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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 ...

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...