Sky Ecosystem posts $419 million revenue run-rate in June 2026 update

Sky Frontier Foundation said the Sky Ecosystem, formerly known as Maker, reached a $419 million annualized gross revenue run-rate in its June 2026 Financial & Operational Update published Friday. The protocol generated about $123.79 million in gross revenue in Q1 2026 and posted a surplus of between $46 million and $61 million during the quarter. The foundation, which was established in August 2025 to support the broader ecosystem, expects total 2026 revenue across the Sky Ecosystem to reach $611 million, up from $338 million in gross revenue in 2025. USDS, the protocol’s flagship stablecoin, is the main revenue driver, with combined stablecoin supply near $11 billion currently. The foundation projects USDS supply will rise to $20.6 billion by the end of 2026 from $9.2 billion at the end of 2025, helped by institutional investors seeking yield. The June operating report also said cumulative yield paid to sUSDS holders surpassed $250 million, Sky Reserves grew to $82.5 million, and Grove issued the GROVE token as its sUSDS fixed-yield product with Pendle Finance reached $44.1 million in total value locked in its first month. DefiLlama data showed Sky generated $30.14 million in fee revenue over the past 30 days, implying roughly $367 million on an annualized basis, broadly in line with Sky’s own figures despite using fees rather than the foundation’s total revenue measure. Sky Protocol, the rebranded version of MakerDAO, also uses the Sky Frontier Foundation to manage grants, treasury operations and ecosystem development, while supporting Sky Agents (autonomous systems for lending and stablecoin activity). The update suggests the protocol’s surplus may matter more to DeFi investors than revenue alone, while also underscoring that its 2026 outlook depends heavily on continued institutional demand and stable macro conditions.