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Project Overview
Sky is a decentralized financial system whose native currencies USDS and SKY are upgraded versions of DAI and MKR. Other products include Sky Savings Rate, Sky Token Rewards and Staking Engine, and SkyLink connects the Ethereum mainnet and Layer 2 network.
Sun Yuchen has deposited a total of $1.3 billion in assets into Spark.
According to on-chain analyst Ai Aunt (@ai9684xtpa), Sun Yuchen’s address 0x939…6a1d1 withdrew $300 million worth of USDS from Sky and deposited it into Spark within the past three hours. This address has now deposited approximately $1.3 billion in assets into Spark, with USDS farming rewards totaling $5.38 million. Specifically, USDS deposits amount to $436 million, representing 18.72% of the deposit pool; USDC deposits total $135 million, accounting for 28.17%; and USDT deposits stand at $93.39 million, making up 9.89%.
Sun Yuchen deposited 53,700 ETH—withdrawn from Aave—into Spark, valued at approximately $125 million.
According to on-chain analyst Yujin (@EmberCN), the 53,660 ETH that Sun Yuchen urgently withdrew from Aave in the early hours has been deposited into Spark half an hour ago, valued at approximately $125 million. Currently, Sun Yuchen’s on-chain funds across Sky and Spark total approximately $2.13 billion, while his funds on Aave amount to roughly $380 million.
Castle Labs: The crypto market is shifting from “gambling” to “investment”; revenue generation and value returns will become the core competitiveness of tokens.
Castle Labs (@castle_labs) published a post stating that the current crypto market is undergoing a profound paradigm shift—speculative models prioritizing extraction are gradually giving way to investment logic oriented toward revenue generation. The article notes that since 2026, the broader crypto market has performed poorly: most assets have seen sustained price declines, ETF funds have continued flowing out, project shutdowns have intensified, and institutional VC investments have grown increasingly conservative. The key catalysts for this shift were last October’s large-scale liquidation event and the ongoing market reflection triggered by gold consistently outperforming Bitcoin. On the revenue data front, among the roughly 5,700 protocols tracked by DeFiLlama, only 3.5% generated over $100,000 in revenue over the past 30 days—and fewer than 1% actually distributed earnings to token holders. The article focuses on top revenue-generating protocols—including Hyperliquid (HYPE), Pumpdotfun (PUMP), Tron (TRON), Sky (SKY), Jupiter (JUP), Aave (AAVE), and Aerodrome (AERO)—analyzing their price-to-sales ratios (P/S) and token holder return metrics. It argues that protocol revenue—and its capacity to feed value back to token holders—is becoming the core metric investors use to evaluate and select projects. Regarding institutionalization trends, traditional financial giants—including NYSE, Robinhood, BlackRock, and Franklin Templeton—
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Sun Yuchen has deposited a total of $1.3 billion in assets into Spark.
According to on-chain analyst Ai Aunt (@ai9684xtpa), Sun Yuchen’s address 0x939…6a1d1 withdrew $300 million worth of USDS from Sky and deposited it into Spark within the past three hours. This address has now deposited approximately $1.3 billion in assets into Spark, with USDS farming rewards totaling $5.38 million. Specifically, USDS deposits amount to $436 million, representing 18.72% of the deposit pool; USDC deposits total $135 million, accounting for 28.17%; and USDT deposits stand at $93.39 million, making up 9.89%.
Sun Yuchen deposited 53,700 ETH—withdrawn from Aave—into Spark, valued at approximately $125 million.
According to on-chain analyst Yujin (@EmberCN), the 53,660 ETH that Sun Yuchen urgently withdrew from Aave in the early hours has been deposited into Spark half an hour ago, valued at approximately $125 million. Currently, Sun Yuchen’s on-chain funds across Sky and Spark total approximately $2.13 billion, while his funds on Aave amount to roughly $380 million.
Sky pauses USDS OFT cross-chain bridging; the protocol and its contracts remain unaffected by the rsETH security incident.
Sky (formerly MakerDAO) announced on X that it has temporarily suspended the cross-chain bridging functionality for its omnichain fungible token (OFT) USDS. The team will further assess the impact of the recent rsETH security incident. Sky emphasized that its protocol and the USDS smart contract remain unaffected at this time, and USDS continues to be fully collateralized as designed—verifiable on-chain at any time.
Tether Participates in $134 Million Private Financing Round for SDEV to Increase Stake in SKY
According to The Block, Tether has confirmed its participation in the previously announced $134 million private financing round of publicly listed Stablecoin Development Corporation (SDEV). SDEV positions itself as a vehicle offering public-market investors exposure to the stablecoin sector, with core holdings including the Sky Protocol governance token SKY and the stablecoin USDS. As of March 31, SDEV held approximately 2.15 billion SKY tokens, representing roughly 9.15% of the total supply. This financing was completed in January and included the deposit of 943.6 million SKY tokens, along with $25 million in cash and $51 million in stablecoins, which were used to acquire an additional ~1.17 billion SKY tokens.
Sky’s co-founder Rune’s Nasdaq-100 short position was fully liquidated, reducing the total portfolio value to approximately $680,000.
According to on-chain data monitoring, Rune—the co-founder of Sky (formerly MakerDAO)—has fully closed his 7x-leveraged short position on the Nasdaq-100 index. He currently holds the following positions, all of which are incurring losses: a 20x-leveraged long position in crude oil futures CL (WTI crude), a 7x-leveraged long position in Brent Oil, and a 20x-leveraged short position in the S&P 500. His total position value has now declined to approximately $680,000, with an unrealized loss of about $60,000 and a return on investment of -21.78%.
Castle Labs: The crypto market is shifting from “gambling” to “investment”; revenue generation and value returns will become the core competitiveness of tokens.
Castle Labs (@castle_labs) published a post stating that the current crypto market is undergoing a profound paradigm shift—speculative models prioritizing extraction are gradually giving way to investment logic oriented toward revenue generation. The article notes that since 2026, the broader crypto market has performed poorly: most assets have seen sustained price declines, ETF funds have continued flowing out, project shutdowns have intensified, and institutional VC investments have grown increasingly conservative. The key catalysts for this shift were last October’s large-scale liquidation event and the ongoing market reflection triggered by gold consistently outperforming Bitcoin. On the revenue data front, among the roughly 5,700 protocols tracked by DeFiLlama, only 3.5% generated over $100,000 in revenue over the past 30 days—and fewer than 1% actually distributed earnings to token holders. The article focuses on top revenue-generating protocols—including Hyperliquid (HYPE), Pumpdotfun (PUMP), Tron (TRON), Sky (SKY), Jupiter (JUP), Aave (AAVE), and Aerodrome (AERO)—analyzing their price-to-sales ratios (P/S) and token holder return metrics. It argues that protocol revenue—and its capacity to feed value back to token holders—is becoming the core metric investors use to evaluate and select projects. Regarding institutionalization trends, traditional financial giants—including NYSE, Robinhood, BlackRock, and Franklin Templeton—