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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 ...

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...

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...