Sky Ecosystem Posts $37.19 Million in Q3, Extending Positive Net Revenue Streak

Sky Frontier Foundation released a third-quarter report showing Sky Ecosystem generated $37.19 million in net revenue, its sixth consecutive quarter of positive net revenue as protocol revenue and collateral fell from Q2.

Net revenue rose 11.8% from the second quarter. Profit margin increased to 37.5% from 31.0%.

Protocol revenue totaled $99.29 million, up 14.2% from a year earlier but down 7.4% from Q2. Expenses fell 16% to $62.10 million.

Collateral in the protocol stood at $11.41 billion, up 25.3% year over year and down 7.3% from Q2. The supply of sUSDS was $4.52 billion, 118% higher than a year earlier but below the second quarter's $5.52 billion.