Sky’s FDV is sitting at $2.5B. When we look at their treasury, it’s mostly made up of $SPK (though not fully liquid), but it's currently worth around $900M. PS: the @grovedotfinance token is being added soon, which could push the treasury past $1B as Sky will own about 65% of total supply. But even today, @SkyEcosystem is pulling in about $440M in annualized revenue. But we can take it a step further: After deducting all costs and expenses, the net profit comes out to around $200M. @RuneKek said that he expects fixed costs to drop by $70–90M by the end of the year, which would boost profitability even more. Now, I’m expecting the SSR to go up soon, which should push the supply well above 8B in the short term and likely much higher over the mid term. The fact that $SKY price hasn’t taken off yet might just come down to the market chasing momentum over fundamentals. But with savings rates rising, the Grove token TGE and more stars announcement on the way, that momentum could kick in very soon. If momentum doesn’t kick in, TMF will keep scaling up buybacks based on valuation — the more undervalued SKY is, the more aggressive the buybacks will be. I expect more projects to start creating their own buyback rules based on valuation — moving away from constant, automated buybacks to value-driven ones.