#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, granting the Sky Protocol (formerly known as MakerDAO) a rating of B-. This event is symbolic, reflecting a greater convergence between traditional and decentralized finance through the use of institutional risk assessment tools. Although B- falls within the 'extended risk' (junk grade) category, the rating serves as an initial message of confidence from traditional institutions towards the evolving DeFi world. 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 a centralization that could harm its decentralized nature.