News linked to both this project and an event.
Odaily News According to Defillama data, the stablecoin market has experienced an outflow of $12.413 billion in the 62 days since May 17, 2026, with $1.555 billion flowing out since July 11, marking one of the largest contractions in over four years. As of July 18, Tether's USDT market cap stood at $184.055 billion, while Circle's USDC market cap was $73.376 billion. Over the past week, USDT decreased by 0.06%, and USDC decreased by 0.04%. Sky's USDS market cap was $6.66 billion, declining by 12.30% over the past week, making it the worst performer among the top ten stablecoins.World Liberty Financial's USD1 fell by 4.59%, while Sky's DAI decreased by 0.43%. Global Dollar's USDG rose by 9.08% over the past week, reaching a market cap of $3.164 billion, the highest gain among the top ten stablecoins. PayPal's PYUSD increased by 1.60% to $2.877 billion, while Circle's USYC and BlackRock's BUIDL decreased by 3.64% and 8.68%, respectively.
According to monitoring by on-chain analyst Ember, investment institution ParaFi Capital (0x5028...4Db6) withdrew 56 million SKY (worth $2.98 million) from Coinbase Prime an hour ago. In early March, when AAVE was priced at $124, they swapped 42,500 AAVE for 70 million SKY. Currently, they hold a total of 126 million SKY, valued at $6.64 million, with an average entry price of approximately $0.066, resulting in an unrealized loss of $1.72 million.
On-chain data shows that an address疑似 belonging to Dragonfly transferred approximately $9.05 million worth of SKY tokens to Coinbase. The related token was formerly MKR, and its holding value has shrunk by over 50% since withdrawal.
According to on-chain analyst Ai Aunt (@ai9684xtpa), Sun Yuchen’s address 0x939…6a1d1 withdrew $300 million worth of USDS from Sky and deposited it into Spark within the past three hours. This address has now deposited approximately $1.3 billion in assets into Spark, with USDS farming rewards totaling $5.38 million. Specifically, USDS deposits amount to $436 million, representing 18.72% of the deposit pool; USDC deposits total $135 million, accounting for 28.17%; and USDT deposits stand at $93.39 million, making up 9.89%.
According to on-chain analyst Yujin (@EmberCN), the 53,660 ETH that Sun Yuchen urgently withdrew from Aave in the early hours has been deposited into Spark half an hour ago, valued at approximately $125 million. Currently, Sun Yuchen’s on-chain funds across Sky and Spark total approximately $2.13 billion, while his funds on Aave amount to roughly $380 million.
Castle Labs (@castle_labs) published a post stating that the current crypto market is undergoing a profound paradigm shift—speculative models prioritizing extraction are gradually giving way to investment logic oriented toward revenue generation. The article notes that since 2026, the broader crypto market has performed poorly: most assets have seen sustained price declines, ETF funds have continued flowing out, project shutdowns have intensified, and institutional VC investments have grown increasingly conservative. The key catalysts for this shift were last October’s large-scale liquidation event and the ongoing market reflection triggered by gold consistently outperforming Bitcoin. On the revenue data front, among the roughly 5,700 protocols tracked by DeFiLlama, only 3.5% generated over $100,000 in revenue over the past 30 days—and fewer than 1% actually distributed earnings to token holders. The article focuses on top revenue-generating protocols—including Hyperliquid (HYPE), Pumpdotfun (PUMP), Tron (TRON), Sky (SKY), Jupiter (JUP), Aave (AAVE), and Aerodrome (AERO)—analyzing their price-to-sales ratios (P/S) and token holder return metrics. It argues that protocol revenue—and its capacity to feed value back to token holders—is becoming the core metric investors use to evaluate and select projects. Regarding institutionalization trends, traditional financial giants—including NYSE, Robinhood, BlackRock, and Franklin Templeton—