Buyback Radar

Sky SKY

Part buyback, part payoutRank#13▲1Score51

Part of holders revenue is bought back, part is paid out; the split is not known.

CDP, Ethereum, 192 days of data

Active signals 1

  • Multiple below mediansince Nov 10

    Multiple 26.7×, below the 31.9× median of Lending (4 tokens).

Market cap

$1.34B

price $0.0567 · 7d −15.8% · 30d −25.0%

FDV $1.33B (1.0× market cap)

source defillama

Counted per year

$50.1M

holders revenue of the last 30 days, $5.5M, × 365 ÷ 30, × type factor 0.75 (a mixed model counts 75%)

Mixedbuyback share 42%

Returns 5.0% of its market cap a year, using 42¢ of every $1 it earns.

Not a buyback: counts for 75% in the multiple (type factor 0.75), so the denominator is $50.1M instead of $66.8M.

Multiple

26.7×

peer median 31.9× (Lending, 4 tokens), against 26.7× here

Run-rate

26.9×

last 7 days $1.3M × 52 × 0.75 (type factor) = $49.7M a year

last week's payout in line with the 30-day pace

What we checked

  1. Valuation

    Multiple 26.7× (type factor 0.75: a mixed model counts 75%), in line with its Lending peers (median 31.9×, 4 tokens). It is itself the largest earner in the group. On total revenue: 8.4×, 1.6× cheaper than the revenue peer median.

  2. Distribution

    Mixed: Part buyback, part distribution or burn; the exact split is not known. Holders got $5.5M of $13.1M revenue in 30 days → buyback share 42%. DefiLlama: “Token Buy Back: SKY tokens buy back from revenue”

  3. Sustainability

    Holders were paid on 30 of 30 days (100%); largest single day 3% of the month's holders revenue; paid to holders this week: 91% of the best week in 90 days. Revenue −6% over 7 days and −3% over 30 days, price −25% over 30 days.

What this does not tell you

The figures come from DefiLlama's adapter for each child protocol. Only a few tokens have an on-chain check (see How the buyback really works); for the rest, whether the tokens were really bought, burned or parked in a treasury wallet is not checked here. Unlocks count where DefiLlama or our research has a vesting schedule; team discretion and liquidity depth only once researched.

Flags

  • Data issue: chain mapping missingData issue (chain mapping missing): warning, scores are computed as usual

How the buyback really works

Researched Nov 1, 2026 · 6 wallets: 4 high, 1 medium, 1 low confidence

  1. The moneyPaid from ongoing revenue
  2. The buyerPartly automatic, partly up to the team
  3. The tokensBought tokens go to the treasury (not burned, not paid out)

The project says 27.5% goes to buybacks, without saying of what, so we do not compare it with DefiLlama.

On-chain: at least $3.0M bought back over 30 days, at least 57% of what DefiLlama reports for the same days. Our method sees only part of what DefiLlama counts, so a lower share proves nothing.

Method: Etherscan v2 getLogs: SKY bought by the Flapper (from its Uniswap pair 0x2621… to MCD_PAUSE_PROXY); DefiLlama also counts USDS staker rewards, so this is a lower bound. Checked November 12, 2026.

Red flags 5

  • The name 'Smart Burn Engine' is misleading: the Flapper sends purchased SKY to the Pause Proxy (treasury), not to a burn address (confirmed on-chain). According to secondary sources only a small part (5% of Net Protocol Surplus) is actually burned periodically; the rest goes back into the market as staking rewards.
  • The buyback rate is set per governance spell (hop, burn ratio, want). In March 2026 a temporary reduction was proposed to strengthen the surplus buffer.
  • Only surplus above the buffer enters the waterfall. The share therefore varies and can go to zero.
  • DefiLlama counts all purchased SKY plus USDS staking rewards as HoldersRevenue (fees/makerdao.ts); that overstates the 'burn'.
  • The 22.5/22.5/5 split comes from secondary sources; the ratified Atlas text was not found. The on-chain ratio of 0.55 is consistent with it.
Buyback wallets 6
Sources 7

Open the buyback wallets in their explorer and look for regular purchases of the token.

Check it yourself (technical)

Use the same source as DefiLlama: https://info-sky.blockanalitica.com/buyback/historic/?days_ago=9999&format=json, field bar[].sky_buyback_24h (SKY per day); sum the last 30 days and value at the daily price. Verifier check: 2026-09-30 through 2026-10-31 between ~1.15M and ~1.56M SKY per day, no zero days. On-chain: SKY Transfer events (0x56072C95FAA701256059aa122697B133aDEd9279) with to=MCD_PAUSE_PROXY in transactions that call MCD_FLAP, via Etherscan v2 chainid=1. Measure burns separately as SKY Transfers to address(0) or as a decrease in totalSupply. Flow-through to stakers: Transfers from the Pause Proxy to rewards contracts and RewardAdded events on REWARDS_LSSKY_SKY.

