Listed as a spot trading asset on Lighter exchange alongside AAVE, UNI, LINK, and LDO.

Ranks as the 3rd largest stablecoin by total value.

SKY token is now available on Binance Simple Earn with flexible and fixed-term staking options (30, 60, and 90-day durations) offering up to 12.75% APR depending on term length.

Rebranded to Sky in August 2024, launching USDS stablecoin and SKY governance token.

Completed security audit by Chain Security for SVM ALM Controller used in the Sky Ecosystem's RWA infrastructure on Solana.

Token holder net income increased from $366,000 in Q4 2024 to $29.1 million in Q4 2025.

Recorded a -3% price performance for SKY token over the 2025 calendar year.

USDS lending pool on Ethereum offers a 4.00% APY.

Q3 2025 financial report showed a loss over the previous 12 months.

Extracted $60m from the protocol to a foundation controlled by two investors, with tokenholders not compensated and not controlling the foundation.

Nominated for the Defi Excellence Award by The Rollup, with the winner to be announced on 2025-12-30.

Operating expenses decreased by 61.5% in 2025.

Protocol repurchases 34.1M SKY with 1.9M USDS over the past week; cumulative buybacks reach 92M USDS representing 5.55% of total supply since program began in February 2025. Chronicle Points program now allows direct USDS supply and points tracking on Chronicle website.

Protocol buys back 35.6M SKY using 1.9M USDS.

Wintermute holds $27M in MKR as of December 14, 2025, while total holdings dropped 31% from $549M November peak to $377M amid deleveraging and exchange outflows.

Governance vote confirms implementation of 2% penalty for MKR to SKY conversions starting December 15th, 2025 14:00 UTC.

Total stablecoin supply nears $10B as protocol reports $500M annualized revenue and $200M profits against a $1.2B market valuation.

A live governance vote proposes increasing the delayed upgrade penalty for MKR to SKY conversions from 1% to 2% starting December 15th, 2025. Last week's cashflow and real fees totaled $8.63M.

Obex Incubator launches early Q1 2026 in San Francisco as a partnership between Sky Ecosystem, hiFramework, and LayerZero_Core, backed by $37M and $2.5B Sky allocation to support institutional stablecoin projects through a 12-week program.

Keel launches Tokenization Regatta program allocating up to $500 million into Solana-native tokenized assets through a capital engine powered by Sky's liquidity, enabling institutional competition for onchain allocations.

USDS emerges as the largest yield-bearing/RWA stablecoin with 17.3% market cap growth since early November, contrasting with 28% declines for competitors USDe and BUIDL.

The USDS holder base has grown approximately 500% since the beginning of the year.

Spark's Stablecoin-Liquidity-as-a-Service imports 4.3 billion USDC liquidity through USDS market making on Curve/Uniswap, servicing PYUSD stablecoin, Coinbase crypto-backed loans, and Avalanche spUSDC.

$4.25 billion USDS converts to USDC in one transaction.

Coinbase announces support for MKR to SKY migration from January 12-14, 2026. Sky Ecosystem enters the DeFi TVL top 20 at rank #8 in December 2025, a new entry compared to December 2024.

DayFi Pre-Deposits go live December 16 with $50M cap and 2-month lock-up, accepting USDS and USDT, with vault deposits deployed to Plasma managed by K3 Capital.

MakerDAO has deployed nearly $2 billion into Real World Assets (RWAs) from a DAO.

Obex Incubator launches with backing of up to $2.5B in USDS to support institutional-grade stablecoin projects through a 12-week program in San Francisco, bringing diversified yield to the ecosystem.

Daylight Energy launches with a USDS deposit vault on Plasma platform.

A governance vote goes live on Thursday, December 11th to increase the Delayed Upgrade Penalty from 1% to 2% for MKR to SKY conversions, with the new 2% penalty taking effect on December 15th, 2025 if passed.

SKY ranks among top gainers in the crypto market today. (ID: 1998397722177548364)

Sky ranks among the top 15 DeFi protocols by TVL growth in the last 30 days.

Sky Ecosystem repurchased more than 1.3 billion SKY tokens during 2025 as part of its buyback program.

IMF vault (within Sky ecosystem) reaches peak TVL of $260M with $102M USDS deposits and $98.7M collateral deposits, generates $1.8M in real yield to USDS lenders, and implements new 3-way revenue split model (oracle gas funding, IMF token buybacks, and liquidity purchases) while conducting IMF token buybacks to fund new rewards campaign. (ID: 1998226875790012588)

Sky Protocol bought back 35.6 million SKY tokens using 1.9 million USDS last week, bringing total buybacks to over 90 million USDS since the program began.

IMF rewards return for borrowing USDS with MOG collateral.

Sky allocates to Centrifuge products through Grove Finance (its RWA-focused Star) and diversifies sUSDS yield sources using JAAA credit fund beyond T-Bills.

