Standard Chartered has initiated coverage of SKY, the token of Sky, and set a year-end 2028 price target of $0.325. Based on the $0.065 reference price cited in the report, the target implies roughly 5x upside. The bank said the value passed on to token holders could rise to more than five times current levels by 2028 as USDS adoption expands and lending capacity grows. Geoff Kendrick, the bank’s global head of digital assets research, described Sky — formerly MakerDAO — as a decentralized finance platform that can issue a stablecoin, build a governance framework, and charge wholesale rates to borrowers, making it similar to a “federal bank.” The report also said Sky mainly returns value to SKY holders through staking rewards, while token buybacks account for a smaller share. BlockBeats added that Standard Chartered has started coverage on several crypto projects this year, and its call on UNI’s price target has been seen as one of its standout notes.
Standard Chartered has initiated coverage on SKY, the token of Sky, and set a price target of $0.325 for the end of 2028, according to BlockBeats on Sept. 11. Based on the $0.065 reference price cited in the report, that points to roughly 5x upside.
The bank said the value distributed by Sky to token holders could reach more than five times current levels by 2028 as USDS adoption increases and lending capacity expands.
Geoff Kendrick, Standard Chartered’s global head of digital assets research, said Sky, formerly known as MakerDAO, is a decentralized finance platform that can issue a stablecoin, establish a governance framework, and charge wholesale rates to borrowers, making it similar to a “federal bank.”
The report said Sky mainly returns value to SKY holders through staking rewards, while token buybacks make up a smaller portion.
BlockBeats also noted that Standard Chartered has initiated coverage on multiple crypto projects this year, and said the bank’s call on UNI’s price target this year has been viewed as one of its standout research notes.
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