$SKY just flew away like that.
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九烨加密论
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BullishWhy Standard Chartered Bank suddenly started to look favorably on $SKY , which was originally MakerDAO and was later renamed SKY. After the renaming, many people indeed don’t know about SKY. If you mention MakerDao, most old-school “weed” investors know it well.
Its logic: SKY will play the role of a 【DeFi federal central bank】:
1、Issue money: USDS + DAI with total circulation of $12 billion+. USDS grows 74% in 2025 to about ~$9.2 billion, making it the world’s third-largest stablecoin issuer (only behind Tether and Circle), and the largest interest-earning stablecoin issuer.
2、Set governance rules: establish a governance framework to constrain the behavior boundaries of Agents (the role of commercial banks). 3、Wholesale lending: lend USDS to Agents and charge a base rate of ~3.8% (equivalent to the wholesale rate).
Linked by the chain:
Sky “releases liquidity” → Spark routes/transfers → the $AAVE $MORPHO pool becomes deeper, and borrowing rates are pushed lower → USDS demand is boosted → more of the returned funds flow back to SKY for buybacks.
The essence of Standard Chartered’s labeling SKY as a “federal bank” is that SKY, by adjusting the 3.8% wholesale rate, effectively “raises/lowers rates” across the entire DeFi lending market. This is also the actual transmission path in its valuation model for the lever where “Agent borrowings are filled from the $5.9 billion level up to a $17.5 billion cap.”
From the technical perspective: SKY’s price has already formed a double bottom and broke through the neckline at 0.065. Next, it will most likely attempt an upside move toward the upper band of the breakout channel.
Its logic: SKY will play the role of a 【DeFi federal central bank】:
1、Issue money: USDS + DAI with total circulation of $12 billion+. USDS grows 74% in 2025 to about ~$9.2 billion, making it the world’s third-largest stablecoin issuer (only behind Tether and Circle), and the largest interest-earning stablecoin issuer.
2、Set governance rules: establish a governance framework to constrain the behavior boundaries of Agents (the role of commercial banks). 3、Wholesale lending: lend USDS to Agents and charge a base rate of ~3.8% (equivalent to the wholesale rate).
Linked by the chain:
Sky “releases liquidity” → Spark routes/transfers → the $AAVE $MORPHO pool becomes deeper, and borrowing rates are pushed lower → USDS demand is boosted → more of the returned funds flow back to SKY for buybacks.
The essence of Standard Chartered’s labeling SKY as a “federal bank” is that SKY, by adjusting the 3.8% wholesale rate, effectively “raises/lowers rates” across the entire DeFi lending market. This is also the actual transmission path in its valuation model for the lever where “Agent borrowings are filled from the $5.9 billion level up to a $17.5 billion cap.”
From the technical perspective: SKY’s price has already formed a double bottom and broke through the neckline at 0.065. Next, it will most likely attempt an upside move toward the upper band of the breakout channel.
