Total Value Locked$4.272b
TVL by Chain
Ethereum$4.272b
Key Metrics
Fees 30d$28.09m
Fees 30d by chain
Ethereum$28.09m
Fees 7d$6.25m
Ethereum$6.25m
Fees 24h$832,950
Ethereum$832,950
Cumulative Fees$1.294b
Ethereum$1.294b
Revenue 30d$13.25m
Revenue 30d by chain
Ethereum$13.25m
Revenue 7d$3.03m
Ethereum$3.03m
Revenue 24h$416,064
Ethereum$416,064
Cumulative Revenue$781.15m
Ethereum$781.15m
Holders Revenue 30d$5.54m
Holders Revenue 30d by chain
Ethereum$5.54m
Holders Revenue 7d$1.28m
Ethereum$1.28m
Holders Revenue 24h$184,515
Ethereum$184,515
Cumulative Holders Revenue$175.18m
Ethereum$175.18m
Collateral Liquidated 30d$0
Collateral Liquidated 30d by chain
Ethereum$0
Collateral Liquidated 7d$0
Ethereum$0
Collateral Liquidated 24h$0
Ethereum$0
Cumulative Collateral Liquidated$0
Ethereum$0
Staked$657.16m
Total Raised$54.5m
Dec 15, 2017$12mRound: Investors: Polychain Capital, Andreessen Horowitz, Distributed Capital Partners, Scanate, FBG Capital, Wyre Capital, Walden Bridge Capital, 1Confirmation
Sep 24, 2018$15mRound: Investors: a16z
Dec 19, 2019$27.5mRound: Investors: Dragonfly Capital, Inflection, Paradigm
Annual Operational Expenses$27.66m
Headcount97
Others$7.91m
Salaries$18.54m
Delegates$1.21m
Sourceshttps://expenses.makerdao.network/https://expenses.makerdao.network/recognized-delegates/finances/reports?viewMonth=Feb2023
NotesBased on data from Feb 2023
Last UpdateApr 29, 2023
Protocol Information
The USDS stablecoin powers the open Sky ecosystem. It is the upgraded version of DAI, providing new ways for you to have more rewarding crypto experiences.
Audits:
Methodology
TVL: Counts all the tokens being used as collateral of CDPs. On the technical level, we get all the collateral tokens by fetching events, get the amounts locked by calling balanceOf() directly, unwrap any uniswap LP tokens and then get the price of each token from coingecko. Also includes PSM USDC balance.View code on GitHubFees: Stability fees charged on DAI/USDS loans, liquidation income from collateral auctions, and PSM (Peg Stability Module) fees from USDC/DAI conversionsView code on GitHubRevenue: Fees collected minus savings rate paid to DSR depositorsView code on GitHubHolders Revenue: SKY token buybacks + staking rewards for sky stakersView code on GitHubCollateral Liquidated: Collateral confiscated from vaults in Dog Bark events (Liquidations 2.0), converted from the internal 18 decimal amount to the collateral token using the IlkRegistry gem and dec.View code on GitHubYields
Pools Tracked8
Average Supply APY4.36%
Competitors
Sky Lending history
TVL is the default DefiLlama definition, which excludes Staking. Daily values are UTC snapshots from Jan 4, 2019 to Nov 8, 2026.
All-time high TVL: $19.82b on Dec 1, 2021. All-time low TVL: $99.12m on Jan 29, 2019.
