KEYTAKEAWAYS
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Sky Core simplification cut costs, boosting annualized profits to $338M, improving transparency and strengthening Sky’s DeFi stablecoin ecosystem.
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ETF Store President Nate Geraci sees XRP ETF approval in 2025 as nearly certain, predicting strong inflows despite potential SEC delays.
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Hyperliquid posted record $106.41M August revenue, annualized at $1.25B, reinforcing its dominance in DeFi perpetuals with strong activity and token buybacks.
CONTENT
SKY CORE SIMPLIFICATION SIGNIFICANTLY REDUCES EXPENSES
On September 2, Sky (formerly MakerDAO) founder Rune Christensen announced on social media, “After Sky Core simplification significantly cut core expenses, the profit page has been updated. Based on the past three months’ annualized costs, it now shows real-time stable fee income and savings rate expenses, with current annualized profits at $338 million.”
Analysis: Sky’s cost-cutting through Sky Core simplification has boosted its annualized profits to $338 million, reflecting efficient operations in its stablecoin ecosystem. The real-time profit tracking enhances transparency, likely increasing trust among DAI users and investors.
This aligns with DeFi trends toward profitability, as seen in posts on X praising Sky’s pivot. However, reliance on stable fee income ties profitability to market activity, and any drop in DeFi usage could reduce margins. The rebrand from MakerDAO and cost focus may strengthen its position against competitors like Aave, but sustainability depends on maintaining user adoption.
THE ETF STORE PRESIDENT: XRP ETF APPROVAL IN 2025 NEARLY 100% LIKELY
On September 2, The ETF Store President Nate Geraci posted on X, “Polymarket shows an 87% chance of XRP ETF approval in 2025. I personally believe it’s closer to 100%. (Not investment advice).”
Analysis: Geraci’s near-100% confidence in XRP ETF approval by 2025, higher than Polymarket’s 87%, reflects optimism after the SEC’s August 2025 Ripple lawsuit resolution. With 11 spot XRP ETF applications pending and the ProShares Ultra XRP ETF already launched, approval odds are high, potentially unlocking $5-8 billion in inflows.
However, SEC delays until October 2025 and regulatory shifts could pose risks. If approved, XRP’s price could test $3.65-$5.80, but macro factors like Fed policy may cap gains.
HYPERLIQUID AUGUST REVENUE EXCEEDS $100 MILLION, SETS RECORD HIGH
On September 2, according to DefiLlama data, Hyperliquid’s August revenue reached $106.41 million, a new all-time high. Its annualized revenue is $1.251 billion, with cumulative total revenue at $512.08 million.
Analysis: Hyperliquid’s $106.41 million August revenue, leading to $1.251 billion annualized, underscores its dominance in DeFi perpetual futures, outpacing Ethereum and Solana in fees. The HYPE token buyback-and-burn model, as noted in earlier reports, reduces supply, potentially driving price growth from its $45 level.
Open interest at $14.29 billion signals strong trader activity, but high leverage risks liquidations if markets turn. Hyperliquid’s efficiency and zero-gas model make it a DeFi leader, though competition from Rollblock and regulatory scrutiny could challenge its 2025 outlook.
