S&P Global has assigned a credit rating to a DeFi protocol for the first time — Sky Protocol received a B-, setting a precedent for the entire industry. The rating reflects the risks: high concentration of depositors, centralized management, and weak capitalization (only 0.4%). Founder Rune Christensen controls 9% of the tokens, and low voter activity makes governance vulnerable. Nevertheless, Sky demonstrates resilience to losses and conducts audits of smart contracts. This event may attract institutional investors, but it raises questions: does centralized rating undermine the very essence of DeFi? The rating is not just a label, but a challenge to the entire philosophy of decentralization.
