Sky Protocol reports robust participation in its freshly launched SKY token staking initiative, locking over $568 million in assets during its inaugural phase. The program distributed 1.6 million USDS rewards within the first week while catalyzing a 12% price surge for SKY to $0.0824.
The incentives package offers stakers a 16% annualized yield denominated in USDS, enhanced by governance privileges and ecosystem participation benefits. Notable whale involvement includes the conversion of 420,000 MakerDAO (MKR) tokens to SKY, granting voting rights and staking eligibility. To ensure sustained engagement, a penalty mechanism will activate for inactive participants starting September 2025.
Technical indicators underscore bullish momentum for SKY, with MACD turning positive and RSI nearing 66. Market technicians identify immediate resistance at $0.085 and crucial support at $0.072. A sustained break above resistance levels could propel the token toward the $0.10 psychological threshold.