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Sky token rose over 11 percent in 24 hours as protocol revenue jumped roughly 10x to $436,210 and on-chain transactions and daily users climbed.
Sky, the native token of decentralized finance protocols, has climbed more than 11 percent in the past 24 hours, with most of the gains driven by rising on-chain activity and revenue. Revenue generated by Sky moved from a low of $48,500 to roughly $560,800 on 30 September, according to data from Artemis.
The latest data from DeFiLlama confirms revenue has since slid to $436,210 as of writing. That still represents an increase of roughly 10x, confirming that on-chain activity has remained elevated.
Sky Revenue Surge Supports Token Gains
A trend of this nature is associated with bullish market conditions, as investors are actively using the protocol more. More broadly, the protocol is performing well.
Yearly gross profit has reached its third-highest level, with $137.9 million generated so far, behind 2024 and 2025. Performance at this level is likely to sustain the price in the near term.
SKY revenue surged 799 percent as on-chain activity and daily active users increased, supporting the token's recent gains. The combination of higher revenue and heavier usage has reinforced the asset's positive momentum.
Transaction Volume and Daily Users Climb
There has been a surge in on-chain activity, with market transactions reaching a high of 1.2 million in the past day. According to Artemis, the number of transactions since 25 September has grown by over 200,000, reaching roughly 1.2 million.
Transaction activity has also aligned with the growth of daily active users on the protocol, which reached 90,800 at the time of writing. The surge in daily active users and transactions together suggests the activity has a strong hold on the asset's performance in the market.
Continued activity would mean that SKY's growth from here stays elevated, as the tendency is likely to continue in the near term for the asset to perform notably well. The correlation between usage metrics and price action is a key signal for market participants watching the DeFi sector.
Spot Accumulation and Netflow Trend
Spot market accumulation has been playing a role in feeding the asset's performance. In the past 24 hours, there has been massive accumulation of roughly $125,000 in SKY, which could influence its performance in the near term.
When there is massive accumulation like this in the past day, it often implies that traders are anticipating a surge in the near term. This buying trend has been observed across the market over the past fifteen days, with total accumulation of about $15 million in netflow.
When netflow is negative, there has been more buying than selling in the market. If this trend continues along this path, there is a chance that the price in the near term will maintain its performance, adding to price performance.
Sky's gains come amid broader interest in decentralized finance protocols, where revenue and user activity are closely watched as indicators of fundamental strength. The protocol's ability to sustain higher revenue and transaction volumes will be central to whether the token can hold its recent advance.
Sky Token Defi Artemis Defillama On-Chain Activity Daily Active Users Netflow
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