Sky, the successor to MakerDAO, is off to a strong start this month, with its total value (TVL) rising to $7.52 billion, up 38% since March 1, according to DefiLlama.
This makes Sky TVL’s fourth largest decentralized finance (DeFi) protocol, after Aave, Lido and EigenCloud. The sUSDS piggy bank alone accounts for approximately $6.5 billion in deposits and has attracted nearly $1.3 billion since the start of the month.
Sky Savings Pool
With DeFi returns having dried up in the wake of the market downturn, Sky’s fixed savings rate of 3.75% is higher than stablecoin offering rates on major protocols such as Aave and Morpho. For example, supplying USDT or USDC on Aave’s Ethereum markets currently yields less than 2%.
“Yield is certainly the most important factor, but it is also one of the lowest-risk liquid return sources in DeFi,” Sam MacPherson, CEO of Phoenix Labs, told The Defiant.
Sky founder Rune Christensen also emphasized that users are prioritizing safety amid the market turbulence.
“Honestly, this is the classic story of how Sky, like Maker back in the day, always does better in bear markets because it just focuses on a solid product that you can trust to be stable and deliver good returns,” Christensen told The Defiant.
The $HEAVEN token has risen alongside TVL’s rise. According to CoinGecko, the token is up about 4% over the past seven days and 12% over the past month.
$HEAVEN Graphic
The token remains about 26% below its all-time high, with a market cap of about $1.7 billion, according to CoinGecko.