Holders revenue / revenue (30d)
$5.5M / $13.1M
last 30 closed days
To holders
Returns 5.0% of its market cap a year
FDV / dilution
$1.33B / 1.0×
FDV ÷ market cap
Price 7d / 30d
−15.8% / −25.0%
Revenue growth 7d / 30d
−6% / −3%
versus the period before
Divergence
0.00
revenue growth minus price growth, 30d
DEX liquidity
$12.4M
DexScreener, representative pools
24h volume
$7.3M
all markets, CoinGecko
Unlocks 30d
$0
99% or more of the max supply already circulates
Revenue multiple
8.4×
market cap ÷ revenue per year
Fee multiple
4.0×
market cap ÷ fees per year
Distance to peak
91%
this week ÷ best week of 90 days
Data since
May 4
first day with holders revenue

Holders revenue and price

Holders revenue per day7-day averagePrice (right axis)▲ ▼ signal days (history below)

Multiple over time

today 26.7× (scored) · peer median 31.9×

Market cap at close ÷ (holders revenue of the previous 30 days × 365 ÷ 30), with holders revenue capped at revenue and × the type factor: the same effective multiple as the peer median. Values above 100× are drawn at the top. Bands as on the meter; dashed line = peer median today.

Signal history

Signal history of this token: date, type, price at the signal, price after 7 and 30 days, change since the signal and the outcome
DateSignalPrice thenAfter 7dAfter 30dSinceOutcome
November 11, 2026Multiple below medianactive$0.06——−5%30-day check: day 1
October 14, 2026Multiple below medianvoided Nov 1: rule change of 1 Nov 2026: it would not open under the current rules$0.0672−5%—−16%not counted
October 31, 2026New in top 20closed Nov 1: now ranked #26$0.0672−5%—−16%30-day check: day 11

Versus peers

Lending (merged group) · 4 tokens · median multiple 31.9×

Main-ranking peers only. Multiples count holders revenue capped at revenue, × the type factor (buyback 1 · buyback + burn 1 · burn 0.75 · mixed 0.75 · distribution 0.5 · unclear 0.5 · ve-distribution 0.25).

This token against its main-ranking peers: multiple, revenue multiple, buyback share, holders revenue, market cap and revenue growth
TokenDistributionMultipleRevenue multipleBuyback shareTo holders 30dMarket capRev. growth 30d
SparkBuyback13.0×3.7×29%$340k$53.8M+133%
Skyleaderthis tokenMixed26.7×8.4×42%$5.5M$1.34B−3%
Maple FinanceBuyback37.2×7.4×20%$326k$147.5M+14%
LiquityDistribution1.2k×8.2×80%$128k$15.8M+409%
Score build-up51 of 100

Total score = 35% valuation + 25% momentum + 20% divergence + 20% quality − penalties, clamped to 0–100. Every number here can be recomputed from the figures on this page.

51of 100#13▲1top 24%
Valuation 19.2Momentum 12.1Divergence 0.0Quality 20.0= 51.3
Valuation35%
55Valuation 54.9: HR half 37.7 (multiple 26.70×; 100 at ≤3×, 0 at ≥100×, log scale), revenue half 72.1 (revenue peer value 1.63×; 0 at ≤0.33×, 50 at 1×, 100 at ≥3×, log scale).Average of two halves. HR half: linear in log(multiple), 100 at ≤ 3×, 0 at ≥ 100×, 0 without effective HR. Revenue half: linear in log(revenue peer value), 0 at ≤ 0.33×, 50 at 1×, 100 at ≥ 3×; neutral 50 when the peer group falls back to the universe.
Momentum25%
48Momentum 48.3: m = 0.5·g7 −0.057 + 0.3·(ln(day jump 1.03) clamped ±1.5 = 0.033) + 0.2·g30 −0.028 = −0.024; 0 at ≤−0.7, 50 at 0, 100 at ≥1.1.m = 0.5·g7 + 0.3·ln(day jump, clamped ±1.5) + 0.2·g30; 0 at m ≤ −0.7, 50 at 0, 100 at ≥ 1.1. Neutral 50 when g7 or g30 is missing; a missing day jump counts as 0.
Divergence20%
0Divergence 0.0: d = g30 − p30 = 0.000; 0 at ≤0, 100 at ≥1.5.d = max(0, g30 − p30) when g30 > 0; 0 at d ≤ 0, 100 at d ≥ 1.5, linear.
Quality20%
100Quality 100.0: mean of days HR>0 100% → 100.0 (0 at ≤30%, 100 at ≥90%), largest day 3% of HR30 → 100.0 (0 at ≥60%, 100 at ≤15%), distance to peak 0.91 → 100.0 (0 at ≤0.25, 100 at ≥0.9).Average of: share of days with HR > 0 (0 at ≤ 30%, 100 at ≥ 90%), 1 − largest day ÷ HR30 (0 at ≥ 60%, 100 at ≤ 15%) and distance to peak (0 at ≤ 0.25, 100 at ≥ 0.9).

Penaltiesnone

No penalty applies — 10 rules checked, 3 wait for research data

Where the numbers come from
Revenue source
2 active children
DefiLlama adapter per child
Price and market cap
defillama / defillama
latest fetch
Scored on
November 11, 2026
as-of date of the last compute run
On-chain verified
partly measured
checked Nov 12
Protocols behind this token2 at DefiLlama

Per protocol: DefiLlama's methodology text, the distribution type we read from it and the sentence that decided it. The token takes the type of the protocol that returns the most to holders.

  • Sky Lending
    CDP · Ethereum
    type mixed · source label
    “Token Buy Back: SKY tokens buy back from revenue”

    SKY token buybacks + staking rewards for sky stakers

    Token Buy Back
    SKY tokens buy back from revenue
    USDS Staking Rewards
    USDS rewards paid to SKY stakers
    adapter on GitHub ↗
  • Sky Money
    Risk Curators · Ethereum
    type unclear · source none

    No methodology text at DefiLlama.

    adapter on GitHub ↗