<p>作者：Jae，PANews</p>
<p>在 DeFi 借贷领头羊 Aave 陷入 Kelp DAO 黑客事件之际，另一家成熟协议 Sky 不仅吸引了鲸鱼的重大投资，其总锁仓价值（TVL）在过去两周内激增超过 25%，还借此势头推出了两项重大举措，以通过治理改革为其机构化战略铺平道路：</p>
<p>在内部，该协议提议简化其财政管理机制，将支出模式从手动治理投票转变为硬性规则约束；</p>
<p>在外部，它正在构建 Laniakea，一个机构级的链上资本配置基础设施，试图捕捉 3000 亿美元闲置稳定币流动性市场的一部分。</p>
<p>Sky 正在加速努力，以在 DeFi 新基础设施生态系统中占据一席之地。</p>
<p>从以社区驱动的 “人治” 到基于规则的 “法治” 4 月 25 日，Sky 创始人 Rune Christensen 在一个治理论坛上发布消息，称 Genesis Capital 向 Grove 的资产转移已完成，正式结束了协议的 Genesis 阶段。在 Genesis 阶段，Sky 采用了以人为驱动的治理方式：社区投票决定支出，资金分配具有灵活性，为生态系统的早期扩展提供了足够的空间。然而，随着资产规模超过数百亿美元，随之而来的不确定性和高治理成本逐渐成为协议信用的制约因素。最直接的信号是标准普尔全球对 Sky 的 B-信用评级。标准普尔全球直接指出了 Sky 的弱点：不可控的治理风险和不透明的资本状况。对于一个承载数十亿美元稳定币信用的协议而言，治理的不确定性本身就是一个重大的系统性风险。Sky 的解决方案是简化和重组财政管理职能（TMF）。该协议将复杂的五步瀑布结构减少为四步固定框架。最重要的约束是协议对运营支出的硬性上限。Sky 从人治转向法治，将财政权力限制在代码的笼子里。在旧系统中，社区对第一步的自由裁量权在 Genesis 阶段被限制在 21%，而 Post-Genesis 阶段原计划在 4-10% 之间。然而，如果比例是可变的，每次调整都需要复杂的治理投票。因此，新提案直接推翻了整个旧系统，永久锁定支出比例为 20%。这意味着治理摩擦将显著减少，至少 80% 的协议净收入将留在系统内用于储备积累、代币销毁或分配给持有者。对于 SKY 持有者和生态系统合作伙伴而言，固定的支出比例将比高度不确定的治理决策更具可预测性。20% 的刚性支出将使财政的现金流更加透明，并且更难通过治理进行操控。本质上，虽然 Sky 主动减少了其治理，但也提供了 “确定性” 的承诺。构建一个机构级的链上资本运营系统。在内部修订其章程的同时，Sky 也向外部利益相关者敞开大门。4 月 28 日，Sky 宣布正在为其 Sky Agent Network 构建 Laniakea，一个标准化的机构级资本部署基础设施框架，旨在解决稳定币市场中超过 3000 亿美元的闲置资金。值得注意的是，这个 “Agent” 并不是通常理解的 AI Agent。Sky Agent 指的是资本代理，而不是通常理解的 AI 代理。Sky 团队认为，机构资金长期以来犹豫不决进入市场的主要原因是缺乏五个关键要素：共享基础设施、标准化智能合约、风险评估、数据系统和法律框架。Laniakea 试图通过在四个维度上的标准化来弥补基础设施的缺口：智能合约标准化：基于模板的部署，节省机构重新发明轮子的成本；风险治理标准化：统一的风险测量标准，损失按顺序共享；数据基础设施标准化：协议编码将以机器可读的格式存储，支持实时 AI 风险控制；法律合规标准化：提供可插拔的身份和 KYC 注册系统，跨产品线共享法律框架，以及每个操作层级的担保支持问责机制。在 Laniakea 架构下，Sky 将不再是 “贷方”，而是资本代理的网络平台。Primes：这些是主要代理（Sky Agents），类似于链上的基金经理，竞争资本分配配额，并根据 Laniakea 的统一标准制定投资策略。例子包括负责 DeFi 借贷的 Spark 和负责私人借贷和 RWA 的 Grove。Halos：这些是 Primes，基于 Laniakea 的共享基础设施孵化的特定金融产品，涵盖从政府债券 RWA 到私人借贷的各种收益流。这种分层架构使 Sky 能够整合不同代理的专业知识，实现多样化的资产配置，同时保持统一的框架，从而显著提高生态系统的可扩展性。换句话说，基于 Laniakea，Sky 的角色将从 “直接运营者” 转变为为机构资本设计的标准化链上操作系统。PANews 认为，该协议的主要收入将来自稳定费用、利差和税收。稳定费用是 Sky 最传统和稳定的盈利方式。每当由 Primes 管理的 Halos 想要作为抵押品在 Sky 上铸造 USDS 时，需要向 Sky 支付利息，这就是稳定费用。Laniakea 降低了机构进入的门槛，这意味着更多的机构资产将进入系统。随着铸造的 USDS 总量增加，协议获得的稳定费用总额也将增加。Primes 作为专业资产管理者，负责为 Sky 带来收益策略。该协议将通过 USDS 以更低的成本为资产提供流动性。Sky 赚取 “策略收益” 和 “USDS 融资成本（如存款利率）” 之间的净差价。Laniakea 的标准化使 Sky 能够同时管理数百个利差渠道，创造规模经济。每个单独的 Prime 本质上是 Sky 的一个 “特许经营”。通常，Prime 发行自己的代币，要求其向 Sky 支付这些代币的一定比例或其业务收入的一部分。即使协议不直接参与发行特定产品细分，只要 Primes 是基于 Laniakea 发行的 Halos，Sky 也可以通过征税产生收入。值得注意的是，由于协议状态是机器可读的，AI 将处理资本分配和清算管理等功能。通过读取 Laniakea 的标准化数据接口，AI 可以实现对跨资产敞口、抵押品质量和流动性深度的实时监控。当某个基础抵押品出现异常利差等风险信号时，AI 可以根据预设的 “机器规则” 自动调整相应 Halos 的信用额度或清算阈值，为机构提供算法级的资本安全保护。此外，机器可读性将 Halos 转变为可以被 AI 模型优化的 “标准化乐高”。AI 可以根据市场利率和波动性自动切换不同风险水平之间的资本配置，寻求最佳的夏普比率。总体而言，Laniakea 的 AI 兼容性将赋能机构资本或 Primes 在风险管理和投资决策层面。定位于基础设施层，但转型隐藏着三个隐忧。Sky 的两项行动并不是独立的，而是一个综合策略。基于规则的财政管理机制为机构资本提供了治理的确定性，而 Laniakea 则提供了技术的确定性。Sky 的行动也反映了整个 DeFi 市场正在发生的逻辑转变：从应用层的竞争（“前端重”）转向基础设施层的竞争（“后端重”）。DeFi 借贷协议的发展路径正在从单一流动性池演变为分层架构。Laniakea 的推出本质上是 Sky 试图在基础设施层占据一席之地。一旦 Laniakea 成为 3000 亿美元闲置稳定币的首选入口，Sky 也将升级为链上资本分配的中心节点。值得注意的是，Sky 的转型并非没有风险：治理的二次博弈：尽管规则将锁定支出比例，但修改 “规则本身” 的权力仍然掌握在治理投票中。如果发生治理攻击，规则的长期有效性可能会受到质疑；技术复杂性增加：构建支持实时 AI 监控的机器可读基础设施具有高度挑战性。任何漏洞在大规模部署中都可能被放大；代理委托风险：Primes 拥有显著的资本分配权力。尽管有损失问责机制，但在特殊情况下，代理与协议之间的利润分配仍可能面临法律和技术挑战。从稳定币发行者到构建链上资本中心 Laniakea，Sky 即将完成从单一 DeFi 协议到机构级操作系统的转型。随着机构资本通过标准化接口流入，Sky 将踏上新的旅程。</p>

