Sky just posted the best numbers in its history, and one of its longest-standing bulls sold into them.
@m0xt_ has been bullish on SKY for a long time, so his exit came as a surprise (save this).
Sky cleared $66M in net protocol surplus for 2026 in only five months.
That already beats its entire 2025 total.
Year over year, collateral is up 54%, stablecoin supply is up 48%, and net revenue is up 32%.
The distribution side looks just as busy...
Sky led a $13.5M round for a new operating partner called Osero, got
$sUSDS added to Binance Wallet, shipped a Pendle integration, and hired a new global head of capital markets.
Every one of those is a real win. But one figure underneath all of them has stopped moving.
Stablecoin supply has been basically flat for three months. That 48% year-over-year figure looks big because it's measured against a much smaller starting point.
The recent line is sideways.
Supply sits at the top of everything Sky does:
→ Supply drives protocol revenue.
→ Revenue funds the buybacks.
→ Buybacks feed the vault.
→ The vault pays the staking yield.
If supply stops growing, every number below it flattens too, just on a delay.
So the real issue is why supply stalled, and a lot of it comes down to yield.
Sky cut its savings rate to 3.60% to keep building a surplus buffer, and that buffer is still well short of the level that would send more cash back into buybacks.
A 3-month Treasury bill currently pays around 3.7%.
When a stablecoin yield sits at or below what a risk-free Treasury pays, new money has little reason to show up.
@m0xt_ gave the distribution channels a chance to close that gap.
Osero, Binance Wallet, and Pendle could all pull fresh supply in over a month or two.
After he published his analysis, he started digging into the roadmap - and the takeaway was that nothing on it looked likely to push the yield far enough above Treasury rates to change the numbers.
Sky still holds the deepest liquidity in its category.
But that on its own may not be enough to restart supply growth.
The product has gone sideways for months, the engine that would restart it isn't speeding up, and he'd rather move early than sit in a position waiting on a catalyst that nobody close to the project could name.
Want to see exactly how much of his SKY he sold, and where every other dollar of his portfolio is sitting?
Link is in the first comment. 👇