This week, @SteakhouseFi posted our Q2 2025 quarterly protocol economics report for the @SkyEcosystem. Q2 was a monumental quarter for the protocol, with $SKY staking going live, the first Star, @sparkdotfi TGE’ing, and Sky’s second Star, @grovedotfinance coming out of stealth with a $1bn allocation to AAA CLOs in partnership with Janus Henderson and @centrifuge. From a financial standpoint, Sky had a very strong quarter, with 40.4M USDS of Net Protocol Cash Flow after adjusting for the one-time transfer to seed Spark’s Surplus Reserve, up 42% year over year. Total ecosystem stablecoin supply also grew strongly, up 52% vs Q2 2024, driven by a 57% increase in savings products demand, a 251% increase in lending protocol demand, and an 83% increase in stablecoins bridged to @polygon. View the full presentation below👇