天空協議的評分為：一個防禦上的里程碑或黃旗？

標準普爾全球速率天空協議，標誌著defi的第一個。但是，這是“ b-”評級榮譽徽章還是該平台及其USDS Stablecoin的警告信號？

Sky Protocol Gets Rated: A DeFi Milestone or a Yellow Flag?

天空協議的評分為：一個防禦上的里程碑或黃旗？

Sky Protocol just made history, becoming the first DeFi platform to get a credit rating from S&P Global Ratings. This is a big deal, signaling a potential bridge between traditional finance and the wild world of decentralized finance. But before we pop the champagne, let’s dive into what this 'B-' rating really means for Sky Protocol and its USDS stablecoin.

天空協議剛剛創造了歷史，成為第一個從標準普爾全球評級獲得信用評級的DEFI平台。這是一件大事，表明傳統金融與分散金融的野生世界之間的潛在橋樑。但是在我們彈出香檳之前，讓我們深入了解這種“ B-”評級對Sky Protoction及其USDS Stablecoin的真正含義。

The Good, the Bad, and the 'B-'

好，壞和“ b-”

S&P’s rating, part of a larger assessment of stablecoin issuers, looks at Sky Protocol's ability to meet its financial obligations. This includes its USDS and DAI stablecoins, along with the sUSDS and sDAI savings tokens. A 'B-' rating means Sky Protocol is currently good to go, but vulnerable if things get rough. Think of it as driving a cool car with slightly worn tires.

S＆P的評級是對Stablecoin發行人進行更大評估的一部分，研究了Sky Protocition履行其財務義務的能力。這包括其USDS和Dai Stablecoins，以及SUSDS和SDAI SAVINGS代幣。 “ b-”評級意味著Sky協議目前很不錯，但是如果事情變得粗糙，則很容易受到傷害。可以將其視為駕駛略帶磨損輪胎的酷汽車。

USDS, Sky Protocol's stablecoin, is the third-largest with a market cap of $7.7 billion. S&P gave USDS a stability rating of '4' out of 5, labeling it "constrained" in keeping its peg to the US dollar. While it has a complex asset base, transparency remains a concern. It’s like that friend who always has a complicated explanation for why they're late.

USDS，Sky Protoct的Stablecoin，是第三大市值為77億美元。標準普爾給USD的穩定性評級為“ 4”，其中5個標記為“限制”，以保持其固定為美元。儘管它具有復雜的資產基礎，但透明度仍然是一個令人擔憂的問題。就像那個朋友總是對他們遲到的原因有一個複雜的解釋。

Decentralization...ish?

權力下放...是嗎？

One of the biggest concerns is Sky Protocol's governance. Rune Christensen, co-founder, controls almost 9% of governance tokens. Low voter turnout in key decisions raises eyebrows about how decentralized things really are. Sky Protocol is working on decentralizing control through its "Endgame" project, which aims to use a dual DAO model.

最大的擔憂之一是天空協議的治理。聯合創始人符文·克里斯滕森（Rune Christensen）控制了幾乎9％的治理令牌。在關鍵決策中，選民投票率低引起了人們對分散事物的真實情況的關注。 Sky Protocol正在通過其“最終遊戲”項目進行分散控制，該項目旨在使用雙DAO模型。

Bright Spots and Lingering Questions

亮點和揮之不去的問題

It's not all doom and gloom. Sky Protocol has shown limited credit losses and has adequate liquidity. Its smart contract architecture is secure, with audits and bug bounty programs in place. Plus, its liquidation mechanisms have held up well during crypto downturns. It's also one of the earliest adopters of tokenized financial instruments, including Janus Henderson's tokenized CLO fund.

這並不是厄運和憂鬱。天空協議顯示出有限的信貸損失，並且具有足夠的流動性。它的智能合同體系結構是安全的，審核和錯誤賞金程序。另外，其清算機制在加密貨幣低迷期間保持良好狀態。它也是標記金融工具的最早採用者之一，包括Janus Henderson的CLO基金。

The protocol’s exposure to tokenized assets, including nearly $1 billion in tokenized money market funds and investment in USDe is also notable.

該協議接觸令牌資產，包括近10億美元的令牌貨幣市場資金和對USDE的投資也很值得注意。

My Two Satoshis

我的兩個satoshis

S&P's move is a landmark. But a 'B-' rating isn't a gold star. It’s a call for more transparency, better decentralization, and a stronger defense against potential risks. The rating highlights the ongoing challenges of blending traditional finance principles with the innovative, yet often volatile, world of DeFi. Sky Protocol has a chance to lead the way in proving that DeFi can play nice with the big leagues. This rating forces the platform to address the weaknesses and continue toward the goal of decentralization. If successful, the platform will undoubtedly become a stronger and more robust platform.

標普的舉動是地標。但是“ b-”評級不是金星。這是提高透明度，更好的權力下放和對潛在風險的強烈防禦的呼籲。評級突出了將傳統金融原則與創新但經常動蕩的Defi世界相結合的持續挑戰。天空協議有機會領導道路，證明DEFI可以與大聯盟發揮出色。這種評級迫使平台解決這些弱點，並繼續朝著權力下放的目標邁進。如果成功，該平台無疑將成為一個更強大，更強大的平台。

The Bottom Line

底線

So, what’s the takeaway? This rating is a sign that DeFi is growing up. It’s not perfect, but it’s progress. Keep an eye on Sky Protocol, because where they go, the rest of DeFi might just follow. And remember, even with a 'B-' rating, there's always room for improvement... and maybe a little bit of fun along the way!

那麼，收穫是什麼？這個評分是Defi成長的標誌。這不是完美的，但進度是進步。請密切關注天空協議，因為它們走的地方，其餘的Defi可能會跟隨。還要記住，即使以“ B-”評級，也總是有改進的餘地……也許一路上一點樂趣！