Sky authorizes up to $2.5 billion to back Obex-incubated crypto yield projects

Framework Ventures, LayerZero, and the Sky Ecosystem co-led a $37 million funding round for Obex, a crypto incubator focused on the Sky (formerly MakerDAO) ecosystem.

Further, the Sky community has voted to provide Obex with up to $2.5 billion worth of USDS stablecoins to further invest in successfully incubated projects, according to an announcement on Tuesday. 

Obex is offering a 12-week program to kickstart projects looking to develop new sources of onchain yield, particularly within the Sky ecosystem. These projects, like the subDAOs that comprise the wider Sky ecosystem, will “aim to deliver compelling risk-adjusted returns back to the Sky Ecosystem.”

“If you are seeking to do something capital-intensive within crypto that needs to be financed through stablecoins or tokenized assets this is the program for you” Framework founder Vance said. “With Obex, our goal is to supercharge Sky and its ecosystem to compete with the Apollos and Blackstones of the world, at scale, utilizing real DeFi technology.”

In 2024, Sky founder Rune Christensen launched the “endgame” initiative to remake the original Maker protocol into the more resilient, decentralized real-world asset project, Sky. As part of the rebranding, several subDAOs like the lending protocol Spark were launched to develop use cases around the new USDS stablecoin and yield-generating Sky Savings Rate.

“By identifying, training and funding the next generation of DeFi stablecoin projects - specifically for institutional players - Obex will play an important role in creating the rails of an upgraded, more efficient and transparent financial system and scaling Sky,” Christensen said.

Obex will be administered by Framework and based in San Francisco.