Sky Protocol Reports Second Consecutive Quarter Above $100M Revenue as Collateral Reaches $12.32B

Jul 23, 2026

Sky Frontier Foundation reported that Sky Protocol generated $107.35 million in Gross Protocol Revenue in Q2 2026, its second consecutive quarter above $100 million. Protocol Collateral increased 45.5% year-over-year to $12.32 billion, including approximately $2.58 billion allocated across six institutional counterparties such as Janus Henderson and BlackRock BUIDL. The foundation also reported that sUSDS supply reached $5.52 billion, up 149% year-over-year, and highlighted the launch of the Laniakea institutional onboarding framework.

Sky Protocol Q2 revenue

▪Sky Protocol remitted $29.87 million to Sky Reserves in the quarter ended June 30, 2026, bringing total reserves to $82.40 million against a $150 million solvency target.
▪Sky Protocol's Net Protocol Revenue expanded 25.1% year-over-year to $40.09 million in the quarter ended June 30, 2026, with the net revenue margin widening to 37.3%.
▪Sky Protocol generated $107.35 million in Gross Protocol Revenue for the quarter ended June 30, 2026, representing a 10.5% increase year-over-year.
▪Sky Protocol recorded a Net Protocol Surplus of $33.29 million for the quarter ended June 30, 2026, marking its fifth consecutive quarter of positive surplus.

Institutional collateral partnerships

▪Sky Protocol allocated $2.58 billion in collateral across six institutional counterparties, including Janus Henderson, BlackRock BUIDL, Anchorage, PayPal, Securitize, and Galaxy.
▪Sky Protocol closed the quarter ended June 30, 2026, with $12.32 billion in Protocol Collateral against $12.22 billion in Protocol Obligations.
▪Sky Protocol launched its Financial Dashboard on May 6, 2026, to provide real-time visibility into the protocol's health and collateral allocations.

Laniakea framework infrastructure

▪Sky Frontier Foundation introduced the Laniakea infrastructure framework on April 24, 2026, to standardize institutional capital deployment through Sky Protocol.
▪The Laniakea framework standardizes smart contracts, risk governance, data infrastructure, and legal compliance to reduce institutional onboarding times from months to weeks.

DeFi market stress resilience

▪Sky Protocol sustained no losses and maintained uninterrupted operations during the $292 million Kelp DAO rsETH bridge exploit and subsequent Aave collateral contraction in April 2026.
▪Sky Protocol's March 14, 2026, capital restructuring established a $150 million Solvency Reserve target to build a capital buffer against market shocks.

Stablecoin yield market contraction

▪The supply of Sky Protocol's sUSDS stablecoin grew 149% year-over-year to $5.52 billion by June 30, 2026, despite declining 16% quarter-over-quarter.
▪Sky Protocol reduced the Sky Savings Rate from 3.75% to 3.60% mid-quarter to sustain reserve accumulation while keeping the holder rate competitive.

USDS ecosystem integrations

▪Binance completed its upgrade from DAI to USDS, automatically converting user balances and making sUSDS accessible through the Binance Wallet.
▪Spark launched a Stablecoin FX Layer on Uniswap v4 on June 25, 2026, seeding it with $150 million in initial liquidity.
▪The SKY token became available on the Revolut fintech application on April 30, 2026, across the European Economic Area.