Sky Protocol, earlier generally known as MakerDAO, is a decentralized finance (DeFi) challenge constructed on Ethereum.
The crypto challenge is greatest identified for its USDS stablecoin. Pegged 1:1 to the U.S. greenback, USDS makes an attempt to maintain its worth the identical as that of the greenback.
As per the onchain analytics platform DeFiLlama, USDS has a market cap of greater than $6 billion and accounts for over 2% of the overall stablecoin market.
Sky Protocol’s governance token, SKY, offers holders the best to vote on the protocol’s future. With a market cap of $1.38 billion, SKY is the 62nd largest cryptocurrency.
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Customary Chartered analyst says SKY will outperform Bitcoin by way of 2028
On Sep. 11, Customary Chartered initiated protection of the SKY token with a value goal of $0.325 by the tip of 2028.
The 172-year-old financial institution’s world head of digital belongings analysis, Geoff Kendrick, in contrast the Sky Protocol to a “federal financial institution” because the crypto challenge points stablecoins, has a governance framework, and lends belongings at a wholesale rate of interest. The truth is, Sky can also be the most important issuer of yield-bearing stablecoins.
Right here is the way it works.
Sky lets customers stake the USDS stablecoin in change for the sUSDS token. Not solely does the consumer earn the staking rewards on their USDS holding, they’ll additionally deploy the sUSDS token throughout the DeFi ecosystem.
As per DeFiLlama, sUSDS has a complete worth locked of $4.59 billion and provides an annual share yield (APY) of three.6%.
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The SKY token holders primarily depend on staking rewards for returns, although token buybacks additionally generate returns, Kendrick mentioned.
Kendrick talked about $0.065 as SKY’s present value. It means his 2028 goal of $0.325 represents an upside of 400%.
Customary Chartered sees Bitcoin (BTC) and Ethereum (ETH) hitting $300,000 and $18,000 by the tip of 2028.
As per the analyst, the newest prediction implies that SKY will preserve tempo with Ether however outperform Bitcoin by way of 2028.
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This story was initially printed by TheStreet on Sep 11, 2026, the place it first appeared within the MARKETS part. Add TheStreet as a Most well-liked Supply by clicking right here.
