[Sky Protocol Q1 Total Revenue Nears $124 Million, Hits Record High] According to the Sky Frontier Foundation's Sky Ecosystem Q1 2026 Report, Sky Protocol's total quarterly revenue reached $123.79 million, up 28.9% year-over-year and 56.8% quarter-over-quarter, setting a new historical high for the protocol. Net surplus for the protocol was $46.04 million, accounting for 92.4% of the total net surplus for the entire year of 2025. Collateral for the protocol grew 49.1% year-over-year to $13.03 billion, while USDS supply increased 67.9% year-over-year to $11.7 billion. sUSDS has become the largest interest-bearing stablecoin by supply, reaching $6.49 billion by the end of the quarter. All key metrics for the first quarter exceeded SFF's 2026 benchmark expectations. On March 14, Sky Governance approved a capital restructuring, prioritizing the establishment of a $150 million solvency reserve to strengthen the protocol's capital buffer.