Sky Staking Yield Hits 6.75% as Treasury Reserves Shrink

Sky staking yield rose from 5.72% to 6.75% in July. Treasury holds ~30 days of SKY rewards before USDS staking activates. USDS supply contracted, with $180M Grove deposits offset by sUSDS outflows. Aave and Morpho supply grew 20.6% and 7.3%. $14M Genesis drawdown cut protocol reserves.