DeFi lender Sky hits $124m revenue record. Yet token holders aren’t impressed

Sky is the most profitable it has ever been — and it might have institutions to thank for that.

On Wednesday, the Sky Frontier Foundation released the Q1 2026 financial results for the $13 billion lender, revealing it made nearly $124 million in gross revenue, and almost $61 million in net revenue in the first three months of the year.

It’s the highest income the protocol has made since it launched as MakerDAO back in 2017.

Yet the market doesn’t seem to be impressed by the record figures. Sky’s governance token has registered a decline of around 2.4% since the results were announced publicly.

Sky, like many decentralised finance protocols, operates as a type of digital cooperative called a decentralised autonomous organisation, or DAO.

Here, those who hold the Sky governance token can suggest and vote on changes to the protocol. The Sky token trades at almost a $2 billion market value, per CoinGecko.

Sky’s record earnings come as institutional interest in onchain apps that provide yield on crypto assets continues to grow.

DeFi protocols — including Sky — are rushing to make themselves more attractive to traditional finance players by repackaging their products and paying for risk ratings from established firms like S&P Global Ratings and Fitch.

Institutional interest

In fact, its primarily institutional interest which the Sky Frontier Foundation attributes to Sky’s blow-out quarter.

Sky’s gross revenue came in at $13 million more than the nonprofit’s estimate…