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SKY Sky Protocol: An Ethereum-based DeFi giant, SKY token is favored by Standard Chartered Bank.
Sky Protocol (formerly known as MakerDAO) is a decentralized finance (DeFi) project built on the Ethereum network. The project is known for its USDS stablecoin. The USDS is pegged 1:1 to the U.S. dollar, aiming to align its value with the U.S. dollar.
According to data from online data analysis platform DeFiLlama, the market value of USDS has exceeded US$6 billion, accounting for more than 2% of the total stablecoin market. Sky Protocol's governance token is SKY, and the holder has the right to vote on the future development of the agreement. Currently, SKY's market value is approximately US$1.38 billion, ranking the 62nd largest cryptocurrency in the world.
Standard Chartered Bank analysts predict: SKY will outperform Bitcoin by 2028
On September 11, Standard Chartered, a 172-year-old bank, began to conduct coverage research on SKY tokens and set an expectation of a target price of US$0.325 by the end of 2028. Geoff Kendrick, global head of digital asset research at Standard Chartered Bank, compared Sky Protocol to a "federal bank" because the project not only issues stablecoins, but also has a well-established governance framework and lends assets at wholesale rates. In fact, Sky is also one of the largest issuers of yield stablecoins.
Its operating mechanism is as follows: Sky allows users to pledge USDS stablecoins in exchange for sUSDS tokens. Users can not only receive pledge rewards for USDS positions, but also deploy sUSDS tokens to every corner of the DeFi ecosystem. According to DeFiLlama data, the total lock-in value (TVL) of sUSDS is US$4.59 billion and the annualized percentage yield (APY) is 3.6%.
Kendrick pointed out that SKY token holders mainly rely on pledge rewards to earn returns, although token repurchase can also bring certain benefits. He mentioned that SKY's current price is approximately US$0.065, which means its 2028 target price of US$0.325 represents 400% growth potential.
In addition, Standard Chartered Bank expects the prices of Bitcoin (BTC) and Ethereum (ETH) to reach US$300,000 and US$18,000 respectively by the end of 2028. Analysts believe that this latest forecast means that SKY will keep pace with Ethereum and outperform Bitcoin by 2028.
