Sky（以前是Makerdao）儲蓄協議虧損至500萬美元，因為USD的利息支付消除了利潤

天空聯合創始人符文·克里斯滕森（Trevor Jones提供的原始圖像）

DeFi savings protocol Sky (formerly MakerDAO) is reporting a first quarter loss of $5 million, a stark contrast to the previous quarter’s profit of $31 million, according to a report by Steakhouse Financial, a contributor to the protocol.

根據該協議的貢獻者，Defi Savings Sky（以前是Makerdao）報告說，第一季度虧損了500萬美元，與上季度的3100萬美元的利潤形成了鮮明對比。

The 102% surge in interest payments to users for holding stablecoins, part of the protocol’s broader strategy to integrate the new stablecoin USDS, is largely to blame for the stellar shift to a net loss.

持有Stablecoins的用戶支付的102％激增是該協議整合新Stablecoin USDS的更廣泛戰略的一部分，這在很大程度上是要歸咎於巨大的轉變歸因於淨損失。

The rapid expansion of USДС is part of a broader endgame plan, led by Sky co-founder Rune Christensen, to transform the protocol into a more decentralized and resilient system.

USдс的迅速擴展是由Sky June Christensen領導的更廣泛的最終賽場計劃的一部分，將協議轉變為更加分散和彈性的系統。

However, while the goal is to attract new users, it’s unclear whether USDS has significantly expanded the protocol’s footprint.

但是，儘管目標是吸引新用戶，但尚不清楚USD是否顯著擴大了協議的足跡。

“Sky’s savings rate remains at 12.5%, which is still very high compared to other parts of the market and has seen a large influx of funds into the protocol despite the low rates,” Christensen told CoinDesk in a Telegram message. “Many investors still chose to stay when we lowered the rate to 4.5% in February.”

Christensen在一條電報消息中告訴Coindesk：“與市場的其他部分相比，Sky的儲蓄率仍為12.5％，儘管利率較低，但仍將大量資金湧入協議中。” “當我們2月份將利率降低到4.5％時，許多投資者仍然選擇留下。”

The situation highlights a double-edged sword for the protocol, one of the first decentralized finance applications that emerged on Ethereum in 2017.

這種情況強調了該協議的雙刃劍，該協議是2017年以太坊出現的第一個分散的金融申請之一。

Similar to a traditional bank, Sky needs to lend to others at a rate higher than what it pays to depositors. But offering higher interest rates without a corresponding increase in USDS demand is putting a strain on the protocol’s profitability, said PaperImperium, a governance contact at blockchain research and development firm GFX Labs.

與傳統銀行類似，Sky需要以高於其支付給存款人的速度向他人貸款。但是，區塊鏈研發公司GFX Labs的治理聯繫人Paperimperium表示，提供更高的利率而沒有相應的USD需求增加的利率，這給協議的盈利能力帶來了壓力。

“USDS is a huge drag on yields. We're getting good yield on DAI but no yield on USDS, which is getting soaked up by institutions.”

“ USD是對收益率的巨大阻力。我們在DAI上獲得了良好的收益率，但USD的收益率沒有，這被機構所吸收了。”

It’s part of what broader narrative that has been developing throughout 2025.

這是整個2025年在整個2025年發展的更廣泛敘述的一部分。

As part of the endgame plan, Sky rebranded from MakerDAO and launched USDS in August to attract a different user base than DAI.

作為最後遊戲計劃的一部分，Sky從Makerdao重新命名，並於8月推出了USDS，以吸引與Dai不同的用戶群。

The newer stablecoin is designed to be more compliant with regulatory and financial reporting requirements, catering to hedge funds, family offices and other sophisticated institutional investors seeking exposure to decentralized finance.

較新的Stablecoin旨在更符合監管和財務報告要求，迎合對沖基金，家庭辦事處以及其他先進的機構投資者，以尋求暴露於分散的財務。

But it’s still unclear whether USDS has attracted a large number of new users.

但是目前尚不清楚USD是否吸引了大量新用戶。

Investors can obtain different returns on USDS and DAI: USDS pays a yield of 4.5%, while DAI offers 2.75%.

投資者可以在USDS上獲得不同的回報，DAI：USDS的收益率為4.5％，而DAI的收益率為2.75％。

Many investors have exchanged DAI for USDS, meaning Sky needs to pay more to users who were previously satisfied with lower or even no yields, PaperImperium stated.

紙質杯表示，許多投資者已經將DAI換成了USD，這意味著Sky需要向以前對較低甚至沒有收益率滿意的用戶支付更多費用。

According to the report, since the beginning of this quarter, the total supply of USDS and DAI has increased by 57%.

根據該報告，自本季度初以來，USD和DAI的總供應增長了57％。

But a significant portion of this growth comes from synthetic dollar protocol Ethena, which has been investing over $450 million into stacked USDS and passed the yields onto users staking its own stablecoin USDe.

但是，這種增長的很大一部分來自合成美元協議Ethena，該協議已投資於堆疊的USDS，並將其收益率轉移到了用戶中，將其自己的Stablecoin USDE投資。

In the past week, Ethena has shifted part of its reserves from USDS to USDtb—a stablecoin backed by BlackRock’s dollar institutional digital liquidity fund (BUIDL).

在過去的一周中，Ethena將其一部分儲備從USDS轉移到USDTB，這是由BlackRock的Dollar Institutional Digital Digital流動性基金（BUIDL）支持的穩定者。

This move will decrease the circulating supply of USDS. But it may also benefit Sky by decreasing the amount of interest the protocol needs to pay.

此舉將減少USD的循環供應。但是，它也可能通過減少協議所需支付的利息金額來使天空受益。