Sky Obex Wires $1B to Maple as Low-Risk Yields Snap Back to 2.1%
5,358 pools | Median APY 1.63% | Avg 2.8%
$40.8B
LOW-RISK TVL
2.5%
LOW-RISK AVG APY
2.6%
MED-RISK AVG APY
TVL BY RISK TIER
Low: $40.8B (190 pools, 2.5%)Med: $33.3B (2991 pools, 2.6%)High: $1.3B (2177 pools, 18.2%)
WEEK OVER WEEK
Total TVL
$75.4B+$461.4M
prev: $75.0B
Median APY
1.63%+0.14pp
prev: 1.50%
Pool Count
5,358+105
prev: 5,253
Low-Risk APY
2.11%+0.39pp
prev: 1.72%
6 THINGS TO KNOW
Maple USDC Absorbs $427M in a Week as Sky Obex Cohort 1 Goes Live
Maple USDC TVL: $3.15B (Apr 5) to $3.58B (Apr 11), +13.5% WoW. APY: 4.51% to 4.21%. Risk score 20. Sky Obex Cohort 1 announced Apr 5, $1B USDS deployment across 8 Sky Agents.
Low-Risk Tier APY Reverses Five-Week Compression, Climbs to 2.11%
Low-risk avg APY: 1.720% (Apr 4) to 2.110% (Apr 11), +39bps. Med-risk avg APY: 3.256% to 3.195% (flat). Median APY across all pools: 1.497% to 1.634%.
Avantis USDC on Base Posts 10.54% at Risk Score 14
Avantis USDC on Base: APY 10.54%, TVL $62.0M, risk score 14.
Usd Ai sUSDAI Pays 7.10% on $233M TVL at Risk Score 25
Usd Ai sUSDAI on Arbitrum: APY 7.10%, TVL $233.2M, risk 25. Pendle sUSDAI yield derivatives at 30.29%-35.24% indicate strong market demand.
Sky Governance Proposes Two Structural Upgrades to Capital Protection Framework
Sky Lending total TVL: $7.06B across 3 pools. SUSDS Ethereum: $6.46B at 3.75% APY, risk 20. Capital protection framework proposals dated Apr 7, 2026.
Morpho V1 senPYUSDMain Pool Drops 10% as PYUSD Rate Eases
Morpho V1 senPYUSDMain: 5.564% to 5.012% APY, -9.9% WoW. TVL $422.3M, risk 23.
CHAIN BREAKDOWN
Ethereum dominates with $48.5B across 2,221 pools at a TVL-weighted 2.95% APY. Arbitrum continues to lead on yield at 5.60%, with sUSDAI and USDAI driving the premium. Base holds $6.87B despite a modest 1.60% average, masking standout single pools like Avantis at 10.54%.
POOLS
AVG APY
TVL
Ethereum
2221
3.0%
$48.5B
Base
570
1.6%
$6.9B
Gnosis
26
0.1%
$3.1B
Arbitrum
412
5.6%
$2.5B
Solana
423
2.6%
$2.3B
Berachain
45
0.3%
$2.9B
STABLECOIN YIELDS (AVG APY)
Avg APY can be skewed by outliers. TVL on right.
TOP RISK-ADJUSTED PICKS
190 pools | $40.8B TVL | 2.5% avg APY
Avantis USDC
Base | Best yield-to-risk ratio in the data; perps LP mechanics mean returns are fee-driven.
10.5%
Usd Ai sUSDAI
Arbitrum | Highest yield among low-risk pools with >$200M TVL; strong Pendle derivative demand signals durability.
7.1%
Maple USDC
Ethereum | Institutional benchmark with $3.58B TVL and a structural capital pipeline via Sky Obex.
4.2%
Euler V2 RLUSD
Ethereum | Top of the medium-risk bucket with sticky RLUSD demand on $80M TVL.
6.3%
Usd Ai SUSDAI
Arbitrum | Highest-yielding low-risk pool with meaningful scale. Pendle markets pricing sUSDAI at up to 35% signals strong ongoing demand for the underlying yield.
7.1%
THIS WEEK IN STABLECOINS
CoinDesk
FDIC Approves Proposed Rule to Implement GENIUS Act Stablecoin StandardsOn April 7, the FDIC Board of Directors approved a notice of proposed rulemaking that would implement GENIUS Act requirements for payment stablecoin issuers, covering reserves, redemption, and custody. The proposal clarifies that stablecoin reserves held at banks are not insured to holders on a pass-through basis, and paves the way for Wall Street banks to enter the $323B stablecoin market.
Advances the regulatory path for US-issued payment stablecoins. Because the GENIUS Act bars issuers from paying interest directly to holders, yield generation continues to migrate into lending protocols (Maple, Euler) and tokenized T-bills (BUIDL, USYC), all of which are visible in this week's low-risk tier data.
The Daily Degen
Sky Ecosystem Launches Obex Cohort 1 with $1B Deployment Across 8 Sky Agents, Maple IncludedSky Ecosystem's Obex incubator activated Cohort 1 on April 5, deploying up to $1 billion in USDS capacity across 8 projects tasked with bringing real-world yield onchain. Maple is joining as a Sky Agent, alongside other RWA and credit-focused allocators.
Directly explains the week's largest data signal: Maple's USDC vault surged $427M (+13.5%) to $3.58B. This is the first Maple growth week in 2026 with a clean structural catalyst rather than inertia, and it signals a new mode for Sky's ecosystem deployment.
The Defiant
Sky Protocol Proposes Two Structural Upgrades to Strengthen Capital Protection FrameworkSky Governance proposed two structural upgrades on April 7 aimed at reinforcing Sky's capital protection framework, focusing on solvency buffers and more sustainable staking rewards. The proposals follow the Obex Cohort 1 launch and are positioned as long-term stability measures.
Sky anchors the low-risk tier with $7.06B TVL and a $6.46B sUSDS vault at 3.75%. Governance changes affecting the solvency model shape the yield floor for the entire low-risk segment, making this directly relevant to allocators watching the 39bps jump in low-risk APY this week.
OUTLOOK
The low-risk tier's 39bps reversal breaks a four-week compression narrative and is likely to continue short-term as Sky Obex Cohort 1 channels capital into Sky Agents like Maple, pushing yields across institutional lending venues. Expect a one-to-two week period where the risk premium between low-risk and medium-risk tiers stays compressed, since medium-risk yields are essentially flat. The clearer signal is the fragmentation: Avantis and Usd Ai both demonstrate that specific low-risk pools can sit 3-6x above the tier average, so the value of pool-level selection is increasing even as tier averages move together. Allocators should position for a market where aggregate low-risk yield is stable around 2% but individual pool dispersion is widening, favoring active selection over passive tier exposure. The FDIC GENIUS Act rulemaking pipeline keeps the regulatory backdrop pointing toward continued migration of yield into tokenized T-bills and institutional credit over the coming quarter.
HIGHSky Obex Cohort 1 Capital Deployment Pace
MEDIUMLow-Risk Tier APY Floor at 2%
MEDIUMAvantis Base USDC at 10.54%
HIGHFDIC GENIUS Act Comment Period
MEDIUMUsd Ai sUSDAI Scaling