Specialising in Fintech - Research and Development, Kiitot

Tatja Karkkainen

Specialising in Fintech - Research and Development

Kiitot

Tatja specialises in digital assets and machine learning. She has authored a number of academic papers relating to network effects, financial inclusion, crypto futures and FOMO. Her interest lies especially in predicting long term value. She has had a long and successful track record in institutional investor relationship management, IT and alternative investments. PhD in (Finance) Fintech, MA in Politics, BA in International Relations and Politics. CAIA, IMC, Series 3.

Crypto

<ul>
<li>Sky operates a synergistic model comprising the SKY governance token and USDS stablecoin, functioning as a decentralised central bank that captures value from a portfolio of RWAs and on-chain lending.</li>
<li>The protocol’s flagship Sky Savings Rate (SSR) currently offers a 4% yield that tracks the U.S. Treasury Notes, effectively establishing USDS as the on-chain equivalent of a risk-free dollar instrument.</li>
<li>With over 86% of the legacy supply successfully migrated, Sky represents a fairly defensive investment that offers diversifying returns. </li>
</ul>


Sky operates a synergistic model comprising the SKY governance token and USDS stablecoin, functioning as a decentralised central bank that captures value from a portfolio of RWAs and on-chain lending.
The protocol’s flagship Sky Savings Rate (SSR) currently offers a 4% yield that tracks the U.S. Treasury Notes, effectively establishing USDS as the on-chain equivalent of a risk-free dollar instrument.
With over 86% of the legacy supply successfully migrated, Sky represents a fairly defensive investment that offers diversifying returns. 


Sky (SKY): Building Resilient Infrastructure for DeFi Income

Crypto Research and Data, Delphi Digital

Delphi Digital

Crypto Research and Data

Institutional-Grade Crypto Research & Data

Delphi Digital seeks to produce unbiased, actionable content for our clients on critical themes affecting digital assets and distributed ledger technology. Our team is committed to providing investors and institutions with key insights through a diverse suite of products including individual project analysis, bespoke research, and tailored consulting services.

<ul>
<li>Traditional equities confer specific rights to their holders, such as voting power and dividends. Tokens offer distinct advantages, including implementation versatility, composability—especially within DeFi—and other functionalities unattainable with securities.</li>
<li>The innovative designs of tokens play a pivotal role; they not only channel value back to the token holders but also exert a direct impact on the token’s market value.</li>
<li>In this report, we explore four value accrual mechanisms implemented by tokens. These include: (i) Buyback and Burn; (ii) Real Yield; (iii) Tax-Tokens; and (iv) Book Value Tokens</li>
</ul>


Traditional equities confer specific rights to their holders, such as voting power and dividends. Tokens offer distinct advantages, including implementation versatility, composability—especially within DeFi—and other functionalities unattainable with securities.
The innovative designs of tokens play a pivotal role; they not only channel value back to the token holders but also exert a direct impact on the token’s market value.
In this report, we explore four value accrual mechanisms implemented by tokens. These include: (i) Buyback and Burn; (ii) Real Yield; (iii) Tax-Tokens; and (iv) Book Value Tokens


More Than Just Governance: Unpacking Value Accrual Mechanisms in Crypto

Credit/Macro/Crypto Analyst, Former Credit/MA PM

Rose Choy

<ul>
<li>Decentralized organizations are still struggling to find the “right” way to govern themselves and there are well-known tradeoffs between decentralization and efficiency.</li>
<li>MKR tokens (governance tokens of MakerDAO) suffer from lack of alignment of incentives for tokenholders and protocol governance which is evident in the token price performance.</li>
<li>The trade is to sell or short the token as we do not see any benefits to tokenholders if incentives are not aligned and decision making continues to be inefficient.</li>
</ul>


Decentralized organizations are still struggling to find the “right” way to govern themselves and there are well-known tradeoffs between decentralization and efficiency.
MKR tokens (governance tokens of MakerDAO) suffer from lack of alignment of incentives for tokenholders and protocol governance which is evident in the token price performance.
The trade is to sell or short the token as we do not see any benefits to tokenholders if incentives are not aligned and decision making continues to be inefficient.


Sell MKR Token- DAO Governance Wars and Centralization Means MKR Token Will Go Nowhere

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Maker (MKR CURNCY)

Sky (SKY): Building Resilient Infrastructure for DeFi Income

Sky DeFi ecosystems aims to offer a blue-chip, risk-free rate instrument; USDS stablecoin governed by the SKY DAO governance token.

Tatja Karkkainen

More Than Just Governance: Unpacking Value Accrual Mechanisms in Crypto

Tokens offer distinct advantages over traditional equities, with versatile implementation and unique functionalities unattainable with securities....

Delphi Digital

Sell MKR Token- DAO Governance Wars and Centralization Means MKR Token Will Go Nowhere

Decentralization in DAOs sounds ideal, but lack of alignment in incentives between MKR token and the protocol governance is the key challenge....

Rose Choy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sky (SKY): Building Resilient Infrastructure for DeFi Income

Sky DeFi ecosystems aims to offer a blue-chip, risk-free rate instrument; USDS stablecoin governed by the SKY DAO governance token.

Tatja Karkkainen

More Than Just Governance: Unpacking Value Accrual Mechanisms in Crypto

​Tokens offer distinct advantages over traditional equities, with versatile implementation and unique functionalities unattainable with securities....

Delphi Digital

Sell MKR Token- DAO Governance Wars and Centralization Means MKR Token Will Go Nowhere

Decentralization in DAOs sounds ideal, but lack of alignment in incentives between MKR token and the protocol governance is the key challenge....

Rose Choy

Tokens offer distinct advantages over traditional equities, with versatile implementation and unique functionalities unattainable with securities....