Sky Vaults (Skybase International)

This review rejects Sky Money because one address controls key roles and an eligibility question remains unresolved. 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 finding is both positive and verifiable. Within 27 minutes of vault creation, Skybase permanently gave up its own ability to ever gate three of the flagship vault’s four transfer controls. On-chain records confirm this commitment to permissionless deposits and redemptions. But a single address holds the owner, curator, and sentinel (pause) roles at the same time across every Sky Vault, with no separation of powers. That address is a verified multisig contract, but this review could not confirm its signer identities or threshold. Several fee-setting parameters have no timelock at all, so Skybase could change fees with no advance notice. This review also could not confirm whether US persons are excluded from Sky Vaults specifically, as they are from Sky’s Savings Rate and Token Rewards products.

Review triggers: events that reopen the 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

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-19.

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. One on-chain address owns and curates all of them. Morpho’s own API verifies that address as the ”sky-money” curator with roughly $117.5M in combined AUM, which exactly matches DefiLlama’s tracked figure. This product is structurally distinct from Grove, an RWA and structured-credit allocator, and Spark Liquidity Layer, which provides multi-venue, multi-chain plumbing under a different curator identity. It is 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 that all four Vault V2 transfer-gate contracts (`sendSharesGate`, `receiveAssetsGate`, `receiveSharesGate`, `sendAssetsGate`) are currently set to null, so deposits and redemptions are permissionless today. More important, the timelock and abdication log shows that Skybase permanently gave up its own future ability to ever set three of those four gates, roughly 27 minutes after vault creation on 2026-02-12. This is a specific, verifiable, irreversible commitment, not a policy statement that could be quietly reversed later. Skybase did not give up control of one gate, `sendAssetsGate`, which remains settable.

Concentrated control and no-timelock fee authority

The same single address holds the owner, curator, and sentinel (pause/guardian) roles at the same time across all Sky Vaults. This structure is more concentrated than a typical Morpho vault, which separates these roles. On-chain records confirm that the address is a verified Gnosis Safe multisig contract, but this review could not determine its signer identities or threshold. No evidence links it to Sky/MakerDAO’s core governance pause proxy. It appears to be a Skybase-operated multisig that is structurally separate from Sky governance itself. Performance and management fees are currently set to zero, but several fee-related timelocks have zero duration, so 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 that Skybase is not US-incorporated. A geo-restriction clause explicitly excludes US persons from Sky’s Savings Rate and Token Rewards products. This review could not confirm whether that same exclusion applies to Sky Vaults specifically. The available User Risk Documentation does not mention ”Vault” at all, and the product is young enough, with a blog announcement dated August 2026, that dedicated legal-document coverage may not yet exist. This registry does not assume that access is open when access to a comparable product is confirmed as 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. It has since declined to the current roughly $117.5M, a decline of about 35% over three months. DefiLlama lists zero audits for this specific curator entry. This review did not confirm whether the underlying Morpho Vault V2 framework itself has independent audit coverage. Grove and Spark were 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 unresolved eligibility question each provide separate grounds for rejection, 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 research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.