Sky Protocol just posted record $123.79M gross revenue in Q1 2026, up 57% QoQ and 29% YoY, with ~$46M net surplus driven by USDS growth.
Right now the protocol is delivering stronger fundamentals and higher revenue than during previous valuation peaks.
Feeling kind of undervalued here.
They've reduced buybacks via the Smart Burn Engine from 75% to 7.5% of surplus, after a March 2026 governance vote, to build a $150M solvency reserve.
Currently at ~$79M and on pace to hit the $125M restoration threshold in ~2 months.
Once there, buybacks are expected to scale back up.
This value accrual and proven performance makes $SKY one definitely worth keeping an eye on.
