Sky Ecosystem — January 2026

Summary

sUSDS grew +6.9% in January to $4.09B, a more modest gain than peers (sUSDe +9.1%, syUSDC +10.1%) while Aave USDC suffered a sharp -13.7% drawdown — the competitive field saw broad divergence in January.
Cash flows were near-breakeven (net −$0.1M) on $24.5M inflows: Lite PSM dominated at 84% of inflows ($20.7M) and sUSDS yield obligations consumed $14.7M of the $24.6M in outflows, alongside an $8.5M SKY buyback.
SKY staked surged +11.6% to 15.45B — Lockstake Engine absorbed +1,630M SKY (+23.7%) as MKR2SKY conversions accelerated (−878M), while the sUSDS supply restructured dramatically: Spark sUSDC dropped −$1.05B as Arbitrum bridged holdings tripled to $354M.

Competitive · sUSDS TVL

$4.09B

▲ +6.9% MTD · Ranked #2

Jan 1: $3.83B · aUSDT #1 at $6.50B

Cash Flow · Jan Net

−$0.1M

≈ $24.5M in · $24.6M out

Lite PSM = 84% of inflows

SKY Staked · Jan 31

15.45B

▲ +11.6% from Jan 1 (13.85B)

Lockstake Engine + Chief Delegated

sUSDS Supply · Key Driver

+$250M

▲ Arbitrum bridge: 104M → 354M

Spark sUSDC −$1.05B offset growth

Competitive Landscape

Yield-Coin Deposits — Jan 1 vs Jan 31

USD deposits by protocol · Source: ChainFundamentals #6320808 · Morpho = USDC v1 vaults only

Cash Flow Analysis

Top Inflows & Outflows · Jan 2026

Total Inflows

$24.5M

Total Outflows

$24.6M

Net Position

−$0.1M

▲ Inflows

Lite PSM

$20.66M

Core Vaults

$2.63M

Lockstake Lending

$0.90M

Legacy RWA

$0.25M

Core Vaults Liquidations

$0.03M

100% of total inflows

▼ Outflows

Yield: sUSDS

$14.67M

Buyback: Kicker

$8.54M

Yield: stUSDS

$0.98M

Yield: sDAI

$0.28M

Other / Delegate Comp.

$0.15M

100% of total outflows

Jan 2026 full month · Sources: ChainFundamentals #6314629 & #6323958

Sky Token Ownership

Key Holding Changes — Jan 1 vs Jan 31

Staked Jan 1

13.85B SKY

Staked Jan 31

15.45B SKY

Change MTD

+11.6%

Jan 1 vs Jan 31 · Green = increase, Red = decrease · Source: ChainFundamentals #6127312

Stablecoin Demand — sUSDS

Holder Group Changes — Jan 1 vs Jan 31

Top holder groups · Jan 1 vs Jan 31 · Source: ChainFundamentals #4833785