Token supply is never just a number. In decentralized finance, it is a story about incentives, credibility, and emergency design. Few protocols illustrate this better than Maker and its governance token’s evolution from MKR to SKY. What started as a deliberately scarce asset—capped at one million tokens to align long-term governance with system safety—was eventually forced to bend under real stress. The protocol’s survival required temporary dilution, and its recovery later demanded years of ...

Token supply is never just a number. In decentralized finance, it is a story about incentives, credibility, and emergency design. Few protocols illustrate this better than Maker and its governance token’s evolution from MKR to SKY. What started as a deliberately scarce asset—capped at one million tokens to align long-term governance with system safety—was eventually forced to bend under real stress. The protocol’s survival required temporary dilution, and its recovery later demanded years of ...

1. The Master Chart: Stablecoin SupplyIf there is one chart that matters above all others when valuing Sky, it is the stablecoin supply chart. Everything else—revenues, buybacks, staking yields, ecosystem expansion—ultimately rolls up into one outcome: how much stablecoin supply the system can sustain and grow over time. Stablecoin supply is not just a vanity metric. It is the closest thing in crypto to a “core product KPI,” because it captures demand, trust, distribution, capital efficiency,...

1. The Master Chart: Stablecoin SupplyIf there is one chart that matters above all others when valuing Sky, it is the stablecoin supply chart. Everything else—revenues, buybacks, staking yields, ecosystem expansion—ultimately rolls up into one outcome: how much stablecoin supply the system can sustain and grow over time. Stablecoin supply is not just a vanity metric. It is the closest thing in crypto to a “core product KPI,” because it captures demand, trust, distribution, capital efficiency,...

For years, both Maker (MKR) and now Sky (SKY) have been portrayed as cases of “asymmetric undervaluation” — protocols whose intrinsic value and sophistication are not reflected in their market capitalization. This narrative has become almost axiomatic within the community, often framed as a failure of perception or communication: the market simply “doesn’t get it.” But perhaps the problem is not perception — it’s design. The truth may be that this so-called undervaluation is endogenous, not a...

For years, both Maker (MKR) and now Sky (SKY) have been portrayed as cases of “asymmetric undervaluation” — protocols whose intrinsic value and sophistication are not reflected in their market capitalization. This narrative has become almost axiomatic within the community, often framed as a failure of perception or communication: the market simply “doesn’t get it.” But perhaps the problem is not perception — it’s design. The truth may be that this so-called undervaluation is endogenous, not a...

In a recent fireside chat hosted by Anthony Y. from Artemis, Sam MacPherson, co-founder and CEO of Spark, provided a deep look into how Spark is reshaping institutional access to DeFi credit markets within the Sky (formerly MakerDAO) ecosystem.The Central Bank AnalogyMacPherson explained Spark through a simple yet powerful analogy:Sky operates like a central bank—it issues the USDS stablecoin and provides liquidity to its subDAOs.Spark, in turn, acts as a commercial bank, borrowing capital fr...

In a recent fireside chat hosted by Anthony Y. from Artemis, Sam MacPherson, co-founder and CEO of Spark, provided a deep look into how Spark is reshaping institutional access to DeFi credit markets within the Sky (formerly MakerDAO) ecosystem.The Central Bank AnalogyMacPherson explained Spark through a simple yet powerful analogy:Sky operates like a central bank—it issues the USDS stablecoin and provides liquidity to its subDAOs.Spark, in turn, acts as a commercial bank, borrowing capital fr...