MakerDAO

SDEV

2026-10-03 04:54:49

SDEV closes at $7.48 after 104.37% daily jump, up about 770% in a month

Stablecoin Development Corporation, trading on U.S. markets under the ticker SDEV, closed at $7.48 on Oct. 2 after a 104.37% one-day gain, extending its roughly one-month rise to about 770% from the Sept. 2 close of $0.8591. Trading volume for the session was about 138 million shares. The company said on Sept. 29 that it was not aware of any undisclosed material information. SDEV, formerly NovaBay Pharmaceuticals, has repositioned itself as an on-chain holding company focused on SKY, the governance token of the Sky protocol, formerly MakerDAO. According to its September S-3/A filing, the company held about 2.315 billion SKY as of Sept. 13, or roughly 10% of total supply. Nearly all of those tokens were staked. In the second quarter, it recorded 31.746 million SKY in staking rewards and recognized $2.2 million in revenue, while also booking a $50.6 million unrealized loss as SKY fell. The report says SDEV’s mNAV moved from 0.39 on Sept. 28 to about 1.9x based on the Sept. 18 share count and the Oct. 2 close. It also notes 167.5 million prepaid warrants remain unexercised, which would lift the fully diluted market capitalization to about $1.64 billion, or roughly 8x the value of the company’s SKY holdings.

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Blast

2026-10-03 03:06:08

Blast to Shut Down After Revenue Falls Behind Costs, Capping a Steep Post-Airdrop Decline

Blast said on Oct. 2 that it will shut down after concluding that the chain’s operating costs have exceeded its revenue and that it does not see a sustainable economic model ahead. The announcement came after the network generated just $110 in total revenue over the previous 24 hours, a sharp contrast with the $2.27 billion in total value locked it once held at its peak. The project, launched by Blur founder Tieshun Roquerre, known as Pacman, built early momentum by offering “native yield” on deposited ETH and stablecoins before its mainnet went live, while also using a points system tied to expectations of a future token airdrop. Deposits topped $2 billion before launch, and TVL later climbed to $2.27 billion in February 2024. But after the BLAST token airdrop in June 2024 opened at a fully diluted valuation of about $2.9 billion, below the $5 billion to $10 billion many farmers had expected, capital began to leave quickly. By the eve of the shutdown in October 2026, Blast’s DeFi TVL had fallen to about $32 million, down more than 98% from its high, while roughly $51 million remained locked in its Ethereum bridge contract. The team also outlined a withdrawal process tied to unwinding its stETH position through Lido, with the standard frontend set to remain available until Oct. 26.

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SparkLend

2026-10-02 12:03:51

SparkLend Ethereum deposits top 600,000 ETH, setting a record high

SparkLend, the lending protocol under MakerDAO, has surpassed 600,000 ETH in deposits, reaching a new all-time high. Techub, citing Crypto Briefing, reported that the milestone points to rising market trust in more conservative DeFi protocols. The report also said the development could shape future lending market dynamics. The update centers on deposit growth and does not provide additional on-chain breakdowns or a more detailed timeline beyond the new record.

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Sky

2026-09-14 04:03:16

Standard Chartered starts coverage on Sky with a $0.325 target and a two-step case for 5x upside

Standard Chartered has initiated coverage of Sky and framed the protocol as a "federal bank for DeFi," assigning a $0.325 price target for the SKY token by the end of 2028, roughly five times its current level. In Geoffrey Kendrick’s model, USDS and DAI function as protocol-issued money, while Spark, Grove, and Obex act like on-chain commercial banks that borrow capital, deploy it, and generate spread income. That structure, in the bank’s view, creates a direct line between protocol earnings and value returned to SKY holders through staking rewards and token buybacks. The report breaks the bull case into two stages. First, Sky’s reserve buffer could rise from about $90 million to $150 million within roughly eight months, potentially allowing more capital to be directed toward SKY incentives if the buffer also reaches 1.5% of USDS supply. Second, the three Agents are using only about 34% of their combined $17.5 billion borrowing limit, with current borrowings at roughly $5.9 billion. If utilization rises toward the cap and spreads hold, income could increase another two to three times. The report also highlights the weak points in that thesis: whether borrowing demand can scale, whether the 3.8% base rate can be maintained, and whether governance continues directing surplus value back to SKY holders.

