#DeFiGetsGraded Live Post: #DeFiGetsGraded — Sky Protocol’s Credit Crown, Updated

👑 Title:

#DeFiGetsGraded #DeFiGetsGraded col — S&P bestows B-minus with stable outlook, setting institutional stage for DeFi

Body:

🏛 Historic S&P Rating:

S&P Global has awarded its first-ever credit rating to a DeFi protocol, assigning Sky Protocol a B-minus (Stable Outlook) — a landmark shift toward institutional-level trust in DeFi.CointelegraphCoinDesk

⚠ Key Risk Flags Raised:

The rating reflects serious concerns:

High depositor concentration

Centralized governance (Rune Christensen, the founder, holds ~9% of tokens with low voter engagement)

Weak capitalization with a risk-adjusted capital ratio around 0.4%

Regulatory uncertainty and exposure to volatile assets like Ethena’s USDe

CointelegraphAInvestDL News

✅ Operational Strengths Noted:

Despite risks, S&P acknowledged:

Minimal credit losses since 2020

Audited smart contracts

A diversified liquidity pool including fiat-backed stablecoins and tokenized funds

🏦 Institutional Commentary:

Jonathan Manley, Global Head of Market Outreach at S&P, called the rating “a significant milestone in the evolution of decentralized finance.

👥 DeFi Community Speaks:

Rune Christensen (Sky Co-founder) praised the process, noting the chance to challenge conventional counterparty risk models and underscore DeFi-specific risks like smart contract, oracle, and bridge risks.

🎯 What Lies Ahead:

The “Stable Outlook” signals steady status—but upgrades are possible if Sky decentralizes governance, boosts capital buffers, and reduces depositor concentration over the next year.