Sky Protocol's total revenue in Q1 reached nearly $124 million, a record high.

CoinFeed reported on April 30th that, according to the Sky Frontier Foundation's Q1 2026 report, the Sky protocol's total quarterly revenue reached $123.79 million, a year-over-year increase of 28.9% and a quarter-over-quarter increase of 56.8%, setting a new record for the protocol. The protocol's net surplus was $46.04 million, representing 92.4% of the total net surplus for 2025. Protocol collateral increased by 49.1% year-over-year to $13.03 billion, and USDS supply increased by 67.9% year-over-year to $11.7 billion. sUSDS has become the largest interest-bearing stablecoin in terms of supply, reaching $6.49 billion at the end of the quarter. All key metrics for Q1 exceeded SFF's 2026 baseline forecast. On March 14th, Sky governance approved a capital restructuring, prioritizing the establishment of a $150 million solvency reserve to strengthen the protocol's capital buffer.