John Conneely
@John__Conneely
Global Head of BD @SkyEcosystem | Scaling the world’s largest yield-generating stablecoin:
Ex @FalconXGlobal, @GenesisTrading, @Bakkt
254 Following 449 Followers
Shoutout to Geoff Kendrick from @StanChart getting this detailed report out. He nailed the whole system, agents, rev model, vision and all. 👏👏
Institutions are not slow to come onchain because they don't want to. They are slow because checking us out is slow and expensive.
Before a bank or a fintech touches anything, a room full of people has to work out what is real about a protocol. What is behind the asset, who values it, what happens in a liquidation or a worst case event.
Then come the questionnaires, the committees, the attestations, the follow-ups to the follow-ups. Months of it, and it starts over with the next counterparty.
All of that work exists to produce one thing: trust. Built by hand from scratch every time.
If we want institutional adoption to move faster, we have to enable institutions to verify for themselves.
That is what we are focused on at @SkyEcosystem. Open books, risk parameters in the open that move as the market moves, real time reporting.
When a system becomes verifiable, that work doesn't get faster; it disappears entirely.
Adoption accelerates the moment checking is cheaper than doubting. That's the standard we should be building toward.
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Still standing by every word of this.
The update since April: $124m record quarter, back-to-back $100m+ quarters, five straight quarters of profit.
$121m of ethereum:0x56072c95faa701256059aa122697b133aded9279 bought back in total. Real USDS demand, not rented.
The market noticed even if people don't speak about it as much as they should: Out of top 50, SKY is a top 5 performer YTD (~+20%), green alongside names like hyperliquid:native and zcash:native
Turns out you can run a good business onchain.
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Did you know? Up until now, over 6000 users have used @SkyEcosystem via DeFi Saver:
And to celebrate the partnership that now spans over 7.5 years, here are some things you didn't know about Sky x DeFi Saver:
🛟 So far, over $100M worth of $USDS has been deposited into #sUSDS# through DFS;
🛟 During the transition, Maker users who had tokens earning DSR could directly migrate them to Sky Savings, within 1tx on DFS (the same goes for MKR token holders; they could redeem them for SKY in 1tx);
🛟Around $79M of $MKR have redeemed for $SKY through DFS;
🛟At the current Sky Savings Rate of 3.52%, it's one of the few on-chain savings options that has delivered resilient, governance-managed yield over the years.
Here's to another 8 years of building 🤝
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This @SkyEcosystem revenue chart is the first clear sign that tokenholders win from smarter lending, not bigger size.
➥ Loans barely grew, yet the surplus from every dollar lent roughly 2xd (that’s better rate design, not just growth)
➥ The new system sends that extra surplus straight into raising the value of holding SKY
Other protocols grow loans and cut rates, diluting holders. Sky keeps rates strong and builds holder value and market still treats $SKY like every other lending token but this chart shows a better model.
h/t to @artemis for the data
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$3.33B moved through the Stablecoin FX Layer in its first month.
That activity ran across the USDS/USDT and USDS/PYUSD pools Spark migrated liquidity into on @Uniswap v4, which currently hold $150.3M combined.
Recorded pool activity over the window was roughly 22 times that current snapshot.
One month in, the FX Layer has an operating record, not just a projection. For a shared liquidity layer, available depth matters. Whether that depth gets used matters just as much.
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A lot of the focus of this report will be the numbers. The real growth story imo is Laniakea. Institutional onboarding used to mean custom contracts, custom risk models, custom legal. Months of work per counterparty. Now it will be standardized, audited stack. Days/Weeks, not months.
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Sky Protocol delivered its 5th consecutive positive quarter in Q2 2026, generating $107.35M in Gross Protocol Revenue and $33.29M in Net Protocol Surplus.
Q2 results across the protocol and ecosystem are detailed below.
Read the full report ↓
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Watch the progression here.
December: @grovedotfinance anchors @galaxyhq's first tokenized CLO with $50M, buying exposure to finished loans.
Today: a $500M warehouse facility financing Galaxy's origination directly. Earlier in the credit chain, closer to the collateral.
Each deal goes deeper than the last. And it's just getting started between Galaxy, Grove and @SkyEcosystem
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Grove and Galaxy Digital Announce $500 Million Warehouse Lending Facility
Grove serves as the warehouse lender, financing @galaxyhq's origination of institutional loans secured by digital assets.
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1 billion is the same without any slippage.
litePSM makes stablecoins better than ever.
