Sky authorizes up to $2.5 billion to back Obex-incubated crypto yield projects
Sky's community approved up to $2.5 billion to fund projects incubated by Obex, a crypto incubator focused on the Sky ecosystem.Summary
Obex, a crypto incubator focused on the Sky (formerly MakerDAO) ecosystem, secured $37 million in funding led by Framework Ventures, with participation from LayerZero and the Sky Ecosystem. Furthermore, the Sky community voted to allocate up to $2.5 billion worth of USDS stablecoins to invest in successfully incubated projects. Obex runs a 12-week program designed to launch projects developing new onchain yield sources within the Sky ecosystem, aiming to deliver risk-adjusted returns back to Sky. Framework founder Vance stated the goal is to use Obex to scale Sky and compete with traditional finance giants using real DeFi technology. Sky founder Rune Christensen noted Obex will help create the infrastructure for a more efficient financial system by funding the next generation of DeFi stablecoin projects, particularly for institutional players. Obex will be administered by Framework and based in San Francisco.
(Source：The Block)