SKY vs SYRUP
Sky (formerly Maker) and Maple Finance 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
SKY scores 141 of 250 and ranks 30th of 251. SYRUP scores 168 and ranks 8th. SYRUP leads by 27 points, which is a wide enough margin that the framework is not ambivalent. SKY takes 3 of the 25 variables, SYRUP takes 15, and 7 are level.
The framework rates SKY CAUTIOUS HOLD and SYRUP 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. SKY is clear on Vesting Schedule (9 against 6). SYRUP is clear on Buyback and Burn (9 against 4), TVL Trend (9 against 5) and Supply Inflation (6 against 3).
SKY is valued at $1.86B against $268.1M for SYRUP, a 6.9x difference. The smaller of the two scores higher on fundamentals, which is the disagreement worth understanding before either position is taken.
SYRUP trades 64.9% below its all-time high and SKY 21.2% below its own. Recovering the high needs 2.8x from SYRUP 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 | 8 | 7 | SKY +1 | |
| Revenue Trend | 7 | 7 | level | |
| P/S Multiple | 7 | 7 | level | |
| Real Staking Yield | 6 | 7 | SYRUP +1 |
Supply
| Supply Inflation | 3 | 6 | SYRUP +3 | |
| Vesting Schedule | 9 | 6 | SKY +3 | |
| Circulating / FDV Ratio | 9 | 9 | level | |
| Buyback and Burn | 4 | 9 | SYRUP +5 |
Ownership
| Smart Money Flows | 5 | 7 | SYRUP +2 | |
| Insider Selling | 6 | 7 | SYRUP +1 | |
| Holder Concentration | 3 | 5 | SYRUP +2 |
Traction
| TVL Trend | 5 | 9 | SYRUP +4 | |
| Active Users | 4 | 5 | SYRUP +1 | |
| Developer Activity | 6 | 6 | level | |
| Network Growth | 6 | 7 | SYRUP +1 |
Position
| Market Share | 7 | 7 | level | |
| Competitive Moat | 6 | 7 | SYRUP +1 | |
| Institutional Adoption | 8 | 8 | level | |
| Exchange Depth | 4 | 4 | level | |
| Social Mindshare | 3 | 5 | SYRUP +2 |
Risk
| Regulatory Safety | 4 | 6 | SYRUP +2 | |
| Catalyst Calendar | 5 | 7 | SYRUP +2 | |
| BTC Alpha Potential | 3 | 5 | SYRUP +2 | |
| Team Execution | 5 | 8 | SYRUP +3 | |
| Treasury Runway | 8 | 7 | SKY +1 |
Bars read outward from the centre: SKY to the left, SYRUP 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
| SKY | SYRUP | |
|---|---|---|
| Price | $0.0795 | $0.2295 |
| Market cap | $1.86B | $268.1M |
| Circulating | 99.9% | 93.8% |
| Dilution to full supply | 1x | 1.07x |
| Off all-time high | -21.2% | -64.9% |
| To recover the high | 1.3x | 2.8x |
| Total value locked | $6.02B | $2.50B |
| 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
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.
SYRUP · HOLD
$100M ARR target 2026, 25% revenue buybacks, institutional DeFi lending leader
Credit default risk (2022 FTX/Alameda losses), Core Foundation dispute settled May 2026, ARR is projection not achieved
Common questions
- Is SKY or SYRUP the better investment?
- On this framework SYRUP scores higher: 168 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 SKY still wins 3 of the 25 individual variables against SYRUP.
- What is the biggest difference between SKY and SYRUP?
- Buyback and Burn. SKY scores 4 of 10 there and SYRUP scores 9, a gap of 5 points on a single variable.
- Which is bigger, SKY or SYRUP?
- SKY is valued at $1.86B and SYRUP at $268.1M 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.