Coin Metrics is committed to building the crypto economy on a foundation of truth, providing authentic and accurate data with the highest standards of clarity and precision. With this mission in mind, we are proud to share our November edition of Movers and Shakers, the monthly resource aiming to bring more transparency and credibility to the rapidly evolving crypto space.
As new assets reach a certain degree of accessibility to investors, specifically as they achieve alignment with our Market Selection Framework and the Trusted Volume Framework, Coin Metrics uses its crypto expertise to describe the assets’ context of use. The following assets are expected to reach alignment this month:
Sky Ecosystem (SKY_SKY) is a stablecoin issuer building products surrounding the decentralized stablecoin USDS (formerly DAI). Users were required to upgrade their MKR tokens as part of MakerDAO to SKY to continue participating in protocol decision-making. SKY tokens are used to vote on protocol changes including risk parameter adjustments to lending vaults, savings rewards to sUSDS stablecoin holders, and collateral approval. MKR token holders who did not upgrade their tokens to SKY before September 2025 face a Delayed Upgrade Penalty that decreases the redemption ratio 1% every three months. This reduction increases until reaching 100% in 25 years. SKY tokens can be acquired through exchanges and earned by staking USDS through the Sky Token Rewards module. SKY can be staked to earn Spark (SPK) and USDS rewards.
Plasma (XPL) is a smart contract platform prioritizing stablecoin payments with EVM compatibility. Plasma easily supports existing protocols built on other Ethereum ecosystem networks, though its primary optimizations surround stablecoin transactions. Plasma’s stablecoin-native contracts support zero fee USDT transfers, confidential payments, and custom gas tokens. These plasma-specific contracts abstract blockchain operations while providing fast finality and settlement. XPL tokens are used to pay network fees and rewarded to validators for securing the network. XPL tokens are staked by validators to participate in network consensus.
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