Sky token price falls despite record Q1 revenue

Sky, the DeFi lending platform formerly known as MakerDAO, posted a record $124 million in revenue for the first quarter, DL News reported. However, its governance token, SKY, fell 2.4% immediately following the announcement. The decline is attributed to the foundation's decision to channel its earnings into an emergency fund to prepare for potential crises, rather than using them for token buybacks or burns. The foundation explained the move was a choice for long-term viability and that it would resume returning value to holders once its emergency fund target of $150 million is met. Nevertheless, the sell-off from investors who had anticipated short-term returns is expected to continue for the time being.