PAXG vs SKY
PAX Gold 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
PAXG scores 141 of 250 and ranks 30th of 251. SKY scores 141 and ranks 30th. They tie on the composite, so the whole difference is in which variables each one wins. PAXG takes 12 of the 25 variables, SKY takes 9, and 4 are level.
The framework rates PAXG HOLD and SKY CAUTIOUS HOLD. Two tokens close enough to compare do not have to land in the same band, and where they do not, the divergence table below is where the split comes from.
5 variables separate them by 3 points or more. PAXG is clear on Supply Inflation (8 against 3) and Regulatory Safety (8 against 4). SKY is clear on Protocol Revenue (8 against 4), Real Staking Yield (6 against 2) and Revenue Trend (7 against 4).
SKY is valued at $1.86B against $1.79B for PAXG, a 1.0x difference. The larger of the two also scores higher, so the market and the framework agree on the ordering here.
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 | 4 | 8 | SKY +4 | |
| Revenue Trend | 4 | 7 | SKY +3 | |
| P/S Multiple | 5 | 7 | SKY +2 | |
| Real Staking Yield | 2 | 6 | SKY +4 |
Supply
| Supply Inflation | 8 | 3 | PAXG +5 | |
| Vesting Schedule | 10 | 9 | PAXG +1 | |
| Circulating / FDV Ratio | 10 | 9 | PAXG +1 | |
| Buyback and Burn | 2 | 4 | SKY +2 |
Ownership
| Smart Money Flows | 6 | 5 | PAXG +1 | |
| Insider Selling | 8 | 6 | PAXG +2 | |
| Holder Concentration | 5 | 3 | PAXG +2 |
Traction
| TVL Trend | 5 | 5 | level | |
| Active Users | 4 | 4 | level | |
| Developer Activity | 3 | 6 | SKY +3 | |
| Network Growth | 4 | 6 | SKY +2 |
Position
| Market Share | 7 | 7 | level | |
| Competitive Moat | 7 | 6 | PAXG +1 | |
| Institutional Adoption | 7 | 8 | SKY +1 | |
| Exchange Depth | 6 | 4 | PAXG +2 | |
| Social Mindshare | 4 | 3 | PAXG +1 |
Risk
| Regulatory Safety | 8 | 4 | PAXG +4 | |
| Catalyst Calendar | 3 | 5 | SKY +2 | |
| BTC Alpha Potential | 5 | 3 | PAXG +2 | |
| Team Execution | 6 | 5 | PAXG +1 | |
| Treasury Runway | 8 | 8 | level |
Bars read outward from the centre: PAXG 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
| PAXG | SKY | |
|---|---|---|
| Price | $4,118 | $0.0795 |
| Market cap | $1.79B | $1.86B |
| Circulating | 99.7% | 99.9% |
| Dilution to full supply | 1x | 1x |
| Off all-time high | -26.7% | -21.2% |
| To recover the high | 1.4x | 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
PAXG · HOLD
Gold near $4,380/oz in August 2026 after a record high in January 2026, with continued central-bank buying.
Paxos trust company insolvency or loss of its NYDFS trust charter would break gold redemption peg.
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 PAXG or SKY the better investment?
- On this framework PAXG scores higher: 141 against 141 of 250, and it is rated HOLD against CAUTIOUS HOLD. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and PAXG still wins 12 of the 25 individual variables against SKY.
- What is the biggest difference between PAXG and SKY?
- Supply Inflation. PAXG scores 8 of 10 there and SKY scores 3, a gap of 5 points on a single variable.
- Which is bigger, PAXG or SKY?
- PAXG is valued at $1.79B 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.