Sky Ecosystem — March 2026 Full Month

March
2026
Full
Month

sUSDS ended March at $6.73B (+34.6% MoM), holding its #1 rank among permissionless yield coins throughout the second half of the month after overtaking aUSDT; the sUSDS rate was cut mid-month from 4.00% to 3.75% and held there through month-end, while competing protocols (aUSDT, aUSDC) saw yields drift in a 1.5–2.6% range — sUSDS maintained a clear yield premium over AAVE pools; Sky-curated Morpho vaults peaked at $305M (Mar 21) before settling to $221M at month-end, led by USDT Savings which grew from zero to $126M.
Full-month gross inflows of $44.9M were dominated by Spark ($15.8M, 35%), Grove ($12.6M, 28%) and Lite PSM ($8.9M, 20%), with all major allocators contributing; full-month outflows of $105.0M were dominated by large Capital items (Ozone $25M, Amatsu $25M, Keel $10M, Launch Agent $10M), sUSDS Yield ($19.5M) and the Core Council Buffer ($7.4M), producing a net outflow of −$60.1M for the month; the Sky Frontier Foundation increased its USDS borrowing against Lockstake from $32.1M to $37.1M mid-month, while stablecoin holdings decreased from $16.4M to $13.0M (Mar 31).
Total staked SKY rose to a peak of 16.42B on Mar 30 (Lockstake 9.34B + Chief Delegated 7.08B) before closing at 16.39B on Mar 31; sUSDS total supply expanded +34.6% from $4.999B to $6.729B, driven by Spark Liquidity Layer (+$571M, +71% to $1.371B), Justin Sun–linked wallets (+$358M, +53% to $1.034B) and USDD Treasury (+$121M, +80% to $272M); Spark sUSDC was a notable outflow (−$145M, −40% to $222M) while Whales were broadly flat (−$7M to $396M).

Competitive

sUSDS Deposits (Mar 31)

$6.73B

▲ +34.6% from Mar 1 ($4.999B)

Ranked #1 · aUSDT now $4.91B (−10.9%)

Cash Flow

Full Month Gross Inflows

$44.9M

▼ Outflows $105.0M · Net −$60.1M

Spark 35% · Grove 28% · Lite PSM 20%

SKY Ownership

Total SKY Staked (Mar 31)

16.39B

▲ +3.6% from 15.82B Mar 1 · peaked 16.42B Mar 30

Lockstake 9.31B · Chief Del. 7.08B

Stablecoin Demand

Morpho Vault Peak (Mar 21)

$305M

▼ Closed Mar 31 at $221M · +140% MoM

sUSDS total supply +34.6% to $6.73B

TVL — Yield Coin Deposits Mar 1 vs Mar 31

USD deposits by protocol ($B) · % change labels · sUSDS now #1 · full month comparison

Dataset#6680585Yield Coin Deposits · Morpho = v2 stablecoin deposits · Latest: Mar 30

Annualised Yield — Full Month Range & Closing Rate

Floating bar = Mar 1–31 min→max range · ● dot = Mar 31 rate · dashed = sUSDS 3.75% current floor

Dataset#6711808Annualised Yield Rates · Latest: Mar 31

Sky Protocol — Full Month Inflows & Outflows

March 2026 full month · ChainFundamentals datasets #6314629 / #6323958

Total Inflows

$44.9M

Total Outflows

$105.0M

Net Position

−$60.1M

▲ Top 8 Inflows = 100% of total

Spark Allocator

$15.83M

Grove Allocator

$12.55M

Lite PSM

$8.90M

Obex Allocator

$4.04M

Core Vaults

$2.65M

Lockstake Lending

$0.77M

Legacy RWA

$0.15M

▼ Top 8 Outflows = 98.9% of total

Capital: Ozone

$25.0M

Capital: Amatsu

$25.0M

sUSDS Yield

$19.51M

Capital: Keel

$10.0M

Capital: Launch Agent 6

$10.0M

Core Council Buffer

$7.35M

Buyback: Kicker

$4.40M

Spark

$2.65M

Datasets#6314629Inflows#6323958Outflows

Sky Frontier Foundation — Balances

Stablecoin holdings & borrowing · SKY token positions · Mar 1 vs Mar 31

Asset / PositionMar 1Mar 31Change

Stablecoin Balances

sUSDS$7.26M$6.28M−$0.98M

USDS$8.55M$6.12M−$2.43M

USDC$0.61M$0.56M−$0.05M

Total Stablecoins Held$16.42M$12.96M−$3.46M

USDS Borrowed (Lockstake)$32.1M$37.1M+$5.0M

SKY Token Holdings

SKY (wallet)146.97M0−146.97M

SKY (staked, Lockstake)2,468.8M2,644.7M+175.9M

Total SKY2,615.8M2,644.7M+28.9M

Datasets#6808860Foundation Stablecoins#6158493Lockstake Depositors

Holdings Change by Group — Mar 1 → 31

Net change in SKY held per wallet group (M SKY) · green = increase · full month

% Staked Mar 1

64.7%

% Staked Mar 31

67.0%

Change

+2.3pp

Dataset#6127312SKY Token Holdings by Wallet Group · Mar 1 vs Mar 31 · Staked = Lockstake + Chief Delegated

Lockstake / SKY Farm — Top Depositors

Mar 31 balance (solid) vs Mar 1 (ghost) · delta = month change · sorted by size

Total Staked Mar 1

15.82B

Total Staked Mar 31

16.39B

Month Change

+3.6%

Dataset#6158493Lockstake Depositors · Mar 1 vs Mar 31

sUSDS Supply Drivers — Top Holder Groups

Balance by wallet group ($M) · Mar 1 vs Mar 31 · % MTD change shown · total supply +34.6%

Total Supply Mar 1

$4.999B

Total Supply Mar 31

$6.729B

Growth MoM

+34.6%

Dataset#4833785sUSDS Wallet Group Holdings · Mar 1 vs Mar 31

Sky-Curated Morpho Vault Balances — March 2026

Balance by vault ($M) · every other day (Mar 1, 3, 5 … 31) · click vault pills to filter

Dataset#6777432Sky-Curated Morpho Vault Daily Balances · alternate days Mar 1–31

Sky Ecosystem Analytics