Sky Labs發布了500萬美元的第一季度虧損

損失與上一季度相比是一個明顯的轉變，當時Sky（以前稱為Makerdao）獲得了3,100萬美元的利潤。

DeFi savings protocol Sky reported a first-quarter loss of $5 million after interest payments to token holders more than doubled, according to a report by Steakhouse Financial.

根據Steakhouse Financial的一份報告，Defi Savings協議Sky報告說，向代幣持有人的利息付款增加了一倍以上，損失了500萬美元。

This compares with a profit of $31 million in the previous quarter.

相比之下，上一季度利潤為3100萬美元。

The reason for the 102% increase in interest payments is the decision to incentivize use of the protocol’s newer Sky dollar stablecoin (USDS) over the existing DAI.

102％增加利息支付的原因是決定激勵使用該協議的新天空穩定股（USDS）對現有DAI的使用。

“The Sky Savings Rate was kept very high at 12.5% relative to the rest of the market, driving massive inflows. When we began decreasing the rate to 4.5% in February, a lot of liquidity providers stuck around despite the lower rate and began exchanging their Savings Rate tokens for USDS to continue maximizing their returns at 4.5% ,” Rune Christensen, co-founder of Sky, said in a statement shared via Telegram.

“相對於其他市場的其餘部分，天空儲蓄率保持在12.5％的高度，驅動了大量流入。當我們開始將2月份的速度降低到4.5％時，儘管率較低，儘管儲蓄率較低，並開始兌換其儲蓄率，並開始將USDS的儲蓄率換成4.5％，以繼續分享4.5％的宣布，這是符合Crunementer的最大值。

The situation is a double-edged sword for the protocol, which was among the first cohort of decentralized finance apps to spring up on Ethereum in 2017.

這種情況是該協議的雙刃劍，該協議是2017年在以太坊上出現的第一個分散金融應用程序的隊列之一。

Sky operates similarly to a traditional bank in that it needs to lend to others at a rate higher than it pays its savers. But offering higher rates on USDS without a corresponding increase in demand for the stablecoin is hurting the protocol’s profitability, PaperImperium, governance liaison at blockchain research and development company GFX Labs, said in a statement.

天空的運作與傳統銀行類似，因為它需要以比儲蓄者高的速度向他人貸款。但是，在沒有相應增加對穩定的需求的情況下，提供更高的USD的利率正在損害協議的盈利能力，紙質維護，區塊鏈研發公司GFX Labs的治理聯絡人。

“USDS is a major drag on earnings. We're seeing the effects of unАрхив общей сложностиoptimal demand for USDS in these results. Essentially, more people are holding USDS than expected, leading to higher interest accruals on the liability side of the balance sheet. This is impacting the bottom line negatively,” he said.

“ USDS是收入的主要障礙。我們看到了這些結果中對USDS的Unout unouthхµ lвхL。基本上對USD的需求的影響。基本上，更多的人持有USD，導致對資產負債表的責任較高，這會產生較高的利益。這對底線產生了負面影響。”他說。 ”

The push toward USDS is part of Sky’s so-called Endgame plan, an initiative led by Christensen aimed at transforming the protocol into a more decentralized and resilient system.

推動USD是Sky所謂的最終賽場計劃的一部分，這是由Christensen領導的一項旨在將協議轉變為更加分散和彈性系統的倡議。

When Sky rebranded from MakerDAO and launched USDS in August as part of Endgame, the plan was that the new stablecoin would appeal to a different set of users than DAI.

當Sky從Makerdao重新命名並在8月作為Endgame的一部分推出了USDS時，該計劃是，新的Stablecoin將吸引與DAI不同的用戶。

It was designed to better comply with regulations and financial reporting requirements and was targeted toward sophisticated investors like hedge funds, family offices and other institutions looking to dip their toes into decentralized finance. But it’s unclear if it has been able to attract a substantial number of new users.

它旨在更好地遵守法規和財務報告要求，並針對諸如對沖基金，家庭辦事處和其他希望將腳趾浸入分散財務的機構等成熟的投資者。但是目前尚不清楚它是否能夠吸引大量新用戶。

The returns investors can earn on the stablecoins are different: USDS pays out 4.5%, while DAI yields 2.75%. Many investors swapped their DAI for USDS, meaning Sky had pay out more to people who previously were happy to earn a lower yield or, in many cases, no yield at all, PaperImperium said.

投資者可以賺取的穩定幣的回報不同：USDS支付了4.5％，而DAI的收益率為2.75％。 Paperimperium說，許多投資者將其DAI換成了USD，這意味著Sky已經向以前樂於贏得較低收益率的人支付了更多費用，或者在許多情況下根本沒有收益率。

To be sure, the report said the combined supply of USDS and DAI has increased 57% since the start of the quarter. But a large part of this increase is from Ethena, the synthetic dollar protocol. It has piled over $450 million into staked USDS, and passes the yield on to those who stake its own stablecoin, USDe.

可以肯定的是，報告稱，自本季度開始以來，USD和DAI的總供應增長了57％。但是，這種增長的很大一部分來自綜合美元協議埃特納（Ethena）。它已將超過4.5億美元用於儲存的USD，並將收益率傳遞給那些擁有自己的Stablecoin USDE的人。

Over the past week, Ethena has switched some of its reserves from USDS to USDtb — a stablecoin backed by BlackRock’s USD Institutional Digital Liquidity Fund, or BUIDL.

在過去的一周中，Ethena將其一些儲備從USDS轉換為USDTB，這是由BlackRock的USD機構數字流動性基金或Buidl的支持的Stablecoin。

The move means there’s less USDS in circulation. But it may also benefit Sky by reducing the amount of interest the protocol must pay out.

此舉意味著流通量較少。但是，它也可能通過減少協議必須支付的利息金額來使天空受益。