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Sky

2026-09-14 02:00:00

Standard Chartered Sees SKY at $0.325 by 2028 as Sky’s Holder Payout Model Expands

Standard Chartered’s global head of digital assets research, Geoffrey Kendrick, initiated coverage on Sky, formerly MakerDAO, on Sept. 11 and set a $0.325 price target for SKY by the end of 2028, roughly five times its current $0.065 level. The call rests on a specific thesis: value returned to SKY holders could rise fivefold as the Sky ecosystem expands and USDS supply grows. Kendrick frames Sky as a kind of “federal bank” for DeFi. In that setup, USDS and DAI function as issued money, while Spark, Grove and Obex act as capital allocators that borrow USDS from the protocol and deploy it across crypto lending and real-world assets. Sky earns a spread from those activities, along with income tied to USDC reserves held through Coinbase and legacy DAI vaults. The report’s valuation model has two stages. First, once Sky’s reserve buffer reaches $150 million and meets a 1.5% capital ratio versus USDS supply, funds available for SKY staking rewards and buybacks could double. Second, if the three Agents move from about $5.9 billion in current borrowing toward their combined $17.5 billion ceiling, revenue could expand another two to three times, assuming spreads hold steady. The article also stresses the assumptions behind that case: Agent borrowing must scale materially, interest spreads must remain intact, and governance must keep directing surplus to SKY holders. Those points remain central to whether the target can be realized.

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Standard Char

2026-09-12 03:48:08

Standard Chartered Starts Coverage on Sky, Sets $0.325 Target for SKY by End-2028

Standard Chartered’s head of digital asset research, Geoffrey Kendrick, initiated coverage on Sky, formerly MakerDAO, on Sept. 11 and set a $0.325 price target for SKY by the end of 2028, roughly five times its current $0.065 price. The report frames Sky as a "federal bank for DeFi," arguing that the token’s valuation should be tied to the value returned to SKY holders through staking rewards and buybacks rather than to stablecoin supply alone. The thesis rests on two linked steps. First, Kendrick expects Sky’s reserve buffer, now around $90 million, to reach $150 million in about eight months. If that also equals 1.5% of USDS supply, the amount available for SKY rewards and buybacks could double. Second, the combined borrowing of Sky’s three Agents — Spark, Grove and Obex — is currently about $5.9 billion against a $17.5 billion ceiling. If utilization moves toward that limit with spreads unchanged, protocol revenue could rise another two to three times. The report also highlights the main risks: whether borrowing demand can actually scale to the cap, whether the roughly 3.8% base rate can hold in a more competitive stablecoin market, and whether governance will keep directing surplus revenue to SKY holders after having paused buybacks in March 2026.

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Standard Char

2026-09-11 10:57:41

Standard Chartered initiates coverage on SKY, sets $0.325 price target for end-2028

Standard Chartered has initiated coverage of Sky’s SKY token and set an end-2028 price target of $0.325, compared with the $0.065 reference price cited in the report. The bank said Sky could deliver more than five times the current level of value to token holders by 2028 as USDS adoption rises and lending capacity expands. Geoff Kendrick, the bank’s global head of digital assets research, described Sky — formerly MakerDAO — as a decentralized finance platform that can issue stablecoins, build governance structures and charge borrowers a wholesale rate, making it similar to a “federal bank.” He also said value is returned to SKY holders mainly through staking rewards, while buybacks make up a smaller share. Standard Chartered said Sky is the world’s third-largest stablecoin issuer after Tether and Circle, and the largest issuer of yield-bearing stablecoins. The bank expects SKY to broadly track Ether and outperform Bitcoin through 2028, while its price forecasts for ETH and BTC over the same period stand at $18,000 and $300,000. DeFiLlama data cited in the report showed Sky’s yield-bearing sUSDS token had $4.5 billion in total value locked and a 3.6% annualized yield.

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Standard Char

2026-09-11 11:01:49

Standard Chartered starts coverage on SKY with a $0.325 price target for end-2028

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.

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