Received $9.1 billion in stablecoin deposits from Justin Sun between December 2025 and March 2026, increasing his total deposits across Sky and Spark from $5.7 billion to $14.8 billion.

USDS supply reached above $10 billion.

Faces potential regulatory risk to approximately 30% of revenue (around $4 billion in USDC custodied by Coinbase) due to proposed OCC rules that may prohibit the current payment flow arrangement where Circle pays Coinbase, which then compensates Sky Ecosystem for custodying USDC.

Achieved over $5 billion in Savings USDS deposits.

USDS supply increased by over 85%.

USDS is now available in Kamino Finance's PRIME Market, enabling users to borrow USDS against PRIME collateral with leverage up to 8.3×.

Integrated with top fintech lenders who are using USDS and accessing Sky Agents via Obex Incubator.

Partnered with mortgage lender Better Home & Finance and Framework Ventures for a $500 million stablecoin credit plan for mortgage tokenization.

Listed among top daily gainers alongside PIPPIN, FIGR_HELOC, PI, and LEO on February 24, 2026.

Added to Aragon Project's Ownership Token Framework dashboard, mapping protocols with onchain control and value accrual mechanisms.

Lending fees increased 204% over 90 days.

Has 34% of float stuck in low-yielding USDC holdings.

Purchases debt obligations from specialized funds including Maple and previously Ethena.

Achieved 6.48% TVL growth over a 7-day period according to DeFiLlama data.

Has a net interest margin (NIM) of approximately 1.9%, which would rank 4,274th among approximately 4,400 US banks if measured by the same standard.

Liquidation contract for LSEV2-SKY-A vault is temporarily disabled, preventing liquidations of undercollateralized positions where users lock SKY to borrow USDS.

LSEV2-SKY-A vault has 170 million USDS staked backing 136 million USDS debt.

yvUSDC-1 vault allocation to USDS exceeds 90%

Circulating supply declined from 23.41B SKY tokens in Q3 2025 to 22.94B SKY tokens in Q4 2025.

Became the number 1 venue for stablecoin deposits on Ethereum mainnet.

Reached 11,549 token holder wallets.

Works with Anchorage as custodian for institutional lending operations.

Allocated 500M PYUSD via Spark-governed liquidity, pairing with USDC and USDT.

Launched Grove agent with a mandate to deploy over $1 billion into tokenized onchain investment vehicles in 2025.

Launched SPK as the first Agent token through Spark in 2025.

Holds billions in real-world assets.

USDS stablecoin transfer volume grew 400% to $260 billion in Q4 2025, as of early 2026.

Outperformed DeFi core, L1 index, and L2 index by over 20% in 2026 year-to-date according to a market thesis focused on the N7 token bucket, which includes SKY alongside HYPE, SYRUP, MORPHO, and CC.

USDS achieved $90.1B in volume over a 30-day period.

DAI achieved $145.3B in volume over a 30-day period, leading alternative stablecoin volume beyond USDT and USDC.

248 million DAI is locked in Pot contracts.

DooWanNam, who contributed to Sky/Maker for 7 years, is leaving to lead Partnerships for DeFi at Compound.

Sunset scheduled for February 12, 2026

Sky Frontier Foundation launched Sky Ecosystem Insights, a new research account that will publish quarterly and annual reports covering ecosystem performance, financial metrics, onchain analysis, and projections, with the first report scheduled for January 29, 2026.

Generated $4.5 million in rewards income during Q4 2025, up 69% from $2.6 million in Q3 2025, representing a 60 basis point reward from Maker/Sky for USDS flowing through distribution channels.

Launched Spark Prime, an institutional-grade CeDeFi margin lending product with a junior-capital vault for USDS yield. Generated $4.7 million in PYUSD income during Q4 2025 through SparkLend.

Proposal MIP-020 is under Snapshot vote to extend the current SSF buyback and allocation framework for 6 months.

Reduced SPK token emissions by 30% through governance decision.

Launched USDT and USDC Risk Capital Vaults on Morpho, alongside markets against stUSDS. Allocated 30,000 USDS in incentives for USDS suppliers on the Morpho market.

Completed full offboarding of all GUNI vaults on January 19, 2026, with all GUNI Arrakis Finance vaults liquidated after governance removed liquidation penalties.

Spark (part of Sky ecosystem) has achieved $1.765 billion in ETH deposits from its largest depositor "7 Siblings" across 8 addresses holding 596,800 ETH.

Upgraded 3% of the token supply.

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 4.00% APY as of February 2026.

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 63% in 2026.

Trademark is registered to Moonbow Foundation.

Repurchased 34.1M SKY with 1.9M USDS during week ending February 9, 2026; cumulative buybacks reached 92M USDS (5.55% of total supply) since February 2025, including nearly $100M in 2025 (261x from $370K). Grew supply on 2026-02-06.

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 reached $10B with $500M annualized revenue, $200M profits, and $1.2B market valuation, projecting $600M revenue. Generated $340M revenue in 2025, achieving 108% collateralization for USDS/DAI with $10.3B debt plus equity and $9.55B supply as of February 9, 2026. Achieved $9B liquidity for USDS with Savings USDS supplied at $5B, increasing by $1.2B (+31%) over 90 days ending February 17, 2026.

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.

Launched Obex Incubator in San Francisco Q1 2026 with hiFramework and LayerZero_Core, operating with a $2.5B mandate to incubate stablecoin projects. Launched Obex agent in 2025.

Keel launched Tokenization Regatta program, allocating up to $500 million into Solana-native tokenized assets/RWA by 2025.

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 imports 4.3 billion USDC liquidity through USDS market making on Curve/Uniswap, servicing PYUSD stablecoin, Coinbase crypto-backed loans, and Avalanche spUSDC. Provided 80% of liquidity for Coinbase BTC borrowing in January 2025.

$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.

Ranks among top daily gainers on February 9, 2026.

Ranks among top 15 DeFi protocols by TVL growth in last 30 days, achieved 3.0% TVL increase over 7-day period, ranking third among top TVL gainers.

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%.