SDEV

COIN

GLXY

<p>Sky 推出了两项重大举措，以增强其治理和制度化战略，此前其总锁仓价值（TVL）增长了 25%。该协议通过从手动治理投票转向固定规则约束，简化了其财务管理，将运营支出上限设定为 20%。此外，Sky 正在开发 Laniakea，一个机构级的链上资本配置基础设施，以进入 3000 亿美元的闲置稳定币市场。这个新框架旨在标准化智能合约、风险评估、数据系统和法律合规，将 Sky 定位为资本代理的网络平台，而不仅仅是一个贷款方</p>

<p>Author: Jae, PANews</p>
<div class="lb-trans"><p>作者：Jae，PANews</p>
</div><p>While DeFi lending leader Aave is mired in the Kelp DAO hack, another established protocol, Sky, has not only attracted significant investment from whales, with its TVL surging over 25% in the past two weeks, but has also capitalized on this momentum by launching two major initiatives to pave the way for its institutionalization strategy through governance reforms:</p>
<div class="lb-trans"><p>在 DeFi 借贷领头羊 Aave 陷入 Kelp DAO 黑客事件之际，另一家成熟协议 Sky 不仅吸引了鲸鱼的重大投资，其总锁仓价值（TVL）在过去两周内激增超过 25%，还借此势头推出了两项重大举措，以通过治理改革为其机构化战略铺平道路：</p>
</div><p>Internally, the protocol has proposed simplifying its treasury management mechanism, shifting the spending model from manual governance voting to hard rule constraints;</p>
<div class="lb-trans"><p>在内部，该协议提议简化其财政管理机制，将支出模式从手动治理投票转变为硬性规则约束；</p>
</div><p>Externally, it is building Laniakea, an institutional-grade on-chain capital allocation infrastructure, attempting to capture a share of the 300 billion idle stablecoin liquidity market.</p>
<div class="lb-trans"><p>在外部，它正在构建 Laniakea，一个机构级的链上资本配置基础设施，试图捕捉 3000 亿美元闲置稳定币流动性市场的一部分。</p>
</div><p>Sky is accelerating its efforts to secure a niche in the DeFi new infrastructure ecosystem.</p>
<div class="lb-trans"><p>Sky 正在加速努力，以在 DeFi 新基础设施生态系统中占据一席之地。</p>
</div><p>From Community-Driven &#34;Rule by Man&#34; to Rule-Based &#34;Rule of Law&#34; On April 25th, Sky founder Rune Christensen posted on a governance forum, stating that the asset transfer from Genesis Capital to Grove was complete, officially concluding the Genesis phase of the protocol. During the Genesis phase, Sky adopted a human-driven governance approach: community voting determined expenditures, and funds were allocated discretionarily, providing sufficient flexibility for the early expansion of the ecosystem. However, as the asset size exceeded tens of billions of dollars, the resulting uncertainty and high governance costs gradually became a constraint on the protocol's creditworthiness. The most direct signal was S&amp;P Global's B- credit rating for Sky. S&amp;P Global had directly pointed out Sky's weaknesses: uncontrollable governance risks and opaque capital positions. For a protocol carrying billions of dollars in stablecoin credit, governance