Sky Ecosystem — February 2026

Executive
Summary

sUSDS surged +29.4% in February to $5.29B — the strongest MTD growth among all yield-coin peers — overtaking Aave aUSDC (which fell −5.8% to $3.80B) and widening the gap on declining aUSDT (−15.5%) and sUSDe (−6.7%), cementing its #2 position.
Gross inflows of $55.6M were allocator-dominated: Spark ($25.5M, 46%) and Grove ($14.3M, 26%) drove 72% of inflows; Lite PSM contributed a further $10.5M (19%), while top outflows were sUSDS yield ($14.5M), Capital: Skybase ($10M) and Kicker Buyback ($7.7M).
Total staked SKY rose +2.3% to 15.82B (Lockstake Engine 8.87B + Chief Delegated 6.95B); Spark Liquidity Layer sUSDS holdings doubled (+101%) to $794M as the dominant driver of stablecoin demand growth by month-end.

Competitive · sUSDS TVL

$5.29B

▲ +29.4% MTD · Ranked #2

Feb 1: $4.09B → Feb 28: $5.29B

Cash Flow · Feb MTD Net

+$6.9M

▲ $55.6M in · $48.7M out

Spark + Grove = 72% of inflows

SKY Staked · Feb 28

15.82B

▲ +2.4% from Feb 1 (15.46B)

Lockstake 8.87B · Chief Del. 6.96B

sUSDS Demand · Spark LL

+101%

▲ $396M → $794M MTD (+101%)

Largest single holder growth driver

Competitive Landscape

Yield Coin TVL — Feb 1 vs Feb 28 ($B)

USD deposits by protocol · Source: ChainFundamentals #6680585 · Morpho = USDC v1 vaults only

Cash Flow Analysis

Top Inflows & Outflows · Feb MTD

Total Inflows

$55.6M

Total Outflows

$48.7M

Net Position

+$6.9M

▲ Top Inflows

Spark Allocator

$25.55M

Grove Allocator

$14.31M

Lite PSM

$10.45M

Core Vaults

$2.57M

Lockstake Lending

$1.01M

97% of total inflows

▼ Top Outflows

sUSDS Yield

$14.54M

Capital: Skybase

$10.00M

Buyback: Kicker

$7.72M

Spark

$7.07M

Core Council Buffer

$6.63M

94% of total outflows

Feb 2026 MTD (to Feb 28) · Sources: ChainFundamentals #6314629 & #6323958

Sky Token Ownership

Holdings by Group — Feb 1 vs Feb 28

SKY Staked Feb 1

15.46B

SKY Staked Feb 28

15.82B

MTD Change

+2.3%

Feb 1 vs Feb 28 · Staked = Lockstake Engine + Chief Delegated · Source: ChainFundamentals #6127312

Stablecoin Demand — sUSDS

Top 6 Holder Groups — Feb 1 vs Feb 28

sUSDS top 6 holder groups by Feb 28 balance · Feb 1 vs Feb 28 · Source: ChainFundamentals #4833785

Sky Ecosystem Analytics