2025 results: USDS growth and operational discipline

"In a decentralized governance system, it's unavoidable to develop politics."

Rune Christensen explains why DAO governance becomes a struggle for resources, how the "iron law of bureaucracy" emerges, and why Sky redesigned its architecture to survive it.

From USDS growth to the Atlas rulebook and Genesis Capital — this is Sky's long-term vision for sustainable decentralized finance.