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SKY is quite tricky; it moves against the overall market trend, rising from November until now, though very slowly.
There are three reasons:
1. The proposal was approved to significantly slow the release and carry out large buybacks. As of now, it has already repurchased more than 1.83 billion SKY tokens.
2. On April 16, tether invested 135 million in a private placement and obtained 9.15 of the supply.
3. Revenue has surged sharply: USDS rose from 1.3 billion to 8.3 billion. Annual protocol revenue is 300 million, and net profit is 158 million.
4. Plus, the recent KelpDAO hacker incident triggered outflows of DeFi capital, but Sky is an established DeFi protocol, so it isn’t affected much by volatility.
Currently, the market cap is 2 billion, and TVL is 5.4 billion.
$sky