Sky: Stablecoins, Credit, and Yield
The Sky Ecosystem
Sky (formerly MakerDAO) connects stablecoin issuance, capital allocation, and governance into a single system. The protocol is designed to remain a relatively simple base layer that sets the governance and risk framework, known as the Atlas, while growth and decision-making are pushed outward to independent capital allocators called Agents (formerly Stars).
Within the rules of that framework, Agents compete to borrow USDS from Sky and deploy it into yield strategies. They pay Sky a wholesale cost of capital known as the Base Rate (currently 3.95%) and retain 100% of the spread earned above it.
The simplest way to think about this is through a central banking analogy. Sky is the central bank: it issues the currency (USDS, DAI), sets the framework, and lends at a wholesale rate. Agents like Spark, Grove, and Obex are the commercial banks: they take that wholesale funding and decide where to allocate it, earning the spread between their strategy yield and the wholesale rate.
USDS Growth
Carlos leads coverage on Solana and spends his time on DeFi applications. Previously held a research role at 21Shares.
- The Sky Ecosystem
- USDS Growth
- Sky Savings Rate (SSR)
- Other Yield Products
- Morpho Vaults
- The Agent Network
- Spark, Grove, and Obex
- Other Agents
- Financials
- Balance Sheet
- Loss Absorption Waterfall
- Income Statement
- SKY Valuation Framework
- Programmatic Revenue Distribution
- Scenario Analysis
- Risks
- Final Thoughts