uncertainty is itself a significant systemic risk. Sky's solution is to streamline and restructure the Treasury Management Function (TMF). The protocol reduces the complex 5-step waterfall structure to a 4-step fixed framework. The most important constraint is the protocol's hard cap on operating expenditures. Sky shifts from rule by man to rule by law, confining treasury power within the cage of code. In the old system, the community's discretionary power over Step 1 was capped at 21% during the Genesis phase, with the Post-Genesis phase originally planned to be between 4-10%. However, if the percentage was variable, each adjustment required complex governance voting. Therefore, the new proposal directly overturns the entire old system, permanently locking the expenditure percentage at 20%. This means governance friction will be significantly reduced, and at least 80% of the protocol's net revenue will remain within the system for reserve accumulation, token burning, or distribution to holders. For SKY holders and ecosystem partners, a fixed expenditure percentage will be more predictable than highly uncertain governance decisions. The 20% rigid expenditure will make the treasury's cash flow more transparent and harder to manipulate through governance. In essence, while Sky has proactively reduced its governance, it has also offered a pledge of &#34;certainty.&#34; Building an Institutional-Grade On-Chain Capital Operating System. While internally amending its constitution, Sky is also opening its doors to external stakeholders. On April 28th, Sky announced it was building Laniakea, a standardized infrastructure framework for institutional-grade capital deployment, for its Sky Agent Network, aiming to address the idle over $300 billion in the stablecoin market. It's important to note that this &#34;Agent&#34; is not the same as the commonly understood AI Agent. Sky Agent refers to Capital Agent, not the AI ​​Agent as commonly understood. The Sky team believes that the main reason why institutional funds have been hesitant to enter the market for so long is the lack of five key elements: shared infrastructure, standardized smart contracts, risk assessment, data systems, and legal framework. Laniaakea attempts to bridge the infrastructure gap through standardization across four dimensions: Smart contract standardization: template-based deployment, saving institutions the cost of reinventing the wheel; Risk governance standardization: unified risk measurement standards, with losses shared sequentially; Data infrastructure standardization: protocol encoding will be stored in a machine-readable format, supporting real-time AI risk control; Legal compliance standardization: providing a pluggable identity and KYC registration system, a shared legal framework across product lines, and an accountability mechanism for collateral support at each