Maker / Sky (MKR)
$124M Q1 revenue. 2.7x gross P/S (~6.7x net). Buyback allocation cut from 75% to 7.5% of surplus in Mar 2026 to fund a $150M Solvency Reserve.
Sky rebrand: about 81% of MKR already upgraded to SKY.
Ranked 5th of 251 rated tokens. Scoring pass 18 Sept 2026.
What the numbers say
MKR scores 177 of 250 across the 25-variable framework, which places it 5th of 251 rated tokens and inside the top 5% of the set. The framework verdict is HOLD CORE.
MKR is a top-10 name in the set on 4 variables. The score rests on Treasury Runway 9/10, 1st of 251, Protocol Revenue 9/10, 2nd of 251, Buyback and Burn 9/10, 2nd of 251 and Revenue Trend 8/10, 2nd of 251.
MKR is 70.7% off its all-time high of $6,292, a 3.4x round trip from here.
The framework score gained 177 points against the previous pass (0 to 177). Revisions of this size follow a change in the underlying variables, not a change in price.
MKR's strengths split in two. Market Share, Institutional Adoption and Catalyst Calendar are variables the market already pays up for, so that part of the score is priced. P/S Multiple, Supply Inflation, Vesting Schedule, Buyback and Burn and Insider Selling are variables it does not price at all, and that is where holding this token is a disagreement with the market rather than an agreement with it.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 9 | 2nd of 251 | |
| Revenue Trend | 8 | 2nd of 251 | |
| P/S Multiple | 8 | 2nd of 251 | |
| Real Staking Yield | 5 | 37th of 251 |
Supply
| Supply Inflation | 7 | 26th of 251 | |
| Vesting Schedule | 7 | 35th of 251 | |
| Circulating / FDV Ratio | 7 | 46th of 251 | |
| Buyback and Burn | 9 | 2nd of 251 |
Ownership
| Smart Money Flows | 7 | 12th of 251 | |
| Insider Selling | 7 | 8th of 251 | |
| Holder Concentration | 5 | 10th of 251 |
Traction
| TVL Trend | 8 | 6th of 251 | |
| Active Users | 5 | 38th of 251 | |
| Developer Activity | 7 | 9th of 251 | |
| Network Growth | 7 | 12th of 251 |
Position
| Market Share | 8 | 4th of 251 | |
| Competitive Moat | 8 | 5th of 251 | |
| Institutional Adoption | 8 | 9th of 251 | |
| Exchange Depth | 6 | 37th of 251 | |
| Social Mindshare | 4 | 86th of 251 |
Risk
| Regulatory Safety | 8 | 6th of 251 | |
| Catalyst Calendar | 7 | 15th of 251 | |
| BTC Alpha Potential | 6 | 6th of 251 | |
| Team Execution | 7 | 12th of 251 | |
| Treasury Runway | 9 | 1st of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
USDS supply doubling to $20.6B, SubDAO launches, Sky Agent Network
Principal risk
MKR/SKY dual-token confusion, generic Sky rebrand, SubDAO dilution
Market and supply
| Price | $1,844 |
| Market cap | not published |
| All-time high | $6,2923 May 2021 |
| Circulating supply | 0 |
| Eventual supply (unavailable) | 1,005,577 |
| Dilution to full supply | n/a |
| Total value locked | $7.17B |
| Listed on | Binance, Coinbase, Bybit |
Price, market cap, supply and all-time high from CoinGecko, fetched 7 Oct 2026. The 25 scores come from the research pass dated 18 Sept 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to MKR measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
MKR compared head to head
Both sides of each comparison were scored by the same framework in the same pass, so the gap between them is a measurement rather than two readings taken with different rulers.
Sources
- [MEXC / CoinLaw] $124M Q1 2026 revenue (gross); net P/S ~6.7x not 2.7x
- [CoinLaw] Buyback allocation reduced from 75% to 7.5% of protocol surplus on 14 March 2026, superseding the earlier $114.5M projection
- [Webacy] USDS/DAI 3rd largest stablecoin, A- Webacy rating
- [DeFiLlama] TVL about $5.7B, down roughly 3% year to date from $5.9B on 1 January 2026
- [The Block] Most MKR supply has converted to SKY and Sky governance opened a vote on a delayed-upgrade penalty for holdouts
- [PR Newswire / Sky] Sky Governance cut the buyback allocation from 75% to 7.5% of protocol surplus on 14 March 2026 to build a $150M Solvency Reserve
- [DefiLlama] Sky protocol TVL
Common questions
- What is the Early Thunder score for Maker / Sky (MKR)?
- MKR scores 177 out of 250 on the 25-variable framework, ranking 5th of 251 rated tokens (top 5%). The framework verdict is HOLD CORE.
- What are MKR's strongest fundamentals?
- MKR ranks highest on Treasury Runway 9/10, 1st of 251, Protocol Revenue 9/10, 2nd of 251, Buyback and Burn 9/10, 2nd of 251 and Revenue Trend 8/10, 2nd of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- How far is MKR from its all-time high?
- MKR trades 70.7% below its all-time high of $6,292. Returning to that high requires a 3.4x move from the level used in this scoring pass.
- Which tokens have a similar profile to MKR?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to MKR are SYRUP (168), ETHFI (162), SKY (141) and COW (167). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for MKR?
- USDS supply doubling to $20.6B, SubDAO launches, Sky Agent Network
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.