#DeFiGetsGraded 1. What happened?

•S&P Global Ratings gave the first credit rating to a DeFi protocol: the Sky Protocol (formerly Maker Protocol). The assigned rating was B- with a stable outlook.

•This marks the first time a major credit agency has directly evaluated a decentralized protocol.

2. What does the B- rating represent?

•This rating places the Sky Protocol as a speculative investment, comparable to government bonds of the Democratic Republic of the Congo, for example — offering the ability to meet obligations but with significant vulnerabilities.

•Key points of concern identified by S&P:

•Strong concentration of depositors

•Dependence on Rune Christensen, co-founder, in the governance model

•Extremely low risk-adjusted capital (only 0.4%)

•Regulatory uncertainty related to the sector.

•Positive points that balance the assessment:

•Track record of limited credit losses since 2020

•Audited and robust smart contract architecture

•Diversified reserves (including tokenized funds backed by US Treasury securities)

3. Is this the end of the spree or the beginning of something bigger?

•Sign of maturity and institutionalization: the initiative symbolizes that DeFi is being confronted with traditional risk and assessment metrics, which could attract more conservative capital.

•In 2022, S&P had already created a strategic DeFi group to study and position itself in response to the growing institutional demand → a clear move towards integration.

•This approach allows the DeFi sector to align with standards and practices of transparency, risk analysis, and credibility, without necessarily extinguishing its decentralized nature.

In summary: S&P's entry imposes a responsible brake on the speculative spree, but at the same time, paves the way for serious recognition of DeFi in the traditional financial system. A historic milestone that may signal the birth of a new era of credibility and integration.