SKY(Sky)24-hour pump 3.01%

Gate News Bot news, July 16, according to CoinMarketCap data, as of the time of writing, SKY(Sky) is currently priced at $0.079098, having risen 3.01% in the last 24 hours, with a high of $0.08554356 and a low of $0.07555598. The 24-hour volume reached $2.59 million. The current market capitalization is approximately $1.683 billion, an increase of $49.3 million compared to yesterday.

The Sky Protocol is a decentralized open financial ecosystem, centered around the USDS stablecoin and the SKY governance token. Users can access the features of the Sky Protocol through the Sky.money non-custodial gateway, including Sky token savings rates, Sky token rewards, and more. The Sky Protocol aims to provide users with a more accessible, resilient, and innovative DeFi experience.

Important news about SKY recently:

1️⃣ SKY community approves $1 billion fund allocation

The Sky community recently approved a major proposal to allocate $1 billion to the on-chain fund of Janus Henderson. This fund will be managed through the newly launched Grove infrastructure, marking a significant expansion of the Sky ecosystem in the asset management sector. This move is expected to enhance the utility and value of the SKY token, providing support for its price rise.

2️⃣ Sky Protocol and Spark Protocol jointly deploy a $25 million fund pool.

Sky Protocol has partnered with Spark Protocol to deploy a $25 million lending pool on the Maple Finance platform. The two parties also plan to expand the pool size to $50 million. This move not only expands Sky's liquidity supply but also strengthens its position in the DeFi lending market, which is beneficial for attracting more users and capital.

3️⃣ Sky launched the Polaris project connecting Berachain

The Sky protocol recently launched a new project called Polaris, aimed at establishing a connection with Berachain. This is part of the Sky proxy framework, showcasing Sky's ongoing innovation in cross-chain interoperability. This move is expected to expand Sky's ecosystem, providing users with more cross-chain DeFi opportunities, thereby increasing the use cases and demand for the SKY token.

From a technical perspective, the SKY price has recently shown a rise trend, which may be related to the ongoing expansion of its ecosystem and functionality upgrades. However, investors still need to closely monitor the overall cryptocurrency market trends, as well as the performance of the Sky protocol in the competitive DeFi space.

This message is not intended as investment advice; investors should be aware of market volatility risks.