SKY Surges 14% as Savings TVL Passes $4 Billion
The SKY token is soaring today as the total value locked (TVL) in the Sky Savings platform hits a new all-time high of $4 billion.
SKY is up 14% today amid a sea of red, as continued BTC weakness is pressuring the altcoin market.
While today’s price surge makes SKY an outlier compared to the rest of the market, the token is still down 9% over the last month and has yet to recover from the mass altcoin liquidation event on Oct. 10.
Sky Savings allows users to deposit USDS and DAI to earn a variable savings rate. The vault consists primarily of USDS, which accounts for more than 91% of Sky Savings TVL, while just 8% is made up of DAI.
SSR’s TVL has been one of legacy DeFi’s big winners in 2025, growing by 63% over the last month, and 150% since Jan 1. Currently, it pays out 4.5% on USDS and 1.25% on DAI, which explains why the TVL is heavily skewed towards USDS.
Sky, formerly known as MakerDAO, completed its rebrand in August 2024, with the MKR token migrating to SKY in September 2024 alongside the launch of the USDS stablecoin.
While SKY still trades far below MKR’s all-time high market capitalization of $5.5 billion, the protocol remains one of the top 10 largest DeFi protocols, with $6.65 billion in TVL.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Russia's Decision on Stablecoins May Transform Digital Asset Legislation
- Russia's Constitutional Court will decide if stablecoins like USDT qualify as property under 2021 DFA laws, following a 2023 civil dispute over a $1,000 loan. - Lower courts dismissed the case, excluding foreign-issued stablecoins from DFA scope, but plaintiffs argue this creates unconstitutional property restrictions. - Experts disagree: Guznov calls USDT a "monetary surrogate," while Rosfinmonitoring emphasizes voluntary reporting over blockchain monitoring for ownership verification. - A new law now t
Bitcoin News Update: Top Executives Accumulate ETH and BTC During $1.1B Sell-Off, Highlight 100x Growth Opportunity
- Bitcoin fell below $90,000 amid $1.1B liquidations, with BitMine/Bitwise executives predicting long-term "supercycles" for BTC/ETH despite short-term volatility. - BitMine added 54,156 ETH ($170M) to holdings, while Hyperscale Data bought 59.76 BTC via dollar-cost-averaging, signaling institutional confidence in crypto's value. - ETF outflows ($870M in one day) and LTH selling (815,000 BTC in 30 days) highlight bearish fundamentals, with $102,000 as critical support for Bitcoin. - Fed officials' cautious
Bitcoin Updates: MicroStrategy's Bold Bitcoin Investment Stands Strong Despite 57% Drop in Stock Value
- MicroStrategy's CEO reaffirms Bitcoin buying strategy amid market volatility, adding 8,178 BTC for $835.6M. - Despite 57% stock decline, MSTR's Bitcoin holdings reach $61.7B, funded by preferred shares and convertible notes. - Critics question debt-driven model's sustainability, but analysts praise its Bitcoin-per-share growth and $535 price target. - Saylor envisions $1T Bitcoin balance sheet, leveraging appreciation for credit products and reshaping global finance.
Ethereum Updates Today: Buddy Goes All-In on ETH with $13 Million Leveraged Wager Amid Market Slump
- Buddy Huang’s ETH long position was liquidated, prompting a $9.5M reentry amid market turmoil. - Market selloff attributed to macroeconomic pressures, with BTC dropping 28.7% below $90K. - A $1.24B ETH whale added 13,117 ETH despite $1.59M unrealized losses, signaling bullish conviction. - Institutional caution grew as SoftBank exited $5.8B NVIDIA stake, while Coinbase hinted at December 17th product launch. - Buddy’s $13M leveraged bet faces liquidation risk if ETH fails to stabilize above $3,000, highl
Trending news
MoreCrypto prices
More
