | BGB +1 |
Traction
| TVL Trend | 5 | 5 | level | |
| Active Users | 6 | 4 | BGB +2 | |
| Developer Activity | 5 | 6 | SKY +1 | |
| Network Growth | 5 | 6 | SKY +1 |
Position
| Market Share | 5 | 7 | SKY +2 | |
| Competitive Moat | 5 | 6 | SKY +1 | |
| Institutional Adoption | 4 | 8 | SKY +4 | |
| Exchange Depth | 5 | 4 | BGB +1 | |
| Social Mindshare | 5 | 3 | BGB +2 |
Risk
| Regulatory Safety | 5 | 4 | BGB +1 | |
| Catalyst Calendar | 5 | 5 | level | |
| BTC Alpha Potential | 5 | 3 | BGB +2 | |
| Team Execution | 6 | 5 | BGB +1 | |
| Treasury Runway | 6 | 8 | SKY +2 |
Bars read outward from the centre: BGB to the left, SKY to the right. The side that leads a variable is filled. Each score is 1 to 10 against the same definition applied to all 251 rated tokens.
Market and supply
| BGB | SKY | |
|---|---|---|
| Price | $1.96 | $0.0795 |
| Market cap | $1.37B | $1.86B |
| Circulating | 35% | 99.9% |
| Dilution to full supply | 2.86x | 1x |
| Off all-time high | -76.8% | -21.2% |
| To recover the high | 4.3x | 1.3x |
| Total value locked | not published | $6.02B |
| Network | Ethereum | Ethereum |
Price, market cap and all-time high from the CoinGecko snapshot fetched 7 Oct 2026. Supply shares are derived from circulating and eventual supply counts, which do not move with price. The 25 scores come from the research pass dated 18 Sept 2026.
Catalyst and risk on each side
BGB · CAUTIOUS HOLD
Bitget's planned BGB token burn event in June 2025, reducing supply by 5% (40M tokens).
Bitget's proof-of-reserves audit reveals undisclosed liabilities, triggering a run on withdrawals.
SKY · CAUTIOUS HOLD
Buyback restoration ~Nov 2026 when Solvency Reserve hits $125M (currently $70.6M). Revenue still growing (Q1 record $61M net). SSR cut improves margins. Remaining 3 Stars. S&P upgrade path. Obex Cohort 2.
Validated RISKS: Rune SPOF (80% governance, emergency proposals bypass process). Net inflationary ~4.4%/yr at current rates. Revenue $246M net but SKY captures only $97M (holders rev). TVL declining. not MiCA-compliant (Jul 2026 deadline). $756M USDC in unverifiable EOA. 35% of USDS is just wrapped USDC. All financials self-reported by Sky Foundation.
Common questions
- Is BGB or SKY the better investment?
- On this framework SKY scores higher: 141 against 135 of 250, and it is rated CAUTIOUS HOLD against CAUTIOUS HOLD. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and BGB still wins 9 of the 25 individual variables against SKY.
- What is the biggest difference between BGB and SKY?
- Supply Inflation. BGB scores 7 of 10 there and SKY scores 3, a gap of 4 points on a single variable.
- Which is bigger, BGB or SKY?
- BGB is valued at $1.37B and SKY at $1.86B on the latest market snapshot.
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Research and analysis, not investment advice. A higher score is one framework applied consistently to 251 tokens, not a prediction that one asset will outperform the other.