Sky (formerly Maker) (SKY)

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.

Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.

These are the closest matches to SKY 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.

• [DeFiLlama] DeFiLlama LIVE: Annualized Fees $411M, Revenue (net after SSR) $246M, Holders Revenue $97M. 30d fees $31.43M
• [PR Newswire (Sky Frontier Foundation)] Q1 2026: $123.79M GROSS, ~$61M NET, $46.04M surplus, 49.06% net margin (SFF PR Newswire)
• [GlobalFintechSeries (SFF PR)] $435M is GROSS revenue (SFF self-reported Dec 2025). Net after SSR payouts = $246M. Not auditedlink dead, claim unverified
• [Chainwire (SFF PR)] $611.5M forecast is SFF's OWN projection. Requires USDS doubling to $20.6B. Current $8.44B (DeFiLlama)link dead, claim unverified
• [DeFiLlama] TVL $6.016B (DeFiLlama live Jun 14). Down from $7.52B peak Mar 2026 (-20%). Spark $4.45B (not $7.9B)
• [CoinDesk / DL News] Smart Burn slashed 87%: Governance Poll 1620 (Mar 13-14, 2026). 300K→37.6K USDS/day. Reserve $70.6M of $125M
• [Tokenomics.com / CoinDesk] Net inflationary: ~1,276M emissions/yr (600M USDS rewards + 676M staking) vs ~241M burns = 1,035M net inflation
• [Sky Forum] SSR cut from 4.75% to 3.60% on May 26, 2026 (BA Labs recommendation, SP-BEAM #30)
• [DeFiLlama Stablecoins API] USDS: DeFiLlama $8.44B vs CoinGecko $10.8B (includes DAI wrappers). DAI $4.42B. Combined $12.87B = #3
• [CoinDesk] S&P B- rating Aug 11, 2025 (not Aug 7). Stablecoin Stability: 4 'constrained'. Compared to Congo bonds
• [Rekt News / The Defiant] Rune emergency vote Feb 18, 2025: GSM 30h→18h, debt ceiling 20M→45M. Critics banned. Three Sigma: 'hostile takeover'
• [CoinLaw / Cointelegraph] PSM holds $4.13B USDC (~35% of collateral). $756M USDC in EOA (Coinbase Custody MPC, keys allegedly destroyed)

2 of the source links above no longer resolve, so we stripped those hyperlinks rather than leave something that looks like evidence until you click it. The claims stay visible because they are part of the research record, but treat them as unverified. Every link was rechecked 6 Aug 2026.

What is the Early Thunder score for Sky (formerly Maker) (SKY)?

SKY scores 141 out of 250 on the 25-variable framework, ranking 30th of 251 rated tokens (top quartile). The framework verdict is CAUTIOUS HOLD.

What are SKY's strongest fundamentals?

SKY ranks highest on Treasury Runway 8/10, 4th of 251, Protocol Revenue 8/10, 5th of 251, Revenue Trend 7/10, 6th of 251 and Vesting Schedule 9/10, 8th of 251. Ranks are measured against all 251 tokens in the same scoring pass.

What are the weakest parts of the SKY thesis?

SKY scores in the bottom third of the universe on Regulatory Safety 4/10, 213th of 251, Supply Inflation 3/10, 199th of 251 and Holder Concentration 3/10, 197th of 251. The single risk carried on the scorecard is: 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.

How much SKY supply is still to enter circulation?

99.7% of eventual SKY supply is circulating today, leaving 1x the current float still to arrive. At a flat price per token that is 0.3% of fully diluted value ahead of current holders.

How far is SKY from its all-time high?

SKY trades 43.8% below its all-time high of $0.1005. Returning to that high requires a 1.8x move from the level used in this scoring pass.

Which tokens have a similar profile to SKY?

Measured on the shape of all 25 scored variables rather than on price, the closest matches to SKY are WSTETH (185), CBETH (158), CRV (140) and MKR (177). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.

What is the next catalyst for SKY?

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.