[ChainFundamentals AI Research] A month for Tokenholders – August2026

Sky Protocol — Monthly Report August 2026 — A Month for Tokenholders For daily updates for key indicators for Sky, Aave, Morpho and Ethena, visit chainfundamentals.io/dashboard. 1. Main Metrics — August 2026 2. Value Accrual for Tokenholders The SKY token recorded a strong month, rising 18.7% — following a period of pronounced bearish sentiment toward crypto tokens more broadly. This was driven by two factors: a broader recovery across crypto markets, and Sky Governance’s implementation of a rules-based mechanism allocating a percentage of monthly Net Revenue directly to Tokenholder value accrual in the form of buybacks and staking rewards. Net Revenue for the MSC-11 settlement cycle came in at a period low of $10.52M, apparently impacted by a $3M write-off recognized in July. Should this normalize in the MSC-12 settlement cycle, a corresponding boost for the Sky staking rate and buybacks would follow. MSC # Period MSC Net Revenue Gross Cash Flow MSC-8 Apr-26 $15.72M $33.4M MSC-9 May-26 $14.73M $34.6M MSC-10 Jun-26 $13.71M $39.8M MSC-11 Jul-26 $10.52M $47.4M MSC-12 Aug-26 Pending forum publication $36.8M Note: MSC Net Revenue figures are sourced from forum posts; the methodology used to calculate Net Revenue is not currently public, though we understand it will be published soon. Gross Cash Flow is sourced from ChainFundamentals — Gross Cash Inflows dataset (ID: 6314629). 3. Protocol Reserves Target and SFF Cash Requirements Sky Protocol Reserves reaching its $150M Reserves target would unlock a further boost for Tokenholder value accrual, however the pace at which this target can be reached remains challenged by the ongoing cash requirements of the Sky Frontier Foundation. Based on our onchain observations, the SFF had cash requirements of ~$8M in August, and on the last day of August received $16M of Genesis Capital from the Ozone agent. 4. Competitive Landscape August was a broadly positive month for crypto tokens amid a market-wide recovery in risk sentiment, that Sky participated in, though it underperformed the broader market and its direct competitors, with Aave, Morpho and Ethena all recording stronger 30-day gains — the latter aided in part by the Ethena Foundation’s announcement of a revenue-funded buyback program. Token Token Price 30D Gain Stablecoin Deposits Growth (30D) Yield 7D Average SKY +23.80% +1.72% 3.52% (sUSDS) AAVE +38.90% -3.40% 3.17% (Aave V3 avg) MORPHO +32.00% +18.08% 4.72% (Morpho avg) ENA +85.60% +6.46% 4.55% (sUSDe) USDS supply has proven resilient, even with the SSR now below both the SOFR rate and prevailing onchain yields. Morpho and Ethena appear to have the recent momentum, with rising yields attracting further stablecoin deposits. 5. Summary After a difficult period of “Tokens are dead” narrative, August has provided huge relief for the wider on-chain ecosystem. Sky Governance has followed through and demonstrated its commitment to Tokenholders with the programmatic allocation of 40% of Net Revenue directly to Tokenholders, also referred to as Stage 2 of Sky Staking Rewards. Greater transparency on the SFF’s cash flow requirements (both for costs since the last SFF report and future budget requirements) — currently the biggest source of delay to reaching the $150M Reserves target — could provide further support for the token price. Whilst this macro environment of expected base rate increases is generally positive for Sky, the existing spread between the SSR and prevalent DeFi yields could pose an obstacle to USDS supply scaling in line with competitors. Sources & methodology: Figures are drawn from ChainFundamentals onchain datasets, the Sky Frontier Foundation site, and Sphere. Published as independent research for community transparency, not as investment advice. Drafted with Claude.AI. 1 post - 1 participant Read full topic