Revenue Sky earns from its credit lines, reserves and vaults, by source, sector and market, on an accrual basis
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Protocol revenue over the trailing 12 months
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Net income over the trailing 12 months
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Protocol revenue, net protocol revenue and net income, on an accrual basis
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Costs below protocol revenue, by category, on an accrual basis
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What Sky pays out of the Operating Cash Balance after net income
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Capital Sky has moved out of the Operating Cash Balance, cumulative
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Sky Capital (Sky's committed backstop in each Prime Agent's SubProxy) plus the Operating Cash Balance (the protocol's surplus account, which can go negative).
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Tokens held by Sky's Pause Proxy, governance buffers and Agent SubProxies (Sky Capital, counted up to Sky's committed backstop)
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Annual income statement on an accrual basis, with the trailing 12 months
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Assets at par, USDS and DAI outstanding, and the Operating Cash Balance, at each year-end and the latest day
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How cash net income moves through the Operating Cash Balance each year
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Sky earns a spread. It charges interest on the USDS and DAI it lends, through Prime credit lines, vaults, Lockstake and RWA credit, and earns yield on the reserves that back the rest of its supply, mostly the Lite-PSM's USDC. That is protocol revenue. Much of it goes back out as the savings yield paid to sUSDS and DSR holders, together with payments to stUSDS and SKY rewards; what remains is net protocol revenue. Integration incentives, operating costs and write-offs take it to net income.
Net income flows into the Operating Cash Balance, Sky's surplus account, which can go negative. From the Operating Cash Balance Sky funds buybacks of its governance token, staking rewards to SKY stakers and its governance buffers, and moves capital to Agents and foundations. Capital moved into the Prime Agents' SubProxies stays Sky's committed first-loss capital: Sky Capital plus the Operating Cash Balance make up Sky Reserves, the measure Sky reports.
The income statement recognizes revenue and costs as they accrue; the cash flow statement counts them when they are collected or settled. DAI and USDS are valued at par, Sky's unit of account. Ethereum only; Sky's savings and PSM modules on other chains settle on Ethereum.
