Sky Vaults (Skybase International)

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

REJECTED ON CONCENTRATED SINGLE-ADDRESS CONTROL AND AN UNRESOLVED ELIGIBILITY QUESTION. Sky Money is confirmed as a genuinely distinct third Sky-ecosystem allocator — Sky Vaults, a set of Morpho Vault V2 vaults operated by Skybase International, a Cayman Islands entity legally separate from Grove and Spark Liquidity Layer, both already rejected elsewhere in this batch. One real, verifiable positive finding: Skybase permanently renounced its own ability to ever gate three of the flagship vault’s four transfer controls within 27 minutes of vault creation, an on-chain-confirmed commitment to permissionless deposits and redemptions. But a single address holds the owner, curator, and sentinel (pause) roles simultaneously across every Sky Vault, with no separation of powers, and while that address is a verified multisig contract, its signer identities and threshold could not be confirmed. Several fee-setting parameters carry no timelock at all, meaning Skybase could change fees with no advance notice. Whether US persons are excluded from Sky Vaults specifically — as opposed to Sky’s Savings Rate and Token Rewards products, which are — could not be confirmed either way.

Kill criteria: the events that revoke this verdict
• Whether US persons are excluded from Sky Vaults specifically is affirmatively confirmed one way or the other
• Owner, curator, and sentinel roles are separated across distinct addresses, or the current multisig’s signer identities and threshold are disclosed
• A meaningful timelock is added to fee-setting parameters currently changeable with no delay
• TVL stabilizes following the documented three-month decline

The research file

Mechanism and confirmed distinction from Grove and Spark

Sky Vaults are five active Morpho Vault V2 vaults (plus one near-dust duplicate) — a Flagship USDS vault, a USDT Savings vault, and three smaller ”Risk Capital” vaults that deploy exclusively into lending markets funding stUSDS-collateralized borrowing — all owned and curated by one on-chain address, verified directly against Morpho’s own API as the ”sky-money” curator with roughly $117.5M combined AUM, matching DefiLlama’s tracked figure exactly. This is confirmed structurally distinct from Grove (an RWA and structured-credit allocator) and Spark Liquidity Layer (multi-venue, multi-chain plumbing under a different curator identity) — a standalone, dedicated Morpho-vault-curation product with its own on-chain curator id, not a duplicate of either.

The abdicated gates — a real positive finding

On-chain records for the Flagship vault show all four Vault V2 transfer-gate contracts (`sendSharesGate`, `receiveAssetsGate`, `receiveSharesGate`, `sendAssetsGate`) currently set to null, meaning deposits and redemptions are permissionless today. More significantly, the timelock and abdication log shows Skybase permanently renounced its own future ability to ever set three of those four gates, roughly 27 minutes after vault creation on 2026-02-12 — a specific, verifiable, irreversible commitment rather than a policy statement that could be quietly reversed later. One gate, `sendAssetsGate`, was left un-abdicated and remains settable.

Concentrated control and no-timelock fee authority

The same single address holds owner, curator, and sentinel (pause/guardian) roles simultaneously across all Sky Vaults — a more concentrated structure than a typical Morpho vault that separates these roles. That address is confirmed as a verified Gnosis Safe multisig contract on-chain, but its signer identities and threshold could not be determined, and no evidence links it to Sky/MakerDAO’s core governance pause proxy — it appears to be a Skybase-operated multisig, structurally separate from Sky governance itself. Performance and management fees are currently set to zero, but several fee-related timelocks are zero-duration, meaning Skybase could change fees with no advance notice; strategy-adapter changes and cap increases do carry real multi-day delays.

The unresolved eligibility question

Skybase’s Terms of Use place jurisdiction in the Cayman Islands and confirm Skybase is not US-incorporated, and a geo-restriction clause explicitly excludes US persons from Sky’s Savings Rate and Token Rewards products. Whether that same exclusion applies to Sky Vaults specifically could not be confirmed — the User Risk Documentation available does not mention ”Vault” at all, and the product is young enough (the blog announcement is dated August 2026) that dedicated legal-document coverage may not yet exist. This registry does not assume access is open when a comparable product’s access is confirmed restricted and the specific product’s status is simply undocumented.

Track record and comparison

DefiLlama began tracking Sky Money in May 2025 at a peak of roughly $181.5M, declining to the current roughly $117.5M, a decline of about 35% over three months. DefiLlama lists zero audits attributed to this specific curator entry; whether the underlying Morpho Vault V2 framework itself carries independent audit coverage was not confirmed in this review. Against Grove and Spark, both rejected in this batch on undisclosed-entity and undisclosed-allocation grounds respectively, Sky Money is the most legally transparent of the three named Sky Agents researched — but its concentrated single-address control and the unresolved eligibility question are independently disqualifying regardless of that relative transparency.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Sky — what are Sky Vaults · primary · accessed 2026-08-19
  Supports: vault mechanism and strategy description, liquidity-gated redemption disclosure, Skybase independent-agent disclaimer
• Skybase International — Terms of Use · primary · accessed 2026-08-19
  Supports: Cayman Islands jurisdiction, not US-incorporated, Savings Rate and Token Rewards US-person exclusion
• Morpho — GraphQL query for the sky-money curator · primary · accessed 2026-08-19
  Supports: curator address and verified status, per-vault AUM, gate configuration and abdication timelock log
• DefiLlama — Sky Money protocol data · secondary · accessed 2026-08-19
  Supports: TVL history and decline from peak, zero audits field, parentProtocol confirming Sky ecosystem membership
• Skybase International — User Risk Documentation · primary · accessed 2026-08-19
  Supports: absence of Vault-specific risk disclosure

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.