Уникальная оценка DeFi: Sky Protocol получает B- от S&P Global Ratings Unique DeFi Assessment: Sky Protocol Receives B- Rating from S&P Global Ratings

Sky Protocol, previously known as Maker, has received a credit rating of B- from S&P Global Ratings. This marks the first evaluation of a DeFi platform by a traditional rating agency.

Analysts also assessed the USDS stablecoin along with the savings tokens sUSDS and sDAI. The ability of USDS to maintain its peg to the US dollar was rated four out of five — with a higher number indicating a worse performance.

Sky Protocol operates as a decentralized lending platform, enabling users to take out loans collateralized by cryptocurrency. Its stablecoin, USDS, ranks fourth in market capitalization within the sector, boasting a value of $7.9 billion.

S&P highlighted several weaknesses within the protocol, including the concentration of deposits, centralized governance, reliance on the founder, regulatory uncertainties, and weak capitalization.

According to the agency, co-founder Rune Christensen owns nearly 9% of the governance tokens. Decision-making remains centralized due to low voter turnout.

Capitalization is another concern. The risk-adjusted capital ratio stands at 0.4%, indicating that the protocol has limited reserves to cover potential credit losses.

S&P representative Andrew O’Neil clarified the implications of the rating, stating that a B- signifies the protocol’s capability to meet its financial obligations, but it remains vulnerable in adverse economic conditions.

The Sky team stated that the evaluation process allowed them to examine both traditional risks and those unique to DeFi, focusing on vulnerabilities related to smart contracts, oracles, bridges, and governance.

It is worth noting that in March 2024, S&P Global Ratings released its ninth «stability assessment» of stablecoins.