Sky Ecosystem Insights
@SkyEcoInsights
Sky Protocol financial data, reports, and @SkyEcosystem updates. Published by Sky Frontier Foundation.
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Sky Ecosystem and @galaxyhq are expanding institutional use of sUSDS.
Galaxy now holds $100M in sUSDS and has made it eligible collateral across its institutional business, serving 1,600+ counterparties with a $1.4B average loan book.
What this opens ↓
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The Grove x @GalaxyHQ warehouse is now at 75% utilization.
With the latest $71M loan, the facility has financed $375M in overcollateralized loans since its launch on July 15.
Capitalizing the stablecoin economy.
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Sky Protocol treats buybacks as part of a broader capital discipline.
Revenue covers costs and builds reserves to absorb losses before surplus is allocated to SKY purchases for Staking Rewards and supply reduction.
Read how this reserve-first framework works ↓
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Sky Protocol is nearing its first SKY burn under the Stage 2 framework.
Each month, 5% of Net Protocol Surplus is used to purchase SKY on the open market. Those tokens are permanently burned and removed from circulation.
Hear @RuneKek explain why the first burn marks a major moment for SKY ↓
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In May, SFF launched a Financial Dashboard tracking every active allocation by Prime Agents.
These include Janus Henderson, BlackRock, Anchorage, PayPal, and others within a $5.8B portfolio.
This lets allocators track every position and concentration between quarterly reports.
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Sky Protocol posted its fifth consecutive quarter of positive Net Protocol Surplus in Q2 2026.
Net Protocol Surplus reached $33.29M, and the protocol remitted its largest amount to Sky Reserves since the March 14 capital restructuring.
Full breakdown below ↓
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Sky Frontier Foundation has published the Sky Ecosystem Q2 2026 Report.
Q2 delivered a fifth consecutive quarter of positive Net Protocol Surplus, year-over-year growth on every key metric, and its largest contribution to Sky Reserves since the March 14 restructuring.
Full breakdown below ↓
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Sky Frontier Foundation has published its Sky Ecosystem Q2 2026 Report.
Sky Protocol delivered a fifth consecutive Net Protocol Surplus Quarter, a record contribution to Sky Reserves, and year-over-year growth across every metric.
Q2 2026 Financial Highlights ↓
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Sky Protocol registered its fifth consecutive quarter of positive net protocol revenue and growth across every key metric.
The full Q2 2026 Report from Sky Frontier Foundation will be published tomorrow, breaking down protocol financials and growth.
Subscribe to get it directly in your inbox as it goes live:
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With $5.32B at work across 34 positions, Sky Ecosystem is the largest capital allocator in onchain finance.
Janus Henderson, BlackRock BUIDL, and Anchorage account for roughly $2.2B, 42% of the total.
A benchmark for institutional RWA adoption onchain.
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Grove Basin provides instant onchain stablecoin liquidity for tokenized real-world assets.
Designed to offer up to $1 billion in committed daily liquidity.
The Stablecoin FX Layer needs a common liquidity foundation.
By connecting USDS to deep USDC liquidity through LitePSM, this integration strengthens the infrastructure on which the Stablecoin FX Layer can continue to build.
Read Spark’s full breakdown ↓
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Spark, @Uniswap and @SkyEcosystem have taken the first step toward a Stablecoin FX Layer.
Stablecoin issuance is no longer the hard part. Coordination is. Capital already exists, but it sits across isolated pools, venues and ecosystems where it cannot be used efficiently.
The first deployment migrated +$150M to Uniswap v4 across the USDS/USDT and USDS/PYUSD pools, one of the largest AMM liquidity migrations in DeFi history.
USDS provides the initial quoting foundation, while Spark coordinates allocation through governance defined frameworks.
This is where liquidity stops being a passive asset and starts behaving as coordinated infrastructure.
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Securitize, a Sky Agent, has gone public on the NYSE.
The Securitize team rang the @NYSE Closing Bell, marking a major milestone for institutional-grade tokenization infrastructure.
Another signal of real-world finance moving onchain.
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Sky Protocol generated $46.04M in Net Protocol Surplus in Q1 2026 alone, reaching 92.4% of the entire 2025 surplus in a single quarter.
Gross Protocol Revenue came in at $123.79M, the highest in protocol history, up 56.8% QoQ.
One quarter produced what took a full year to build in 2025.
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Sky Ecosystem Rewards keeps expanding.
GROVE is now live in Sky Ecosystem Rewards on bringing another Sky Agent token to users supplying USDS.
Access GROVE rewards ↓
17.1B SKY is currently staked in Sky Protocol's staking module, equivalent to $974M at current prices.
Current annual staking rate: 5.7%, paid in SKY.
Since staking went live in 2025, 1.1B SKY has been distributed to stakers, funded entirely by protocol revenue.
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Sky Ecosystem June Recap.
A new fixed-yield product. Institutional capital in the room. Sky Protocol was named to Fortune’s Crypto 100. A new token from a Prime Agent. And a Sky Agent building an FX layer for the entire stablecoin market.
Here's the month ↓
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As institutional adoption accelerates, transparent, revenue-generating protocols will increasingly serve as benchmarks for Ethereum’s financial infrastructure.
Sky Protocol currently ranks #1# in protocol revenue across every measured timeframe on Ethereum while deploying billions through institutional counterparties.
Welcome @ethereuminsti 🤝
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1/ Announcing Ethereum Institutional
An independent non-profit dedicated to accelerating the institutional adoption of Ethereum, its L2s, applications and overall ecosystem.
