#DeFiGetsGraded /#DeFiGetsGraded At a pivotal stage in the development of decentralized finance (DeFi), the global rating agency S&P Global announced on August 12, 2025, the first credit rating for a DeFi platform, awarding the Sky protocol (formerly known as MakerDAO) a rating of B-. This event is symbolic, as it reflects a greater convergence between traditional and decentralized finance through the use of institutional risk assessment tools. Although B- falls within the 'speculative' (junk grade) category, the rating serves as an initial message of confidence from traditional institutions towards the evolving DeFi space. Reactions have been a mix of optimism and caution; many observers described the event as an important step towards integrating DeFi into established rating systems, while others warned of the risk of steering DeFi towards centralization that could harm its decentralized nature.