In 2025, Sky Protocol achieved a rare feat, growing revenue while cutting costs: → Gross Protocol Revenue: $338M (+10% YoY) → Q4 Protocol Operational Expenses: $8.8M (down from $24M, -63% YoY) This efficiency comes from the Sky Agent Network, a system of independent financial operators (Spark, Grove, Keel, and others) that handle customer acquisition and business operations. Sky Protocol provides the liquidity (USDS) and core infrastructure, while Sky Agents bear much of the operational costs of growth. The result is that Sky Protocol operates as a lean liquidity engine, scaling USDS supply and revenues while minimizing expenses. This is only possible because Sky Protocol is the decentralized infrastructure that delivers the largest yield-generating stablecoin, governed by a community of SKY token holders. The Sky Agent Network is how Sky Protocol can scale to become the premier global destination for yield on dollars.