Sky Protocol Sustains Growth with Second $100M Revenue Quarter

The protocol’s net revenue reached $40.09 million, a 25.1% increase compared to the same period last year, while net margins widened to 37.3%. This financial performance supported a net protocol surplus of $33.29 million, representing the fifth consecutive quarter of positive surplus. The organization successfully remitted $29.87 million to its reserves, a sharp recovery from the $8.15 million deficit recorded in the second quarter of 2025, bringing total reserves to $82.40 million.

Growth remains driven by the adoption of sUSDS, which saw a 149% year-over-year supply increase to $5.52 billion, cementing its status as a leading rate-bearing stablecoin. Institutional engagement expanded through the Laniakea infrastructure framework, aimed at streamlining capital deployment. Despite broader market volatility, including the April Kelp DAO bridge exploit, the protocol reported no losses, underscoring the efficacy of its current risk controls. Staking activity also reached new heights, with 73.3% of the circulating SKY supply now locked in the protocol.