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Sky Protocol

DeFi · Decentralized Lending
OverviewChartsMonitoringInstitutional RelationsResearchDiligence ReportNewsMarketsAboutSky Protocol
OverviewChartsMonitoringInstitutional RelationsResearchDiligence ReportNewsMarketsAboutSky Protocol
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OverviewFinancialsSKY TokenUSDSWholesale CreditDirect BorrowingSavingsCollateralLiquidationsPSM
Sky: Credit Outstanding

Drawn credit by counterparty, product and credit line, at par

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Sky: Total Credit Outstanding

Debt outstanding across all of Sky's wholesale credit lines, latest day

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Sky: Approved Ceiling Utilization

Outstanding debt as a share of approved ceilings, latest day

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Sky: Approved Ceiling Utilization Trend

Outstanding debt as a share of approved ceilings, by total, product, counterparty and credit line

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Sky: Credit Concentration

Each sponsoring Prime's share of Sky's wholesale credit book

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Sky: Net Credit Flows

Draws less repayments on Sky's credit lines, by counterparty and product

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Sky: Gross Credit Flows

Gross draws and repayments across Sky's credit lines, with net flow

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Sky: Credit Line Revenue

Sky's share of credit line income by counterparty and product, with the Prime's share by basis

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Sky: Base Rate vs Realized Yield

Realized yield on Primes credit lines against the Base Rate and the Sky Savings Rate

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Sky: Credit Lines

Every credit line Sky has drawn or opened: debt, approved ceiling, list rate, trailing-year income and write-offs

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How Primes borrow from Sky

Primes, Sky's Prime Agents such as Spark, Grove and Obex, draw USDS from Sky through allocator vaults. These are credit lines: each has a debt ceiling that adjusts automatically up to its approved ceiling, and no collateral is posted. Sky's asset is the Agent's debt, which the Agent deploys and backs with its own portfolio and capital. What each Agent allocates to is not covered on this tab.

Since 2025-09-22 Agents pay through a Monthly Settlement Cycle: roughly every four weeks each Agent settles what it owes on its drawn balance, and the payment is split between the Agent and Sky. Before that, a stability fee accrued daily on the vault. Since 2025-11-01 the list rate on Prime lines is the Base Rate, the Sky Savings Rate plus 0.20% on the Atlas monthly convention; the effective settlement charge can differ.

Primes are the latest form of Sky's wholesale credit. From 2021 to 2025 Direct Deposit Modules (D3M) minted DAI straight into lending venues such as SparkLend, Aave and the Spark DAI MetaMorpho vault, and RWA credit vaults have lent DAI to offchain originators and banks since 2021. Both appear here under the Product and Credit Line toggles. Ethereum only.

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Sky Protocol
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