. @SkyEcosystem TVL might have flattened, but looking at the quarterly income statement I’ve found Sky just out-earned all of 2025 Q1 printed $123.8M gross and $46M surplus, almost a full year of 2025 surplus in three months. Q2 still did $107.4M gross and $33.3M surplus. H1 gross was already $232M against $338M for all of last year. The balance sheet stopped running. the P&L did not They pull that off because they still run a spread: ➥ agents brought in $58M of the $107M in Q2 ➥ the savings rate cost about $54M, and they only pay it on sUSDS, not on every USDS outstanding ➥ June operating costs were $161K against $9.9M a year ago, so more of each dollar stayed in the firm As long as the agent book yields more than savers cost, @SkyEcosystem does not need another tvl leg to keep earning. if they have to hike the savings rate to hold deposits, the spread that just funded five straight surplus quarters is what compresses TVL may not necessarily measure every protocol growth, sky just proved that and their income statement backs that up. h/t: @artemis for data.