Sky Protocol, formerly MakerDAO, ended 2025 with significant revenue growth to $338 million. The credit platform has adapted to the changing market by reducing costs by 63%.
Sky Protocol achieved total revenue of $338 million in 2025, showing that its model was robust even under less than ideal trading conditions. Sky Protocol maintained its momentum in early 2026 and remained in the green despite the market decline.
Following the latest positive results, $HEAVEN has been trading near the higher range at $0.065 for the past three months. Trading volumes recovered to a three-month high of $19 million in 24 hours.
During market turbulence Sky Protocol remained a reliable source of loans and liquidity. In 2025, the protocol increased USDS stablecoin supply by 74%, showing confidence in the lending mechanism.
The biggest driver of stability was buybacks. Sky Protocol was not created haphazardly buy back prevent market decline. Instead, support is provided to the $HEAVEN token directly reflects the costs generated by the protocol.
Sky Protocol: Leaner and a Better Fee Producer
Sky Protocol showed a successful spin of the Maker DAO stablecoin mechanism. The main tool of the protocol was the adjustable savings rate, which has currently recovered from a low of 2.75% to 4%. During previous cycles, Sky Protocol offered returns of up to 12.5% on USDS.
The protocol still includes the old DAI token, which is also active in DeFi.
During the 2025 market cycle, Sky Protocol operated at a lower value, lagging behind Aave. Sky Protocol pulled in $5.34 billion, down from $9.18 billion at the start of 2025. Spark Lend has $2.43 billion in liquidity, making it one of the top 5 on-chain lenders.
Despite lower liquidity, Sky Protocol increased fee production to a higher base level, raising approximately $1.13 million in 24 hours.
USDS also delivers near-record liquidity, with a supply of over 9.57 billion tokens. The ecosystem continued to grow slowly in the first months of 2026, despite the downturn in ETH and BTC.
USDS is expanding its DEX activity
USDS is not only used for lending but is also spreading across the DeFi ecosystem. Over the past four months, USDS volumes on decentralized markets grew to new peaks.
The token is most actively traded on the new Manifest DEX, as well as on Curve, the traditional legacy market. Recently, SUI announced that it will be adding suiUSDSe, a native version of the Sky Protocol token.
USDS activity on DEX has increased over the past three months, boosted by growing supply and new partnerships. | Source: Dune Analytics
Data from Token Terminal shows that USDS activity on Sky Protocol increased by 400% over the course of 2025, based on more active transfers. Those transfers also translated into higher compensation. Sky Protocol demonstrates the rising demand for alternative sources of liquidity and reliable credit vaults to tap into the value of crypto collateral. Lenders are also putting their USDS to work, making it one of the top stablecoins for paying out passive income.