Update: This special vault backed only by SKY now pays a mere 5.5% (borrowers pay 6%) However, a second large borrower has entered alongside Rune. The Sky Frontier Foundation (a new Cayman foundation company that was recently endowed with $115m in SKY and 50m USDS, most of which it has used to buy SKY in a stealth buyback) has now borrowed 16m USDS against its massive $130m SKY holdings. It’ll be interesting to see what the Frontier Foundation uses its 16m borrowed funds for. As stated before, the borrowers control the parameters, so lenders should be aware that withdrawal liquidity may not be available, especially with the official goal of 90% utilization. Also, the yield seems considerably below market for the risks: liquidity, sole collateral is SKY, the borrowers can change parameters, liquidations must be done manually by governance so also controlled by the borrowers. You can follow the Sky Frontier Foundation at 0xca5183FB9997046fbd9bA8113139bf5a5Af122A0 Note that this is distinct from the Sky Fortification Foundation, another recently endowed Cayman foundation company.