Sky ranks as the 7th top weekly gainer with +13.90% price performance.

A whale accumulates 22.59M SKY tokens worth $1.09M during a market dip in the last 24 hours, part of a broader $35.7M purchase across 8 altcoin assets.

Aave rejects USDS as collateral along with 3 underperforming chains.

ETH Strategy offers 160% yield on ETH and 18% yield on USDS.

USDS integrated with OlympusDAO's Convertible Deposits feature, allowing users to bet on $OHM using USDS.

sUSDS overtakes Ethena's sUSDe in market cap and becomes the largest yield-bearing stablecoin.

USDS shows +5.1% market cap growth over 30 days on Base, ranking 4th among fastest growing tokenized assets on the network.

DAI and USDS contracts deployed into AO infrastructure alongside stETH integration. Spark commits to continuing deployments into Aave regardless of USDS integration outcome.

SparkLend delivered its final revenue share in October totaling approximately $1.7m, below the projected $2m target.

Sky becomes the largest USDC pool in DeFi, surpassing Aave's USDC market, with growth driven by USDE unwind activity.

$SKY token gains over 25% this week as investors and whales conduct buybacks following staking and volume growth.

USDS and DAI staking becomes available directly through Ledger Wallet via Kiln Finance integration.

A trader recommends switching from DAI and USDS to competitor Liquity, citing better safety guarantees.

Sky posts official response to Aave's governance decision disabling USDS and DAI as collateral, citing misunderstandings about how Stars (Spark and Grove) borrow from the protocol. USDS remains available for deposits on Aave earning combined Aave borrow rate and Sky Savings Rate despite collateral removal.

Sky Protocol's buyback program has spent $78.82 million in surplus revenue year-to-date to accumulate 5.4% of total supply, averaging $9.68 million monthly with spending ranging from $2.96M to $18.31M per month.

USDS supply reaches all-time high.

DAI is being removed as collateral from Aave alongside USDS, affecting both major stablecoins from the ecosystem.

Sky buys back $300k worth of SKY daily and distributes $250k to stakers earning 16.5% yield, with undistributed tokens being burned. The protocol is integrated as a donation option for nonprofits on a crypto giving platform.

USDS is backed by $9.4B of collateral across RWAs, CLOs, and external asset managers, while generating only $262k annual revenue for Aave (0.2% of protocol revenue) against $70M-$112M potential liquidation exposure on the platform.

Aave governance approves removing USDS as accepted collateral with 99.6% voting in favor, while also increasing Reserve Factor to 25%.

USDS stablecoin market cap grows 49.7% over the past month, making it the fastest growing tokenized asset on Solana.

Sky Protocol bought back 154 million SKY tokens in November using 7.8 million USDS, bringing total buybacks to over 88 million USDS since the program began.

SKY ranks as the 4th top daily crypto gainer on January 12, 2025 according to CoinMarketCap.

stUSDS utilization falls below 90%, creating significant withdrawal liquidity after previous liquidity constraints. Sky holds $200m+ of excess profits.

Liquidation threshold for stUSDS positions decreases from 145% to 120% LTV as the largest borrower controls Sky governance. The Curve pool misconfiguration costs 500k USDS with another 500k allocated to the replacement pool.

Governance proposal seeks to raise stUSDS-USDS Curve pool fees from 0.01% to 1.00% due to mispricing of liquidity risk and distressed asset profile. The new properly functioning pool has 400k TVL with 500% APY.

A functioning USDS/stUSDS pool launches on Curve as the intended stUSDS discount market with long-term liquidity incentives, while the previously misconfigured sUSDS/stUSDS pool continues offering boosted rewards.

The recently launched Curve sUSDS/stUSDS pool was misconfigured and fails to provide proper liquidity between the two assets, instead functioning as an unintended stUSDS farm offering approximately 55% yield for the next month. A new properly configured Curve USDS/stUSDS pool with ERC4626 support will be deployed to replace the broken pool.

The stUSDS discount on Curve fluctuates between 4-6%, and the pool bootstrapping is complete. Buyers are advised to purchase directly from the Curve pool instead of depositing on the website to obtain stUSDS.

Capital structure update establishes loss waterfall hierarchy positioning SKY token junior to solvent Stars in insolvency scenarios, with 58% of SPK currently held in Sky treasury. The Curve sUSDS/stUSDS pool launches with 500,000 USDS in liquidity provider incentives over three months.

stUSDS liquidity constrained situation now projected to last another week, down from the 3-week estimate on November 27. A couple of million in stUSDS liquidity remains available for withdrawal before a large whale takes the liquidity.

stUSDS borrow rate approaches the maximum of 35%, up from 26.82% reported on November 27. A whale borrower now controls 50% of the pool after one week.

The Curve liquidity pool for stUSDS/sUSDS is now live, providing an exit mechanism for stUSDS holders at a discount.

