Sky Protocol, earlier often called MakerDAO, is a decentralized finance (DeFi) undertaking constructed on Ethereum.
The crypto undertaking is greatest recognized for its USDS stablecoin. Pegged 1:1 to the U.S. greenback, USDS makes an attempt to maintain its worth the identical as that of the greenback.
As per the onchain analytics platform DeFiLlama, USDS has a market cap of greater than $6 billion and accounts for over 2% of the overall stablecoin market.
Sky Protocol’s governance token, SKY, offers holders the suitable to vote on the protocol’s future. With a market cap of $1.38 billion, SKY is the 62nd largest cryptocurrency.
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Commonplace Chartered analyst says SKY will outperform Bitcoin via 2028
On Sep. 11, Commonplace Chartered initiated protection of the SKY token with a value goal of $0.325 by the top of 2028.
The 172-year-old financial institution’s international head of digital property analysis, Geoff Kendrick, in contrast the Sky Protocol to a “federal financial institution” because the crypto undertaking points stablecoins, has a governance framework, and lends property at a wholesale rate of interest. In actual fact, Sky can be the biggest issuer of yield-bearing stablecoins.
Right here is the way it works.
Sky lets customers stake the USDS stablecoin in change for the sUSDS token. Not solely does the consumer earn the staking rewards on their USDS holding, they will additionally deploy the sUSDS token throughout the DeFi ecosystem.
As per DeFiLlama, sUSDS has a complete worth locked of $4.59 billion and presents an annual proportion yield (APY) of three.6%.
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The SKY token holders primarily depend on staking rewards for returns, although token buybacks additionally generate returns, Kendrick mentioned.
Kendrick talked about $0.065 as SKY’s present value. It means his 2028 goal of $0.325 represents an upside of 400%.
Commonplace Chartered sees Bitcoin (BTC) and Ethereum (ETH) hitting $300,000 and $18,000 by the top of 2028.
As per the analyst, the most recent prediction implies that SKY will preserve tempo with Ether however outperform Bitcoin via 2028.
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This story was initially revealed by TheStreet on Sep 11, 2026, the place it first appeared within the MARKETS part. Add TheStreet as a Most well-liked Supply by clicking right here.
