A major transformation in the DeFi landscape! Sky has invested $2.5 billion in USDS to support the Obex incubation of encryption projects.

On November 18, 2025, the Sky ecosystem, formerly known as MakerDAO, approved a significant fund allocation through community voting, authorizing up to 2.5 billion USD in USDS stablecoins to support the Obex incubator project funded by Framework Ventures.

This decision follows the $37 million funding round for Obex co-led by Framework Ventures, LayerZero, and the Sky ecosystem. Obex will operate a 12-week acceleration program focused on developing new on-chain revenue sources within the Sky ecosystem, with projects dedicated to providing attractive risk-adjusted returns to the broader Sky ecosystem.

Sky Staking Fund Scale and Investment Structure

This funding commitment of up to $2.5 billion represents one of the largest ecosystem development plans in the history of decentralized finance. The funds will come from Sky's USDS stablecoin reserves and will be deployed in batches to projects that successfully graduate from the Obex incubation program. This phased approach is designed to ensure funding efficiency while minimizing risks, with each project required to meet specific milestones to receive subsequent funding.

Framework founder Vance emphasized in a statement: “If you are looking to engage in capital-intensive business in the crypto space and need to finance through stablecoins or tokenized assets, this plan is designed for you. Through Obex, our goal is to supercharge Sky and its ecosystem to compete with world-class companies like Apollo and Blackstone, achieving scale using true DeFi technology.” This statement clarifies that Obex's ambitions extend beyond the traditional DeFi space and aim to compete with traditional financial giants on an equal scale.

Sky The market background and strategic intent of this layout

This significant investment occurred after Rune Christensen, the founder of Sky, launched the “Endgame” plan in 2024 to reshape the original Maker protocol, making it a more resilient and decentralized real-world asset project. As part of the rebranding, several sub-DAOs like the lending protocol Spark were introduced to develop use cases around the new USDS stablecoin and Sky's yield-generating savings rates.

Christensen pointed out in his comments on Obex's role: “By identifying, training, and funding the next generation of DeFi stablecoin projects—especially for institutional participants—Obex will play a crucial role in creating an upgraded, more efficient and transparent financial system and expanding the scale of Sky.” This vision reflects the transformation of the Sky ecosystem from a mere stablecoin issuer to a more comprehensive DeFi infrastructure provider.

Obex Incubation Plan Key Information

Capital scale: 2.5 billion USD stablecoin

Incubation Period: 12 Weeks Acceleration Plan

Investors: Framework Ventures, LayerZero, and Sky ecosystem led the investment of 37 million USD.

Target areas: On-chain yield generation, institutional-grade DeFi solutions

Management organization: Managed by Framework, headquartered in San Francisco.

How does this affect the ecosystem of Sky?

The launch of the Obex plan is expected to have a profound impact on the Sky ecosystem. First, it will significantly enhance Sky's competitiveness in the real-world assets (RWA) and institutional DeFi sectors. By systematically incubating and funding projects that focus on specific verticals, Sky is able to build a more diverse and complementary product suite, reducing reliance on a single protocol or use case.

From a development perspective, the projects incubated by Obex may cover multiple key areas, including but not limited to tokenized government bonds, corporate credit solutions, structured products, and cross-chain liquidity protocols. The success of these projects will directly enhance the utility and demand for the USDS stablecoin, while creating an additional source of income for holders through Sky's savings rate. In the long run, this ecosystem approach could make Sky a gateway for institutional participants to enter the digital asset world.

Industry Trends and Competitive Landscape Facing Sky

The announcement of the Obex plan comes against the backdrop of increasing competition in the DeFi space. Traditional financial institutions such as BlackRock and Apollo are actively exploring tokenized assets, while native crypto projects are vying for limited developer talent and user attention. By providing substantial financial support and expertise in Framework, Obex aims to offer promising projects advantages that go beyond mere funding.

From a competitive landscape perspective, the Sky ecosystem is adopting a different approach from its competitors. Unlike relying solely on internal development or acquisitions, Sky has created a more open and scalable model through Obex, capable of nurturing multiple innovative directions simultaneously. The advantage of this approach lies in its ability to adapt more quickly to market changes and reduce the risk of a single project failure through diversified investments. At the same time, the returns from successful projects will be shared by the entire Sky ecosystem, creating a positive value cycle.

Risk Management and Governance Considerations of the Sky Community

Despite the broad prospects, the deployment of $2.5 billion also brings significant governance and risk management challenges. The Sky community needs to establish a strong oversight mechanism to ensure that funds are effectively deployed to high-quality projects. This may require dedicated review committees, transparent milestone assessment criteria, and regular progress reporting requirements.

From a risk perspective, the large-scale concentration of funds in early-stage projects may face technical risks, market risks, and regulatory risks. The Obex and Sky ecosystems need to establish corresponding risk management frameworks, including investment diversification, security audit requirements, and compliance checks. In addition, the speed and scale of fund deployment need to be carefully balanced to avoid negatively impacting the stability of the USDS stablecoin.

Future Prospects and Industry Impact of DeFi

If successfully implemented, the Obex plan could become a blueprint for the development of the DeFi ecosystem. It demonstrates how decentralized autonomous organizations can compete with resource-rich traditional financial institutions through strategic capital allocation and specialized management. The success of this model may encourage other major protocols to adopt similar approaches, accelerating the maturation of the entire industry.

From a broader industry perspective, Obex's focus on institutional-grade solutions may become an important catalyst bridging traditional finance and DeFi. By addressing compliance, risk, and scalability issues that institutional participants are concerned about, the projects incubated by Obex could significantly lower the barriers for traditional finance to enter the digital asset space. This integration not only benefits the Sky ecosystem but may also drive the entire crypto industry toward a more mature and institutionalized direction.

The Sky community vote has approved a significant initiative of $2.5 billion in funding, which is not just about financing an incubator but is laying the foundation for the next evolutionary stage of DeFi. The transformation from MakerDAO to Sky, and now to the ambitions of Obex, illustrates how a decentralized protocol has grown from a mere stablecoin issuer to an ecosystem that competes with traditional financial giants. This may be a sign that DeFi has finally come of age: no longer satisfied with marginal innovations, but ready to compete head-on on the main battlefield.

FAQ

What is the size of the funding for the Obex incubator?

The Sky ecosystem has authorized up to 2.5 billion USD in USDS stablecoin to support projects incubated by Obex, making it one of the largest ecosystem development funds in the decentralized finance sector.

Which institutions support the Obex incubator?

Framework Ventures, LayerZero, and the Sky ecosystem jointly led a $37 million initial funding round, with Framework responsible for managing the incubator operations.

What areas of projects does Obex focus on?

Mainly focused on developing new on-chain revenue sources within the Sky ecosystem, especially DeFi stablecoin projects targeting institutional players, with the goal of competing with traditional financial giants.

What does this plan mean for the Sky ecosystem?

marks the transformation from a pure stablecoin issuer to a comprehensive DeFi infrastructure provider, enhancing the utility of the USDS stablecoin and the resilience of its ecosystem by nurturing complementary projects.

How does Obex manage the risks of large-scale funds?

By adopting a phased deployment approach, the project must reach clear milestones to secure subsequent funding, while establishing a strong governance oversight and risk management framework to ensure funding efficiency.