Sky (SKY)

Let me get this straight... SKY currently sits at a P/E ratio of 8.7 Yet, SFF believes that: - USDS supply will grow 124% YoY to $20.6B - Revenue will grow 81% YoY to $610m - and profits will grow 198% YoY to $160m Feels more like an asset that should be priced at 40x+ P/E The math doesn't add up (P.S that's A LOT of buybacks for an asset at $1.5B)

Welcome, @SkyEcoInsights. Sky Frontier Foundation has launched Sky Ecosystem Insights to provide research-style analysis of the Sky Ecosystem. This new ecosystem account will publish: • Quarterly and annual reports covering ecosystem performance, financial metrics, and expectations for the Sky Ecosystem • Analysis of ecosystem fundamentals and onchain metrics • Scenario-based analysis and assumptions-based projections (not guarantees) All analysis is independent and based on publicly available information. @SkyEcoInsights will release its first report, Sky Ecosystem Q4 Update and 2026 Outlook, tomorrow, January 29. Follow the account and turn on notifications. @SkyEcosystem will continue covering ecosystem updates and product launches as usual.

Sky Protocol bought back 29.5 million SKY last week, spending 1.9 million USDS. Cumulative buybacks have now surpassed 104 million USDS since the program began. https://t.co/wV21Wu6hGF

Sky Protocol bought back 31.57 million SKY last week, spending 1.9 million USDS. Cumulative buybacks have now surpassed 102 million USDS since the program’s inception. https://t.co/93tRzsFwPV

Who actually benefits from buybacks: holders, voters, or treasury control? Buybacks only matter if they change voting weight faster than new supply or new holders dilute it. Please note: Post is only for educational purpose. 1. Governance consolidation first @MakerDAO( $SKY) -> Buybacks: $95.14M -> Share of total supply: 5.35% -> Token performance (2025): –36.8% Why it fits -> Large % of supply removed from circulation -> No corresponding price protection -> Treasury-controlled supply reduction concentrates remaining voting power -> Treasury actions materially affect voting distribution 2. Optics-driven buybacks Buybacks signal confidence but don’t materially shift governance or value capture. @LayerZero_Core -> Buybacks: $150M -> Share of total supply: 5.0% -> Token performance: –17% -> Holders: 463k+ Why it fits -> Buyback size sounds large, but governance impact is diluted by: -> massive holder base -> weak marginal governance leverage per token -> No identifiable shift in who controls voting outcomes

Institutional credit is moving onchain. Galaxy has closed the initial issuance of its debut tokenized CLO at $75M, establishing a new model for institutional participation in private credit. The transaction was anchored by an approximately $50M allocation from @grovedotfinance.