Insights

Welcome to the second Sky Ecosystem Financial & Operational Update, published by the Sky Frontier Foundation (SFF).

This report details Sky Protocol's strongest quarter on record, with Gross Protocol Revenue of $123.79M and Net Protocol Surplus of $46.04M. Q1 results exceeded SFF's 2026 forecast across every key metric, reinforcing the 2026 outlook of $20.6B in USDS supply.

Q1 2026 marks a decisive inflection point for Sky Protocol. The protocol returned to record-setting growth, generating Gross Protocol Revenue of $123.79 million for the three months ended March 31, 2026.

Veteran of Falcon X, Bakkt and Genesis joins Sky as the USDS stablecoin reached $12 Billion in supply in Q1.

Welcome to the inaugural March Financial & Operational Update, published by the Sky Frontier Foundation.

Following $134M investment from R01 Fund LP, Framework Ventures, Tether Investments, S.A. de C.V., and Sky Frontier Foundation, Stablecoin Development Corporation has acquired 2.06B SKY tokens.

Better will join Sky as a “Star”, bringing a powerful new source of yield on-chain for the world’s third largest stablecoin.

This report details the Sky Ecosystem’s efficient scaling in 2025, featuring a 74% surge in USDS supply and $338 million in revenue. It outlines the 2026 strategic shift toward aggressive market expansion, projected to drive USDS supply to $20.6B through diversified real-world yield sources.

This report provides an overview of Sky Ecosystem financial and performance metrics for 2025, and outlines the strategic capital allocation updates and financial outlook for the upcoming quarters of 2026.

Annual State of Sky Ecosystem 2025 report sets a new standard for transparency in onchain finance. In 2025, the onchain protocol grew USDS supply 86% to $9.9B.