Grove, the credit-focused "Star" inside the @SkyEcosystem, is one of the more interesting onchain credit setups right now.
It's a hub-and-spoke allocator that routes USDS and USDC into diversified credit strategies across both onchain and offchain markets.
Supply USDS or USDC through @grovedotfinance and you get sUSDS back. The rate tracks the Sky Savings Rate set by Sky governance, no lockups, no claim transactions. sUSDS is a standard ERC-4626 share too, so it's composable elsewhere — usable as collateral, in lending markets, or DEX liquidity.
The yield comes from real credit cash flows, not emissions. Grove's holdings total just over $1 billion at a blended 4.68% life-to-date APY. Nearly 40% sits in a $390M tokenized AAA CLO strategy managed by Janus Henderson.
The rest spreads across private credit managers (Steakhouse, Maple, Apollo, Galaxy), tokenized credit funds (Securitize), Aave-based RLUSD lending, and a smaller sleeve of Curve and Uniswap liquidity positions.
The GROVE token has a fixed 10 billion supply and works as both governance and utility. It listed on Coinbase July 6, opened in limit-only mode, popped ~25% on debut, then graduated to full order types days later. Market cap sits around $213M at a price near $0.03 with ~7 billion circulating.
Worth watching whether institutional-grade credit, not just tokenized T-bills but actual structured credit like CLOs, can keep scaling fully onchain.
Whether Bitcoin goes to $50k first or $100k first...
the need for better Bitcoin infrastructure doesn't change.
That's why @btcdofficial is interesting.