[ChainFundamentals AI Research] Sky Datasets Analysis – May2026

Sky Protocol — Monthly Report May 2026 For detailed dashboards of Sky Fundamental datasets, visit chainfundamentals.io/research. 1. Sky Token Price A down month for Sky Token Holders reversing much of the YTD gains; SKY price: opened the year at $0.058, hit a YTD peak of $0.090 on Apr 28, and closed May at $0.068 April-end to May-end: down ~17% YTD performance: still up ~18%, but a fraction of where it stood entering May Buyback spend: tapered sharply through the year — $8.5M (Jan) → $7.7M (Feb) → $4.4M (Mar) → $1.1M (Apr) → $1.1M (May) 2. USDS Supply Stable USDS Supply: through the month around the ~11bi mark ( ~7bi USDS , ~$4bi DAI ) Whale concentration: continued increase this month in USDS demand from J. Sun affiliated entities (J. Sun, HTX, USDD) — a clear endorsement of Sky infrastructure from a very influential group with plentiful funds, but with concentration risk attached. 3. Sky Financials Cash flow turning point: after a long and cash-sucking process of restructuring for Endgame and launching the Genesis Agents, the month of May gives us a clear indication of Sky’s ability to generate positive cash flow (~$10M in May). Buybacks ahead: coupled with the recent rules-based allocations of Net Revenues, we hope to see buyback amounts — and so value returned to Tokenholders — increase from the current low levels moving forward. Transparency gap: the excellent level of transparency now available for Sky Protocol (kudos to SFF & BlockAnalitica!) allows for transaction-level granularity for Financials, but unfortunately we don’t see this yet for the “independent” Sky Frontier Foundation itself, which is ultimately funded via grants from Sky Protocol — and based on our on-chain observations has significant cash flow requirements. 4. Sky Token Holdings First monthly reduction: May was the first month we have seen a reduction in total staked SKY, driven by Whales & Other categories. Core Holders approaching 50%: the group we have defined as “Core Holders” (those with the most insight/influence into future Protocol plans) however continue to slowly build their holdings approaching the 50% mark of total SKY in circulation (perhaps already there considering we cannot label all the Whale addresses). 5. Market Landscape Depositor confidence returning: after the brutal drop in stable-coin deposits in April, May has seen depositor confidence start to return across the sector. Investor confidence challenged: however investor confidence in the sector is clearly challenged, especially considering the ongoing Equities bull run ( Chart from Artemis ). Notes: All data is sourced from transparent Dune queries available at Chainfundamentals.io — Entity labels reflect best-effort attribution and may be refined over time. Published as independent research for community transparency, not as investment advice. Drafted with Claude.AI; data and prompts via ChainFundamentals.io. 1 post - 1 participant Read full topic