# Why Ketju rejected Sky Vaults (Skybase International)

- URL: https://riadefi.com/rejections/sky-money/
- Exposure: other
- Memo version: v1
- Reviewed: 2026-08-19
- Next review: 2026-11-19

## The memo

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.

## What would reopen the file

- 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

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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