$SKY is up 16.79% on the week and the move has a reason behind it, not just a bounce.
Sky's own account says Galaxy put sUSDS on its corporate treasury balance sheet and approved it as eligible collateral across its institutional trading. That's Sky's claim about itself, and Galaxy sat down for interviews about it, which tells me they're proud of it. A yield-bearing stablecoin doing collateral duty at a trading desk is a real use, and it's more than a logo on a slide.
Sky also says Spark is leading onchain lending, and that USDS supply is expanding again. Stablecoin demand is the engine here. $SKY is the token that sits on top of that engine.
What smells: all of this is the project's own posting, and a token can lag a good story for a long time. I'd still rather own the story than fade it.
$SKY trades at $0.08452 right now, with a 24h range of $0.07708 to $0.08654. If it holds $0.07708, I think it goes back and takes the $0.08654 high. If it loses $0.07708, I'm wrong on this and there's nothing to defend. Anyone holding through that has to take the loss.
solid collateral story or just a good week of posting, and is $0.07708 holding?
follow me for more calls like this.
Sky's own account says Galaxy put sUSDS on its corporate treasury balance sheet and approved it as eligible collateral across its institutional trading. That's Sky's claim about itself, and Galaxy sat down for interviews about it, which tells me they're proud of it. A yield-bearing stablecoin doing collateral duty at a trading desk is a real use, and it's more than a logo on a slide.
Sky also says Spark is leading onchain lending, and that USDS supply is expanding again. Stablecoin demand is the engine here. $SKY is the token that sits on top of that engine.
What smells: all of this is the project's own posting, and a token can lag a good story for a long time. I'd still rather own the story than fade it.
$SKY trades at $0.08452 right now, with a 24h range of $0.07708 to $0.08654. If it holds $0.07708, I think it goes back and takes the $0.08654 high. If it loses $0.07708, I'm wrong on this and there's nothing to defend. Anyone holding through that has to take the loss.
solid collateral story or just a good week of posting, and is $0.07708 holding?
follow me for more calls like this.
