Sky Protocol Achieves 2nd Straight Quarter with Over $100M in Revenue

Fifth consecutive quarter of protocol surplus as Protocol Collateral climbs 45.5% year-over-year to $12.32B and sUSDS grows 149% to $5.52B

GRAND CAYMAN, Cayman Islands, July 23, 2026 /PRNewswire/ -- Sky Frontier Foundation , an independent organization that supports research, education, and ecosystem development for Sky Ecosystem, today published its Sky Ecosystem Q2 2026 Quarterly Report, reflecting continual revenue growth, disciplined risk controls, and year-over-year growth across every headline metric.

Sky Protocol generated Gross Protocol Revenue of $107.35M for the three months ended June 30, 2026, up 10.5% year-over-year from $97.15M and the second consecutive quarter above $100M. Net Protocol Revenue expanded 25.1% year-over-year to $40.09M, with the Net Revenue margin widening to 37.3% from 33.0% in Q2 2025, and trailing twelve-month Net Protocol Revenue now stands at $159.63M . Net Protocol Surplus was $33.29M, compared to $32.04M in Q2 2025, the fifth consecutive quarter of positive surplus. The protocol remitted $29.87M to Sky Reserves, compared with an $8.15M deficit in Q2 2025 and the largest quarterly retention since the March 14 capital restructuring, bringing Sky Reserves to $82.40M against the $150M Solvency Reserve target.

Sky Protocol closed the quarter with $12.32B in Protocol Collateral, up 45.5% year-over-year from $8.47B, against $12.22B in Protocol Obligations, producing a Protocol Surplus of $90.26M. Prime Agent Vaults totaled $6.84B , approximately 55% of total Protocol Collateral, with approximately $2.58B allocated across six marquee institutional counterparties, including Janus Henderson ($1.24B), BlackRock BUIDL ($713M), Anchorage ($260M), PayPal ($237M), Securitize ($102M), and Galaxy ($27M). All Sky Agent allocations are visible in real time on the Sky Protocol Financial Dashboard, which went live at financial.skyeco.com on May 6.

sUSDS ended the quarter at $5.52B, up 149% year-over-year from $2.22B, maintaining its position as the largest rate-bearing stablecoin by supply, and cumulative Sky Savings Rate distributions to holders crossed $250M on June 29. Total USDS supply stood at $10.04B at quarter end after peaking above $11.8B in early April, following the mid-quarter Sky Savings Rate reduction from 3.75% to 3.60%, which was calibrated to sustain the pace of reserve accumulation while keeping the holder rate competitive. Unique holders across the USDS and DAI complex held broadly steady at 673,811.

The quarter validated the protocol's risk controls. In April, Sky Protocol's operations were uninterrupted during the approximately $292M Kelp DAO rsETH bridge exploit and subsequent multi-billion-dollar Aave collateral contraction, and Sky did not sustain any losses. On April 24, Sky Frontier Foundation introduced Laniakea, the infrastructure framework that standardizes how institutional capital deploys through Sky Protocol across smart contracts, risk and governance, data infrastructure, and legal and compliance, designed to onboard institutional partners in weeks rather than months and to serve the more than $300B in stablecoin capital not availing of any capital-preserving rates.

Distribution expanded materially during the quarter. Binance completed its upgrade from DAI to USDS with automatic one-to-one conversion of user balances, and sUSDS became directly accessible through the DeFi section of Binance Wallet. SKY token became available on Revolut on April 30 across the European Economic Area. Spark launched the Stablecoin FX Layer on Uniswap v4 on June 25, seeding $150M in initial liquidity and processing over $70M in volume in its first three days. Pendle Finance introduced fixed-rate access to sUSDS on June 4, and Osero launched Osero Earn on May 28 following Sky's participation in its $13.5M funding round.

Total SKY staked grew to 17.08B at quarter end, or 73.3% of circulating supply, up from 69.8% at Q1 close. The protocol deployed $3.41M in USDS to open-market SKY buybacks during Q2, acquiring 51M SKY at an average price of $0.067, bringing cumulative program deployments past $121M since inception in February 2025. Entering the second half of 2026, annualized gross revenue run-rate stands at $429.4M based on Q2 monthly settlement cycles.

The full Q2 2026 Quarterly Report is available at insights.skyeco.

About Sky Frontier Foundation

Sky Frontier Foundation is an independent organization that supports research, education, and ecosystem development for Sky Ecosystem.

Forward-Looking Statements

This press release contains forward-looking statements that are inherently uncertain and not guarantees of future performance. Actual results may differ materially due to market volatility, regulatory developments, and decisions made through decentralized governance. Sky Frontier Foundation is an independent entity, does not control the Sky Protocol or its DAO governance processes, and undertakes no obligation to update forward-looking statements. Nothing in this press release constitutes legal, financial, investment, or tax advice, or an offer or recommendation to buy or sell any token, security, or other financial instrument.

SOURCE Sky Frontier Foundation