#DeFiGetsGraded The assignment of a credit rating of “B-” by S&P Global Ratings to the DeFi Sky protocol (formerly Maker Protocol) on August 8, 2025, has generated divided opinions. On one hand, it is considered a historic milestone, as it is the first time a traditional rating agency evaluates a decentralized protocol, reflecting greater acceptance of DeFi in conventional financial markets. This could promote transparency and integration with traditional finance, attracting institutional investors. However, the rating of “B-” indicates vulnerability to adverse conditions, highlighting risks such as centralization in governance (Rune Christensen controls 9% of the tokens), low capitalization (0.4% risk-adjusted capital ratio), and regulatory uncertainty. Some in the crypto community, like @ImperiumPaper, consider the rating unfair, while others, like @StovenLabs, see S&P's recognition as a step toward the legitimacy of DeFi, beyond the rating itself.