CDP · SKY · $8.5B TVL. Sky — the rebranded MakerDAO — is the longest-running solvency story in DeFi. The protocol behind DAI/USDS has operated a collateralized stablecoin through every crypto credit cycle since 2017, including the March 2020 Black Thursday liquidation crisis it survived and recapitalized from. At $8.5B TVL it still holds roughly 55% of the CDP category.
Solvency screens at A. Revenue from stability fees and its RWA-heavy collateral book covers emissions roughly 4x over, drawdown has been comparatively shallow (~25%) for a protocol this size, and unlock pressure is immaterial. The risk posture reflects one of the most battle-tested liquidation engines on-chain — the deduction is for the growing complexity of the collateral book, which now spans on-chain and real-world assets.
Legitimacy screens at A. Audit depth and track record are near best-in-class, and the Endgame restructuring into Sky and subDAOs was executed rather than merely announced. Governance is the soft spot: participation is delegate-concentrated, and the Endgame's layered structure makes accountability harder to trace than in the old single-DAO model.
Growth screens at BBB — the strongest growth reading among the large incumbents. TVL is down a comparatively modest ~20% over twelve months, share is holding, and the USDS migration plus Spark subDAO give it live product surface. Momentum is steady rather than accelerating.
Composite BBB — investment grade on the screen, the highest composite among DeFi's old guard. A full rating would need to work through the RWA collateral concentration and the Endgame governance topology, but the screen's read is a protocol whose durability is demonstrated rather than promised.
"A chain is as strong as its weakest link." The conservative composite takes the weakest dimension and inherits any notching cap, so a single structural weakness cannot be diluted by strength elsewhere.
