Sky Protocol, previously known as MakerDAO, is a decentralized finance (DeFi) initiative operating on the Ethereum blockchain. The platform is most recognized for its USDS stablecoin, which maintains a 1:1 peg with the U.S. dollar to preserve its value.
According to DeFiLlama, USDS has a market capitalization exceeding $6 billion, representing over 2% of the global stablecoin market.
Sky Protocol’s governance token, SKY, grants stakeholders voting rights for protocol decisions. With a market cap of $1.38 billion, SKY ranks as the 62nd largest cryptocurrency.
Standard Chartered Analyst Forecasts SKY Outpaces Bitcoin by 2028
On September 11, Standard Chartered initiated analysis on the SKY token, projecting a price target of $0.325 by the end of 2028.
Geoff Kendrick, the firm’s global head of digital assets research, likened Sky Protocol to a “federal bank” due to its stablecoin issuance, governance systems, and wholesale lending practices. It currently holds the title of the largest issuer of yield-bearing stablecoins.
Here’s an overview of its operational model:
Sky enables holders to stake USDS and receive sUSDS tokens in return. Stakers earn rewards on their USDS holdings and can utilize sUSDS within the broader DeFi ecosystem.
Per DeFiLlama, sUSDS has $4.59 billion in total value locked and offers an annual percentage yield of 3.6%.
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SKY token holders rely primarily on staking rewards and token buybacks for returns, according to Kendrick.
At a current price of $0.065, Kendrick’s $0.325 target for 2028 represents a 400% potential increase.
Standard Chartered also forecasts Bitcoin (BTC) and Ethereum (ETH) reaching $300,000 and $18,000 respectively by 2028. The analyst predicts SKY will track Ethereum’s growth trajectory but surpass Bitcoin in performance during the same period.