New earning opportunity:
@SkyEcosystem sUSDS vault via @OseroHQ Earn is live on Jumper Earn.
You can now deposit your stablecoins from any supported chain directly into sUSDS vault to start earning.
Deposit now:
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still early days, but this is why Spark Savings is lapping the next 2 largest yield bearing tokens on @RobinhoodApp combined
atomic looping with no slippage, users can full-send a 1mm clip while other issuers dont even have that amount of liquidity available on the chain
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Excited to see the Spark savings infra and USDS savings rate get to 28 million @RobinhoodApp users. Congrats @sparkfinance @hexonaut ...Well deserved!
I’m thrilled that Spark was selected as a Robinhood Chain Day 1 launch partner with Spark Savings USDG (spUSDG) to export the USDS savings rate to Robinhood’s 28 million users.
Spark Savings lets users deposit stablecoins and earn yield from Spark's liquidity deployments across DeFi, CeFi and TradFi, enabling fintechs to launch native stablecoin earn products without building liquidity infrastructure from scratch. We're already live with spUSDC, spUSDT, spPYUSD and spETH, with spUSDG representing the next step.
As mentioned in my post last week, we are moving to a world where exchanges, fintechs, and banks are converging on “Everything Apps”. The pattern is becoming clear with a centralized exchange component, a blockchain component, and a stablecoin.
As the primary liquidity tranche in the Robinhood Earn program, Spark will hold large amounts of USDG on its balance sheet. This otherwise idle USDG can be put to work inside the Stablecoin FX Layer on Uniswap to pair against USDS, which in turn provides deeper shared liquidity to USDC/USDT/PYUSD.
This launch is a significant event because it marks the first integration of a mid-cap stablecoin into a US fintech's earn program. This exposes the stablecoin to Robinhood’s sizable distribution, making USDG a serious contender in the stablecoin space.
As payments, savings and lending continue to move on-chain, swap volume between stablecoins is going to increase drastically, and the Stablecoin FX Layer is best suited to absorb this coming demand surge.
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To date, OnRe has earned over $175K in rewards on its USDS collateral reserves through @SkyMoney's Sky Savings Rate, all of which flows back to ONyc holders as additional yield.
Active onchain asset management ensures capital remains productive.
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Sky Ecosystem is the largest capital allocator in onchain finance.
Across the Sky Agent Network, capital is already being deployed at institutional scale with some of the largest names in global finance:
• Janus Henderson $1.24B
• BlackRock / BUIDL $713M
• Anchorage $260M
• PayPal $236M
• Securitize $102M
• Galaxy $27M
This is what capital allocation at institutional scale looks like onchain.
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Tether, Circle, Polymarket, Pump, Hyperliquid, Sky.
The leaders of revenue-generating businesses onchain in 2026.
Excited to welcome @sparkfinance's two massive liquidity pools to Uniswap
The highest TVL pool on Uniswap is now PYUSD/USDS (@PayPal x @SkyEcosystem) and their USDT/USDS pool is the 6th largest
And thats just the start. Tons of innovation happening here. Happy swapping 🚀
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Introducing the Stablecoin FX Layer.
Every bank, fintech and payment provider is launching stablecoins. But every new stablecoin fragments liquidity.
Today, Spark introduces the Stablecoin FX Layer, built on @Uniswap v4, a shared liquidity infrastructure that allows stablecoins to access shared liquidity instead of building isolated pools.
The initial deployment brings approximately $150M of liquidity to Uniswap v4 across the first USDS/PYUSD and USDS/USDT pools.
This is just the beginning.
Learn more:
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Still one of the most understated protocols out there...Won't be for much longer
Sky Protocol generated $12.85M in protocol revenue over the last 30 days, more than any other protocol on @ethereum, per @DefiLlama.
That puts the full-year revenue projection, based on the last 3 months, at $395M.
Revenue at this level, sustained over time, is what institutional trust is built on.
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Grove Field Notes: Allocating to @galaxyhq's tokenized crypto-backed CLO on @avax
Grove partnered with Galaxy and @ArchLending to assist in structuring and bringing to market the first digitally native securitization of its kind onchain.
Structuring the future of finance.
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Fixed Yield TVL has crossed $51M.
Capital allocators are securing a fixed rate on the world's largest yield-generating stablecoin.
Fixed Yield (built with @pendle_fi) is currently offering 5.15% APY, maturing on November 26, 2026.
Get started below ↓
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