Borrowers offset borrowing costs via SKY dilution rewards while using SKY as collateral, creating a correlation risk where both collateralization and debt servicing ability depend 100% on SKY.

The large depositor withdraws 30% of their 81.2m stUSDS position over 6 days, with the high utilization situation projected to resolve in approximately 3 weeks at the current pace. Sky Core Council begins implementing Atlas Edit Proposals to improve stUSDS liquidity and reduce manual liquidation probability, with current utilization at 98%+ and borrow rates at 26.82%.

SKY ranks as the third top daily crypto gainer on November 27, 2025 according to CoinMarketCap data.

A new forum proposal addresses ongoing stUSDS depositor flight by proposing to lower liquidation LTV from 145% to 120%, create a Curve liquidity pool for discounted exits, and enable stUSDS as collateral, while the largest borrower owes ~$62m across four vaults (controlling 2/3 of the market) and faces 28% interest rates with utilization at 100%.

10,000 MKR tokens upgraded to SKY this month, with over $100,000 paid in penalties during the conversion process.

Grove reaches $2 billion in TVL with $1 billion in Janus Henderson AAA CLOs tokenized on-chain. USDS supply surpasses USDE, and Apollo deploys $50 million in private credit on Plume.

Spark reaches $10 billion in TVL, up from approximately $9 billion, and operates Spark Prime as a prime brokerage service for hedge funds with a Morpho V2 partnership for fixed-rate lending.

Limited withdrawal liquidity available for stUSDS holders before F2Pool notices, with warnings that new depositors entered without understanding the vault structure beyond the 22% APY rate.

Spark, an Ethereum lending project with approximately $9B TVL, announces a data partnership.

stUSDS supply rate increases to 22.33% due to high utilization, while sUSDS market cap grows to almost $4 billion.

USDS integrates with Chronicle Oracles on Monad mainnet as one of over 30 supported price feeds.

Sky Protocol bought back 40.5 million SKY tokens using 1.9 million USDS last week, bringing total buybacks to over 86 million USDS since the program started.

USDS becomes the 3rd biggest stablecoin issuer behind Tether and Circle.

Sky Ecosystem ranks below position #6 in overall crypto revenue rankings, trailing behind ORE Supply which generated over $600K in revenue in 24 hours.

JAAA Fund, the 2nd largest tokenized fund in crypto with a portfolio of AAA-rated CLOs, lists Sky Ecosystem as LP alongside Grove Finance (allocator), Centrifuge (tokenization platform), and JHI Advisors (asset manager).

stUSDS borrow rate rises to 13.24% from 8.92%, with utilization at 98.93% and minimal borrower exits as the liquidity stress continues.

Lenders remain trapped in stUSDS as withdrawals front-run deposits, with first liquidation imminent unless SKY price recovers. Large loan to Rune was refinanced through stUSDS and moved off Sky's balance sheet without Sky backstop for losses.

Daily buyback program purchases 6M coins. Large short positions are taken on the token.

stUSDS APY increases to 8.92% as utilization reaches 100% following a large withdrawal from the pool.

srUSDS emerges as an upcoming product with monthly settlement periods, while technical analysis reveals structural subordination concerns regarding the Star system's relationship to Sky and potential contagion risks between Stars.

Top 100 holders now control 91% of supply, with smart money up 3.2% to 59.1M and whales up 2.8% over the past week; IOSG Ventures accumulates large position.

Sky ranks as the #3 largest stablecoin issuer globally behind Tether and Circle. Spark's Head of Strategy confirms partnership with Framework to expand into DePIN projects and new asset classes beyond traditional RWAs.

sUSDS on Ethereum emerges as the fastest growing product within the ecosystem, with market cap up +99.2% over the past 90 days.

Smart money wallets accumulate $87k of SKY over the past 24 hours, ranking third among tracked tokens for inflows.

Governance-approved SKY>SKY staking rewards mechanism locks more than $4M USD of SKY in staking contracts through buybacks from protocol income.

USDS ranks as the 2nd fastest growing tokenized asset in the $1B+ market cap category, behind PayPal's PYUSD.

The ecosystem records $3.18M in revenue over a 7-day period.

Obex incubator launches with $37M funding from Framework, Sky, and Layer Zero, with Sky Governance authorizing $2.5B USDS deployment to fund teams building new DeFi stablecoin products starting Q4.

Following the Morpho liquidation cascade, a whale wallet purchases $REKT, borrows USDS against it as collateral, and recycles the borrowed USDS back into $REKT for extreme leverage. The unusual behavior raises concerns about potential intentional market manipulation and is under investigation.

USDS lending on Morpho protocol against $REKT memecoin collateral triggers liquidation cascade with 70% price decline, reducing the Morpho contract's $REKT holdings from 5% to 0.25% of total supply.