operational level. Under the Laniakea architecture, Sky will no longer be a &#34;lender,&#34; but a network platform of capital agents. Primes: These are the primary agents (Sky Agents), similar to on-chain fund managers, competing for capital allocation quotas and developing investment strategies according to Laniakea's unified standards. Examples include Spark, responsible for DeFi lending, and Grove, responsible for private lending and RWA. Halos: These are Primes, specific financial products incubated based on Laniakea's shared infrastructure, covering various yield streams from government bond RWA to private lending. This layered architecture allows Sky to integrate the expertise of different agents for diversified asset allocation while maintaining a unified framework, thereby significantly improving the scalability of the ecosystem. In other words, based on Laniakea, Sky's role will shift from a &#34;direct operator&#34; to a standardized on-chain operating system designed for institutional capital. PANews believes the protocol's main revenue will come from stability fees, interest rate spreads, and taxes. Stability fees are Sky's most traditional and stable way to generate profit. Whenever Halos managed by Primes wants to be used as collateral to mint USDS on Sky, it needs to pay interest to Sky, which is the stability fee. Laniakea lowers the barrier to institutional access, meaning more institutional assets will enter the system. As the total amount of USDS minted increases, the total amount of stability fees earned by the protocol will also increase. Primes, as a professional asset manager, is responsible for bringing yield strategies to Sky. The protocol will provide liquidity for assets through USDS at a lower cost. Sky earns the net spread between the &#34;strategy yield&#34; and the &#34;USDS funding cost (such as deposit rates)&#34;. Laniakea's standardization allows Sky to manage hundreds of spread channels simultaneously, creating economies of scale. Each individual Prime is essentially a &#34;franchise&#34; of Sky. Generally, Prime issues its own tokens, requiring it to pay a certain percentage of these tokens or a portion of its business revenue to Sky. Even if the protocol doesn't directly participate in issuing a specific product segment, as long as Primes are Halos issued based on Laniakea, Sky can generate revenue through taxation. It's worth noting that because the protocol state is machine-readable, AI will handle functions such as capital allocation and liquidation management. By reading Laniakea's standardized data interface, AI can achieve real-time monitoring of cross-asset exposure, collateral quality, and liquidity depth. When a certain underlying collateral exhibits risk signals such as abnormal interest rate differentials, AI can automatically adjust the credit limit or liquidation threshold of the corresponding