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sky now creates a buyer for $SKY every month it produces net surplus. to buy and hold $SKY now, you increasingly need to believe Sky can keep growing the amount of surplus the protocol produces. under Stage 2, that surplus now has a clear allocation. for every $100 of monthly Net Protocol Surplus: - $50 stays in the Surplus Buffer - $22.50 is used to buy SKY for staking rewards - $22.50 goes to USDS staking rewards - $5 is used to buy SKY and burn it permanently that means 27.5% of monthly net surplus is now used to buy $SKY from the open market. if Sky produces $10m in surplus, $2.75m goes into SKY purchases. $2.25m worth goes to SKY stakers, while another $500k worth is permanently removed from circulation. Sky just completed the first burn under this framework, buying 2.86m SKY from the market using the 5% burn allocation. but the burn itself is only one part of the system. the 5% burn permanently reduces supply, while the larger 22.5% allocation creates recurring demand for SKY and sends those tokens to stakers. so the $SKY thesis is not simply that supply will keep falling. it is that Sky has started tying demand for the token to the financial performance of the protocol. if USDS grows, more capital gets deployed and Sky produces more surplus, the amount allocated to buying SKY grows with it. at $20m of monthly surplus, $5.5m would be used to buy SKY. at $40m, that becomes $11m. at the same time, Sky is not distributing everything it earns. up to half of monthly surplus stays in the Surplus Buffer. so the protocol is doing two things at once: keeping capital inside the system while also sending part of its earnings back into SKY purchases and staking rewards. a lot of defi tokens still depend on the idea that more users, more tvl or more revenue will somehow become valuable to the token later. Sky has made that relationship more direct. you can now take the monthly Net Protocol Surplus and calculate how much goes into buying SKY, how much gets burned, how much rewards stakers and how much stays inside the protocol. the 2.86m SKY burn is just one output of that system. the bigger bet is whether Sky can keep growing the surplus that feeds it.

THE BLOCK: Standard Chartered Bank has initiated coverage of Sky, calling it "DeFi's federal bank," and expects its ethereum:0x56072c95faa701256059aa122697b133aded9279 token to rise fivefold to $0.325 by the end of 2028. StanChart expects growth in Sky's ethereum:0xdc035d45d973e3ec169d2276ddab16f1e407384f stablecoin and wider ecosystem to drive higher staking rewards and token buybacks for SKY holders. "The main risk to this view would be if yield-bearing stablecoin growth is slower than expected," the bank said.

vvv is a good reminder that the token doesnt have to be an afterthought build a good product design the token around it make both reinforce each other win