Daily TVL, Oct 10, 2026 to Nov 8, 2026
| Date | TVL |
|---|---|
| Oct 10, 2026 | $5.991b |
| Oct 11, 2026 | $5.968b |
| Oct 12, 2026 | $6.035b |
| Oct 13, 2026 | $5.819b |
| Oct 14, 2026 | $5.864b |
| Oct 15, 2026 | $5.723b |
| Oct 16, 2026 | $5.714b |
| Oct 17, 2026 | $5.508b |
| Oct 18, 2026 | $5.666b |
| Oct 19, 2026 | $5.678b |
| Oct 20, 2026 | $5.627b |
| Oct 21, 2026 | $5.691b |
| Oct 22, 2026 | $5.663b |
| Oct 23, 2026 | $5.644b |
| Oct 24, 2026 | $5.632b |
| Oct 25, 2026 | $5.565b |
| Oct 26, 2026 | $5.431b |
| Oct 27, 2026 | $5.296b |
| Oct 28, 2026 | $5.172b |
| Oct 29, 2026 | $5.244b |
| Oct 30, 2026 | $5.082b |
| Oct 31, 2026 | $5.037b |
| Nov 1, 2026 | $5.061b |
| Nov 2, 2026 | $5.024b |
| Nov 3, 2026 | $4.994b |
| Nov 4, 2026 | $4.85b |
| Nov 5, 2026 | $4.933b |
| Nov 6, 2026 | $4.78b |
| Nov 7, 2026 | $4.213b |
| Nov 8, 2026 | $4.274b |
TVL at each month end, Dec 2024 to Nov 2026
| Date | TVL |
|---|---|
| Dec 31, 2024 | $6.664b |
| Jan 31, 2025 | $7.08b |
| Feb 28, 2025 | $5.459b |
| Mar 31, 2025 | $6.337b |
| Apr 30, 2025 | $6.239b |
| May 31, 2025 | $5.317b |
| Jun 30, 2025 | $4.982b |
| Jul 31, 2025 | $5.534b |
| Aug 31, 2025 | $6.144b |
| Sep 30, 2025 | $5.827b |
| Oct 31, 2025 | $6.763b |
| Nov 30, 2025 | $6.212b |
| Dec 31, 2025 | $5.738b |
| Jan 31, 2026 | $5.543b |
| Feb 28, 2026 | $5.586b |
| Mar 31, 2026 | $6.373b |
| Apr 30, 2026 | $5.403b |
| May 31, 2026 | $6.131b |
| Jun 30, 2026 | $5.32b |
| Jul 31, 2026 | $5.642b |
| Aug 31, 2026 | $5.487b |
| Sep 30, 2026 | $5.99b |
| Oct 31, 2026 | $5.037b |
| Nov 8, 2026 (latest) | $4.274b |
TVL at each year end, Dec 31, 2019 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2019 | $314.33m |
| Dec 31, 2020 | $2.793b |
| Dec 31, 2021 | $17.601b |
| Dec 31, 2022 | $6.067b |
| Dec 31, 2023 | $5.726b |
| Dec 31, 2024 | $6.664b |
| Dec 31, 2025 | $5.738b |
Fees, revenue and holders revenue by UTC calendar month, Dec 2024 to Nov 2026
| Month | Fees | Revenue | Holders revenue |
|---|---|---|---|
| Dec 2024 | $43.55m | $28.36m | $0 |
| Jan 2025 | $42.5m | $18.44m | $0 |
| Feb 2025 | $36.83m | $9.01m | $4.39m |
| Mar 2025 | $34.34m | $13.5m | $18.12m |
| Apr 2025 | $28.22m | $15.65m | $17.44m |
| May 2025 | $28.22m | $17.27m | $15.08m |
| Jun 2025 | $27.98m | $17.92m | $14.46m |
| Jul 2025 | $30.71m | $22.33m | $12.3m |
| Aug 2025 | $37.22m | $29.24m | $12.27m |
| Sep 2025 | $36.49m | $28.19m | $11.83m |
| Oct 2025 | $35.83m | $25.16m | $12.11m |
| Nov 2025 | $36m | $22.53m | $8.5m |
| Dec 2025 | $36.35m | $20.63m | $8.49m |
| Jan 2026 | $34.89m | $19.78m | $8.5m |
| Feb 2026 | $32.03m | $17.03m | $7.72m |
| Mar 2026 | $35.46m | $15.48m | $4.39m |
| Apr 2026 | $33.46m | $14.81m | $1.13m |
| May 2026 | $33.36m | $15.08m | $1.15m |
| Jun 2026 | $30.56m | $12.68m | $1.11m |
| Jul 2026 | $29.45m | $14.24m | $1.16m |
| Aug 2026 | $28.12m | $14.12m | $2.48m |
| Sep 2026 | $26.83m | $13.44m | $5.08m |
| Oct 2026 | $29.23m | $13.79m | $5.83m |
| Nov 2026 (to date) | $6.25m | $3.03m | $1.28m |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/sky-lending
Frequently asked questions
What is Sky Lending's TVL?
As of Nov 8, 2026, Sky Lending has $4.272b in total value locked. TVL has decreased 28.7% over the past 30 days.
What chains does Sky Lending operate on?
Sky Lending operates on Ethereum. Ethereum holds the largest share at 100%.
How much has Sky Lending generated in fees and revenue?
Over the past 30 days, Sky Lending generated $28.09m in fees. Of that, $13.25m was protocol revenue. Based on the trailing year, the annualized rate is $383.74m in fees and $191.46m in revenue.
How does Sky Lending's TVL compare to similar protocols?
Among CDP protocols tracked by DefiLlama, Sky Lending ranks #1 by TVL. The category holds $6.15b across 197 protocols, and Sky Lending accounts for 69.5% of that total. Similar protocols include USDD, Liquity V1, crvUSD, Reservoir Protocol, Liquity V2, Frankencoin, Inverse Finance FiRM, BIMA CDP, mStable V2, and Inverse Finance Frontier.
How many yield pools does Sky Lending have?
DefiLlama tracks 8 Sky Lending yield pools with an average APY of 4.4%.