Great piece by @0xjawor. @SkyEcosystem feels mispriced at ~11x earnings. ➝ Record quarter (strong resilience during bear market) ➝ USDS supply still growing ➝ Years of battle-tested infra, reputable name in the ethereum space Token got punished after buybacks were temporarily reduced to build a stronger buffer. Worth noting: Sky’s treasury also holds around $190M worth of SKY. That gives governance useful capital allocation flexibility, and part of the value-accrual story still comes from the Smart Burn Engine buying back / burning SKY with protocol surplus. But the treasury position also creates a potential supply overhang if the market expects those tokens to be distributed, sold, or used for incentives. overall, bullish on SKY