Sky

Sky（前身為MakerDAO）已從去中心化借貸協議發展為多鏈穩定幣生態系統。具長期意義的關鍵里程碑包括： 營收成長：6月年化總營收達4.19億美元，創歷史新高，展現協議擴張規模。 國庫改革：提出將國庫管理從治理驅動轉為規則導向的約束支出，建立更可預測且可持續的財務架構。 資本保護：提出兩項重大結構升級以強化資本保護框架，提升協議韌性。 市場拓展：Upbit在韓元與USDT市場上架SKY及USDS，提升亞洲投資者的可及性。 機構採用：上市公司NovaBay Pharmaceuticals更名並設立SKY持倉，標誌傳統企業罕見直接進入生態系統。

Revenue allocation overhaul: On March 14, governance cut the programmatic buyback share of net profits from 75% to 7.5% to build reserves toward $150 million. On August 13, Stage 2 took effect: each monthly settlement allocates 22.5% of Net Protocol Surplus to SKY buybacks feeding staking rewards, 22.5% to USDS staking rewards, 5% to buy-and-burn, and up to 50% to the Surplus Buffer.

Burn execution: The first burn of about 2.86 million SKY executed on September 13, and a second burn of about 7.37 million SKY (2.6x the first) on October 12, both funded by the 5% monthly surplus allocation.

Revenue and scale: Q1 gross revenue hit a record $123.8 million and Q2 was $107.35 million; trailing-12-month revenue was $410.36 million with $171.56 million net income; circulating USDS plus DAI totaled $9.87 billion; cumulative buyback deployments passed $121 million (about 1.9 billion SKY).

Migration and ratings: About 90.8% of MKR has migrated to SKY, with the delayed-upgrade penalty rising to 4%; Galaxy added $100 million of USDS to its treasury, Moody's assigned a B3 rating, and Standard Chartered set a target price about 5x above spot.

On October 7, 2026 Moody's assigned Sky Protocol a B3 counterparty risk rating with a stable outlook, its first rating of any stablecoin protocol; with S&P having earlier affirmed B-, Sky is the only stablecoin protocol rated by both agencies. Moody's flagged roughly $90 million of equity supporting about $10 billion in managed assets as a material capital weakness.

On September 23 Sky announced a partnership with Galaxy Digital, which added $100 million of sUSDS to its corporate balance sheet, approved sUSDS as collateral across its institutional trading business and bought an undisclosed amount of SKY. Protocol collateral stood at $12.32 billion at the end of Q2, including $6.84 billion in Prime Agent vaults, with about $2.58 billion allocated across Janus Henderson, BlackRock, Anchorage, PayPal, Securitize and Galaxy; sUSDS reached $5.52 billion, up 149% year-on-year, and revenue topped $100 million for a second straight quarter. On October 12 a second governance burn used 5% of monthly net surplus to buy back and burn 7.37 million SKY (about $560,000).

Future strategy and roadmap: Two B-band ratings are really a verdict on Sky's capital structure: the risk-adjusted capital ratio rose from 0.4% to 2.1%, reserves of about USD 92 million are still roughly 40% short of the USD 150 million target, and managed assets above USD 10 billion mean any supply growth dilutes the buffer again. Retaining income is now written into governance — under the Stage 2 framework part of net revenue is no longer distributed, and 5% of monthly net surplus funds burns. Galaxy's USD 100 million sUSDS position and a USD 500 million Grove warehouse line give more than 1,600 counterparties a template; pushing the Sky Spread to zero trades yield for scale.

聯合創始人及現任核心管理層： - Rune Christensen（聯合創始人）：Sky Protocol及更廣泛Sky生態系統的長期架構師。去中心化穩定幣及基於協議的貨幣系統先驅。曾創立MakerDAO及Raw Power Games。 - David García Ríos（法務總監）：資深律師，負責設計Sky Frontier Foundation的法律架構及策略。專注於DeFi及數位資產計劃的跨司法管轄區監管規劃與法律執行。 - Deniz Yilmaz（工程與產品總監）：資深技術及產品領導者，在Sky任職5年，在加密貨幣/DeFi領域擁有8年以上經驗。主導Sky Protocol升級及2024年sky.money應用程式上線。 - Lukasz Baksik（營運總監）：資深營運人員，在Sky任職6年，在加密貨幣/DeFi領域擁有8年以上經驗。專注於可擴展的內部流程、控制及人事職能，以支持組織成長。

Sky最近透過三項關鍵招聘加強了其機構業務的重點。Greg Feibus於2026年5月加入，擔任資本市場全球主管，帶來了在Midas、Ondo Finance和Anchorage Digital的經驗。John Conneely於2026年4月成為業務發展全球主管，具有在FalconX、Genesis和Bakkt的背景。Jan Delegos於2026年4月擔任風險主管。與此同時，市場營銷主管Agustin do Rego於2026年3月離職。這些變化反映了Sky推動深化傳統金融合作夥伴關係並擴展其穩定幣生態系統的決心。