Sky authorizes up to $2.5 billion to back Obex-incubated crypto yield projects
Framework Ventures, LayerZero, and the Sky Ecosystem co-led a $37 million funding round for Obex, a crypto incubator focused on the Sky (formerly MakerDAO) ecosystem.
Further, the Sky community has voted to provide Obex with up to $2.5 billion worth of USDS stablecoins to further invest in successfully incubated projects, according to an announcement on Tuesday.
Obex is offering a 12-week program to kickstart projects looking to develop new sources of onchain yield, particularly within the Sky ecosystem. These projects, like the subDAOs that comprise the wider Sky ecosystem, will “aim to deliver compelling risk-adjusted returns back to the Sky Ecosystem.”
“If you are seeking to do something capital-intensive within crypto that…
