A decade of building financial infrastructure onchain. In 2014, the foundations of what would become Sky Protocol began taking shape. The original vision was to create decentralized stablecoin infrastructure governed through smart contracts: transparent collateral, programmatic risk management, and monetary policy coordinated by tokenholders. That architecture went live in 2017 with the launch of Single-Collateral DAI on Ethereum. Two years later, Multi-Collateral DAI expanded the range of assets supporting the system, while the DAI Savings Rate introduced programmatic onchain savings. The architecture continued to evolve through 2020 and 2021. Real-world assets began connecting protocol liquidity with offchain credit markets. Then, with the dissolution of the Maker Foundation in 2021, responsibility for the system moved fully to decentralized governance. In 2023, Spark demonstrated how a specialized, independent capital allocator could operate on top of the protocol’s liquidity infrastructure. That model became the foundation for something larger. In 2024, MakerDAO evolved into Sky Ecosystem with the launch of USDS, sUSDS, and SKY, alongside an architecture designed to support a network of independent capital allocators. Throughout 2025 and into 2026, the Sky Agent Network expanded across crypto lending, stablecoin liquidity, tokenized Treasuries, structured credit, private credit, and other capital markets, all within governance-defined parameters. Each stage expanded what the infrastructure could support. Each market cycle tested the system already in place. Together, these developments transformed an early decentralized stablecoin protocol into one of the largest capital allocation systems onchain. More than a decade of building, testing, and evolving. The foundation is proven. The work continues. Onwards ❯❯(Sky)