Sky (SKY) - Investment Analysis March 2026

Sky Protocol analysis – established DeFi with strong revenue but significant risks: • Sky (formerly MakerDAO) generated $435M annual revenue and $168M net profit (December 2025) • USDS stablecoin supply grew 86% to $9.86B, but faces governance centralization and regulatory uncertainty • Protocol deployed $92M in token buybacks in 2025, yet SKY token underperformed broader crypto markets • S&P Global assigned a B- credit rating (August 2025), citing weak capital buffers and depositor concentration • Competitive pressure increased as Aave delisted USDS (December 2025) and lending TVL declined 42%