SKY was impacted by the rsETH security incident, resulting in obvious short-term selling pressure, but market sentiment digested the impact quickly and the pullback remained limited. Technically, SKY maintains a daily uptrend structure, with both highs and lows continuing to rise and trading volume supporting the movement. SKY has stabilized above the 0.086 level and may challenge the 0.09 mark next. Fundamentally, the protocol's restructuring simplifies yield distribution and improves liquidity, while the issuance scale of USDS expands in tandem with SKY’s market cap, strengthening its long-term value proposition. It is recommended to pay attention to potential breakouts in the 0.085-0.09 range in the short term. For long-term holders, consider accumulating at dips based on structural positive factors.

On April 20th, due to a major security incident involving the integrated rsETH token, SKY platform deposits saw a clear pullback and market risk aversion briefly intensified. While daily volatility widened, the closing price fell only moderately compared to the previous session, indicating that the price had already reacted to the negative news intraday and quickly sought support. Although this incident heightened short-term selling pressure, the overall downside was limited and the market digested the risk rapidly.

Decentralised finance (DeFi) investors have withdrawn over $15 billion following a $294 million hack of Kelp DAO by North Korean hackers, who have stolen nearly $600 million from onchain apps in 2024. Major DeFi platforms like Aave, Morpho, and Sky saw significant deposit declines due to their integration with Kelp DAO’s compromised rsETH token. Increasingly sophisticated attacks, aided by AI, are raising security concerns and deterring institutional investment in DeFi.

Investors pull $15 billion from DeFi as latest hack sparks security fears

Over the past week, SKY has shown an uptrend with both higher highs and higher lows. From April 22nd's $0.07986, the price climbed steadily, reaching $0.08941 on the 27th, with new highs being set alongside expanding trading volume—indicating increased buying interest. On the 28th, there was a minor pullback, but the token closed at $0.08606 and remained above key moving averages. Short-term momentum indicators stayed bullish, suggesting technical potential to further test the $0.09 level.

Humanity Protocol ($H) leads weekly crypto gainers with a 37.54% rise, trading at $0.1497. MemeCore ($M) follows with a 24.61% increase at $4.31. Pudgy Penguins ($PENGU) and Chiliz ($CHZ) surged 23.21% and 22.73%, respectively. Aerodrome Finance ($AERO), SKy ($SKY), Injective ($INJ), Cosmos ($ATOM), Algorand ($ALGO), and JUST ($JST) also showed notable weekly gains, reflecting positive market momentum.

$H, $M, and $PENGU Outshine in the Pack of Weekly Crypto Gainers

The protocol founder’s latest proposal aims to simplify the treasury yield distribution process by removing the old yield preservation mechanism and deprecating legacy modules. This optimization will enhance USDS stablecoin issuance efficiency and the overall liquidity of protocol funds. As of now, the scale of USDS has exceeded $11 billion, and SKY token's market cap remains firmly at around $2 billion, providing strong support for its long-term value proposition.

Sky Protocol founder Rune Christensen proposed restructuring the treasury following the transfer of Genesis Capital to Grove. The plan simplifies the treasury's revenue distribution by removing the Fortification Conserver step and retiring legacy mechanisms. Sky's USDS stablecoin has grown to about $11 billion in supply, making it the third-largest stablecoin by market cap, while the $SKY token trades at $0.089 with a $2 billion market cap.

Sky Protocol moves to restructure treasury post-Genesis Capital close

Skynet

Sky Token Price Plunges Despite Record $124M Q1 Revenue as DeFi Giant Chooses Safety Over Returns

Gold held losses after the US Federal Reserve kept interest rates steady and said the war in Iran was clouding the economic outlook.

Brazil’s central bank cut its key interest rate by a quarter point for a second straight meeting, even as inflation accelerates and signs of economic resilience emerge.

Bitcoin, Ethereum and XRP Prices Drop As Fed Holds Rates and Trump Rejects Iran Deal

Bitcoin Dips Under $76K as Fed Holds Rates in Rare 8-4 Split

Bitcoin Swings $2,800 as Traders Dump at $77,882 Peak, Pushing Price Toward $75,100

Bitcoin, Ethereum Dip as Fed Holds Rates Steady for Third Straight Time

Bitcoin slips to $75k as Fed holds rates, crypto stocks tumble

Market pricing shows the probability of a Federal Reserve interest rate hike has risen to 11%.

Summary of key points from Powell's last press conference as Chairman of the Federal Reserve.

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