➥ $SKY just increased tokenholder revenue by 15% while losing nearly $1B in TVL September vs October 2026: → tokenholder revenue: $5.08M → $5.83M (+14.8%) → protocol revenue: $13.44M → $13.79M (+2.6%) → total fees: $26.83M → $29.23M (+8.9%) → lending TVL: $5.99B → $5.04B (-15.9%) @SkyEcosystem distributed more economic value to tokenholders even as its lending capital base contracted sharply and the distribution ratio tells another story tokenholder revenue represented ~42.3% of protocol revenue in October, up from 37.8% in Sept for context, that's a very different setup from lending protocols generating millions in fees without direct tokenholder revenue sky's lending TVL declined further to ~$4.85B by Nov 4 so capital retention remains a real concern and higher tokenholder revenue doesn't automatically mean higher earnings per token we still need to account for supply changes, buyback execution and the sustainability of underlying lending income i'm adding $SKY to my DeFi value-capture watchlist the protocol is demonstrating that tokenholder economics can improve without TVL growth in this market, I'd rather track how much value reaches tokenholders than blindly chase the protocols with the biggest TVL