In this episode of Talking Tokens, Jacquelyn Melinek speaks with Rune Christensen, founder of Sky (formerly MakerDAO), about how the protocol is connecting hundreds of billions in idle stablecoins to institutional-grade yield through its Sky Agent Network. Rune explains why Sky evolved from MakerDAO, how USDS offers a native 3.75% savings rate with no lock-ups or fees, and why the protocol generated $338 million in annualized revenue with $158 million in net profit during recent market volatility.He walks through the Sky Agent Network enabling decentralized capital allocation across players like Spark, BlackRock, and Janus Henderson, why Sky deployed $1 billion into the first tokenized CLO, and how the protocol's seven-year track record makes it the only project institutions trust at scale. The conversation covers Sky's 74% USDS supply growth, why DeFi and TradFi will merge into one system, and how AI agents will drive the next phase of financial automation through blockchain-native stablecoins.TIMESTAMPS 00:00 – Intro02:08 – Why Sky evolved from MakerDAO: rethinking DeFi for real-world scale04:00 – Sky as infrastructure for global capital markets and capital formation05:34 – How Sky Savings Rate works with 3.75% yield07:06 – Sky Agent Network: decentralized businesses competing for best risk-adjusted returns08:16 – Why Sky is different from Ethena and other yield-bearing stablecoins11:49 – Spark protocol reaching $3 billion TVL as it grows in the lending market14:03 – How real cash-flowing assets are coming onchain for the first time18:32 – Why institutions like BlackRock and Janus Henderson work with Sky 27:18 – Sky’s Grove deploying $1 billion into first tokenized CLO by Janus Henderson and Centrifuge30:10 – When DeFi and TradFi merge: stablecoins can act as super capital34:13 – AI agents driving blockchain-native financial automation37:35 – Sky's revenue: $338M annualized with $158M net profit during market volatility39:05 – Growing stablecoin supply as the main opportunity ahead50:18 – Rune's endgame: fully automating Sky through AI to finally step awayESSENTIALS You can subscribe to the podcast on Spotify, Apple or YouTube. If you enjoy the show, please leave a review — it really helps.Spotify: https://open.spotify.com/show/0LOgWxIQ0NnNUD5eXsSuoZApple Podcasts: https://podcasts.apple.com/us/podcast/talking-tokens/id1743669141Follow us on X Jacquelyn: https://twitter.com/jacqmelinek Talking Tokens: https://twitter.com/_TalkingTokensFollow us on Instagram https://www.instagram.com/_talkingtokens/Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

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