Halos according to preset &#34;machine rules,&#34; providing institutions with algorithmic-level capital security protection. Furthermore, machine readability transforms Halos into &#34;standardized Lego&#34; that can be optimized by AI models. AI can automatically switch capital allocations between different risk levels based on market interest rates and volatility, seeking the optimal Sharpe ratio. Overall, Laniakea's AI compatibility will empower institutional capital or Primes at the risk management and investment decision-making levels. Positioning itself at the infrastructure level, but the transformation harbors three hidden concerns. Sky's two actions are not independent but rather a combined strategy. A rule-based treasury management mechanism provides governance certainty for institutional capital, while Laniakea provides technological certainty. Sky's actions also reflect a logical shift taking place in the entire DeFi market: from competition at the application layer (&#34;front-end-heavy&#34;) to competition at the infrastructure layer (&#34;back-end-heavy&#34;). The development path of DeFi lending protocols is evolving from single liquidity pools to layered architectures. The launch of Laniakea is essentially Sky's attempt to secure a niche in the infrastructure layer. Once Laniakea becomes the preferred entry point for 300 billion idle stablecoins, Sky will also upgrade to a central node for on-chain capital allocation. It is worth noting that Sky's transformation is not without risk: a secondary game of governance: although the rules will lock in spending ratios, the power to modify the &#34;rules themselves&#34; still rests with the governance vote. If a governance attack occurs, the long-term effectiveness of the rules may be questionable; Increased technical complexity: Building machine-readable infrastructure that supports real-time AI monitoring is highly challenging. Any vulnerability can be amplified in large-scale deployments; Agent delegation risk: Primes holds significant capital allocation power. Although there is a loss accountability mechanism, in special circumstances, the distribution of profits between the agent and the protocol may still face both legal and technical challenges. From a stablecoin issuer to building the on-chain capital hub Laniakea, Sky is about to complete a transformation from a single DeFi protocol to an institutional-grade operating system. As institutional capital flows in through standardized interfaces, Sky will embark on a new journey.</p>
