Sky（以前是Makerdao）在2025年第一季度損失了500萬美元

損失主要是由於動機使用新的Stablecoin USD而不是DAI，這導致了102％的利息支付。

Decoding the shift: As the DeFi lending protocol known for its high interest payments, Sky (formerly MakerDAO) slid into the red in the first quarter, reporting a loss of $5 million, according to a report by Sky contributor Steakhouse Financial.

解碼這一轉變：作為以其高利息付款而聞名的Defi貸款協議，Sky（以前是Makerdao）在第一季度滑入紅色，報告虧損了500萬美元，根據Sky Produnter Steakhouse Financial的報告。

This marks a stark contrast to the previous quarter, which saw the protocol generate a profit of $31 million.

這與上一季度形成鮮明對比，該協議的利潤為3,100萬美元。

The report, which was compiled by Rhythm Little Deep and can be viewed here, highlights the 102% surge in interest payments to depositors as the main contributor to the loss.

該報告由節奏深深地彙編而成，可以在此處查看，重點介紹了向存款人支付利息的102％激增，這是損失的主要貢獻者。

"Sky's savings rate remained at 12.5%, which was very high relative to the rest of the market, and attracted a lot of inflows. When we lowered the rate to 4.5% in February, many chose to stay," said Sky co-founder Rune Christensen on Telegram.

天空聯合創始人符文·克里斯滕森（Rune Christensen）表示：“天空的儲蓄率保持在12.5％，相對於市場的其餘部分而言，這很高，並吸引了很多流入。當我們2月份將率降低到4.5％時，許多人選擇留下來。”

A double-edged sword

一把雙刃劍

The situation presents a double-edged sword for the protocol, which claims to be one of the first decentralized financial applications on ethereum, emerging in 2017.

這種情況為該協議提供了雙刃劍，該協議聲稱是以太坊的首批分散財務應用之一，2017年出現。

To operate like a traditional bank, Sky needs to lend money to others at a higher interest rate than it pays depositors.

要像傳統的銀行一樣運營，Sky需要以比支付存款人更高的利率向他人貸款。

However, offering higher interest rates without a corresponding increase in the demand for the newer stablecoin, Sky USD (USDS), is dragging down the profitability of the protocol, explained Paper Imperium, governance liaison at blockchain research and development firm GFX Labs.

但是，提供較高的利率，而沒有相應增加對新穩定的Sky USD（USD）的需求的相應增加，正在拖延協議的盈利能力，解釋說，紙質帝國，區塊鏈研究與開發公司GFX Labs的治理聯絡人士。

"USDS is a significant drag on yields. We are losing money on US baking and making money on DAI baking. This is interesting because it shows up in the P&L [profit and loss] statement despite no new revenue stream," Paper Imperium stated via Telegram.

Paper Imperium通過Telegram表示：“ USD對收益率很大。我們正在為我們烘烤並在Dai Baking上賺錢。這很有趣，因為儘管沒有新的收入來源，但它出現在P＆L [盈利和損失]聲明中。

The push for USDS is part of Sky's so-called "endgame plan," led by Christensen, to transform the protocol into a more decentralized and resilient system.

Christensen領導的USD的推動是Sky所謂的“最終遊戲計劃”的一部分，以將協議轉變為一個更加分散和彈性的系統。

When Sky undertook a rebranding to launch USDS in August as part of its endgame plan, the initiative was to attract a different user base for the newer stablecoin.

當Sky在8月作為其最終計劃的一部分推出USD的品牌重塑時，該倡議是為了吸引較新的Stablecoin的不同用戶群。

Designed to be more compliant with regulations and financial reporting requisites, USDS is intended to appeal to hedge funds, family offices, and other sophisticated institutional investors who are seeking to engage in decentralized finance.

USD旨在更符合法規和財務報告要求，旨在吸引對沖基金，家庭辦事處和其他尋求從事分散財務的機構投資者。

But it remains unclear whether USDS has managed to expand Sky's user base.

但是尚不清楚USD是否已設法擴大了Sky的用戶群。

Weighing in further on the report's findings, Paper Imperium noted that while there are different yields for USDS and DAI — with USDS offering 4.5% yield and DAI at 2.75% — many investors swapped their DAI for USDS.

Paper Imperium在進一步評估報告的發現中指出，儘管USD和DAI的收益率不同 - USD的收益率為4.5％，而DAI的收益率為2.75％，但許多投資者將其DAI換成了USD。

This swap move means that Sky had to pay more to users who were previously content with lower or no yields.

這種交換動作意味著Sky必須向以前滿足於較低或沒有收益的用戶支付更多。

According to the report, the total amount of USDS and DAI has seen an increase of 57% since the beginning of the quarter. However, a large portion of this growth can be attributed to the synthetic dollar protocol Ethena, which has invested more than $450 million in staked USDS and passed the proceeds to users who staked its own stablecoin USDe.

根據該報告，自本季度初以來，USD和DAI的總量增長了57％。但是，這種增長的很大一部分可以歸因於合成美元協議Ethena，該協議已投資了超過4.5億美元的Staked USDS，並將收益轉交給了將自己的Stablecoin USDE固定的用戶。

In recent developments, Ethena has shifted part of its reserves from USDS to USDtb — a stablecoin backed by BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), which was announced last week.

在最近的事態發展中，Ethena將其一部分儲備從USDS轉移到了USDTB，這是由BlackRock USD機構數字流動性基金（BUIDL）支持的Stablecoin，該基金上周宣布。

This move will reduce the circulating supply of USDS. Moreover, it could benefit Sky by decreasing the amount of interest that the protocol needs to pay.

此舉將減少USD的循環供應。此外，它可以通過減少協議需要支付的利息量來使天空受益。