<div class="lb-trans"><p>从以社区驱动的 “人治” 到基于规则的 “法治” 4 月 25 日，Sky 创始人 Rune Christensen 在一个治理论坛上发布消息，称 Genesis Capital 向 Grove 的资产转移已完成，正式结束了协议的 Genesis 阶段。在 Genesis 阶段，Sky 采用了以人为驱动的治理方式：社区投票决定支出，资金分配具有灵活性，为生态系统的早期扩展提供了足够的空间。然而，随着资产规模超过数百亿美元，随之而来的不确定性和高治理成本逐渐成为协议信用的制约因素。最直接的信号是标准普尔全球对 Sky 的 B-信用评级。标准普尔全球直接指出了 Sky 的弱点：不可控的治理风险和不透明的资本状况。对于一个承载数十亿美元稳定币信用的协议而言，治理的不确定性本身就是一个重大的系统性风险。Sky 的解决方案是简化和重组财政管理职能（TMF）。该协议将复杂的五步瀑布结构减少为四步固定框架。最重要的约束是协议对运营支出的硬性上限。Sky 从人治转向法治，将财政权力限制在代码的笼子里。在旧系统中，社区对第一步的自由裁量权在 Genesis 阶段被限制在 21%，而 Post-Genesis 阶段原计划在 4-10% 之间。然而，如果比例是可变的，每次调整都需要复杂的治理投票。因此，新提案直接推翻了整个旧系统，永久锁定支出比例为 20%。这意味着治理摩擦将显著减少，至少 80% 的协议净收入将留在系统内用于储备积累、代币销毁或分配给持有者。对于 SKY 持有者和生态系统合作伙伴而言，固定的支出比例将比高度不确定的治理决策更具可预测性。20% 的刚性支出将使财政的现金流更加透明，并且更难通过治理进行操控。本质上，虽然 Sky 主动减少了其治理，但也提供了 “确定性” 的承诺。构建一个机构级的链上资本运营系统。在内部修订其章程的同时，Sky 也向外部利益相关者敞开大门。4 月 28 日，Sky 宣布正在为其 Sky Agent Network 构建 Laniakea，一个标准化的机构级资本部署基础设施框架，旨在解决稳定币市场中超过 3000 亿美元的闲置资金。值得注意的是，这个 “Agent” 并不是通常理解的 AI Agent。Sky Agent 指的是资本代理，而不是通常理解的 AI 代理。Sky 团队认为，机构资金长期以来犹豫不决进入市场的主要原因是缺乏五个关键要素：共享基础设施、标准化智能合约、风险评估、数据系统和法律框架。Laniakea 试图通过在四个维度上的标准化来弥补基础设施的缺口：智能合约标准化：基于模板的部署，节省机构重新发明轮子的成本；风险治理标准化：统一的风险测量标准，损失按顺序共享；数据基础设施标准化：协议编码将以机器可读的格式存储，支持实时 AI 风险控制；法律合规标准化：提供可插拔的身份和 KYC 注册系统，跨产品线共享法律框架，以及每个操作层级的担保支持问责机制。在 Laniakea 架构下，Sky 将不再是 “贷方”，而是资本代理的网络平台。Primes：这些是主要代理（Sky Agents），类似于链上的基金经理，竞争资本分配配额，并根据 Laniakea 的统一标准制定投资策略。例子包括负责 DeFi 借贷的 Spark 和负责私人借贷和 RWA 的 Grove。Halos：这些是 Primes，基于 Laniakea 的共享基础设施孵化的特定金融产品，涵盖从政府债券 RWA 到私人借贷的各种收益流。这种分层架构使 Sky 能够整合不同代理的专业知识，实现多样化的资产配置，同时保持统一的框架，从而显著提高生态系统的可扩展性。换句话说，基于 Laniakea，Sky 的角色将从 “直接运营者” 转变为为机构资本设计的标准化链上操作系统。PANews 认为，该协议的主要收入将来自稳定费用、利差和税收。稳定费用是 Sky 最传统和稳定的盈利方式。每当由 Primes 管理的 Halos 想要作为抵押品在 Sky 上铸造 USDS 时，需要向 Sky 支付利息，这就是稳定费用。Laniakea 降低了机构进入的门槛，这意味着更多的机构资产将进入系统。随着铸造的 USDS 总量增加，协议获得的稳定费用总额也将增加。Primes 作为专业资产管理者，负责为 Sky 带来收益策略。该协议将通过 USDS 以更低的成本为资产提供流动性。Sky 赚取 “策略收益” 和 “USDS 融资成本（如存款利率）” 之间的净差价。Laniakea 的标准化使 Sky 能够同时管理数百个利差渠道，创造规模经济。每个单独的 Prime 本质上是 Sky 的一个 “特许经营”。通常，Prime 发行自己的代币，要求其向 Sky 支付这些代币的一定比例或其业务收入的一部分。即使协议不直接参与发行特定产品细分，只要 Primes 是基于 Laniakea 发行的 Halos，Sky 也可以通过征税产生收入。值得注意的是，由于协议状态是机器可读的，AI 将处理资本分配和清算管理等功能。通过读取 Laniakea 的标准化数据接口，AI 可以实现对跨资产敞口、抵押品质量和流动性深度的实时监控。当某个基础抵押品出现异常利差等风险信号时，AI 可以根据预设的 “机器规则” 自动调整相应 Halos 的信用额度或清算阈值，为机构提供算法级的资本安全保护。此外，机器可读性将 Halos 转变为可以被 AI 模型优化的 “标准化乐高”。AI 可以根据市场利率和波动性自动切换不同风险水平之间的资本配置，寻求最佳的夏普比率。总体而言，Laniakea 的 AI 兼容性将赋能机构资本或 Primes 在风险管理和投资决策层面。定位于基础设施层，但转型隐藏着三个隐忧。Sky 的两项行动并不是独立的，而是一个综合策略。基于规则的财政管理机制为机构资本提供了治理的确定性，而 Laniakea 则提供了技术的确定性。Sky 的行动也反映了整个 DeFi 市场正在发生的逻辑转变：从应用层的竞争（“前端重”）转向基础设施层的竞争（“后端重”）。DeFi 借贷协议的发展路径正在从单一流动性池演变为分层架构。Laniakea 的推出本质上是 Sky 试图在基础设施层占据一席之地。一旦 Laniakea 成为 3000 亿美元闲置稳定币的首选入口，Sky 也将升级为链上资本分配的中心节点。值得注意的是，Sky 的转型并非没有风险：治理的二次博弈：尽管规则将锁定支出比例，但修改 “规则本身” 的权力仍然掌握在治理投票中。如果发生治理攻击，规则的长期有效性可能会受到质疑；技术复杂性增加：构建支持实时 AI 监控的机器可读基础设施具有高度挑战性。任何漏洞在大规模部署中都可能被放大；代理委托风险：Primes 拥有显著的资本分配权力。尽管有损失问责机制，但在特殊情况下，代理与协议之间的利润分配仍可能面临法律和技术挑战。从稳定币发行者到构建链上资本中心 Laniakea，Sky 即将完成从单一 DeFi 协议到机构级操作系统的转型。随着机构资本通过标准化接口流入，Sky 将踏上新的旅程。</p>
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Sky's Dual Transformation: Governance Upgrade and On-Chain Institutional Infrastructure

- DeFi 协议 Sky 正在通过治理改革推进其机构化战略。  
- 其推出标准化的 Laniakea 基础设施，以吸引 3000 亿美元闲置稳定币市场。  
- Sky 旨在从单一协议转型为机构级运营系统，提升资本分配效率。

Sky 的双重转型：治理升级与链上机构基础设施