Sky（以前是Makerdao）在2025年第一季度损失了500万美元

损失主要是由于动机使用新的Stablecoin USD而不是DAI，这导致了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.

解码这一转变：作为以其高利息付款而闻名的Defi贷款协议，Sky（以前是Makerdao）在第一季度滑入红色，报告亏损了500万美元，根据Sky Produnter Steakhouse Financial的报告。

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

这与上一季度形成鲜明对比，该协议的利润为3,100万美元。

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.

该报告由节奏深深地汇编而成，可以在此处查看，重点介绍了向存款人支付利息的102％激增，这是损失的主要贡献者。

"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.

天空联合创始人符文·克里斯滕森（Rune Christensen）表示：“天空的储蓄率保持在12.5％，相对于市场的其余部分而言，这很高，并吸引了很多流入。当我们2月份将率降低到4.5％时，许多人选择留下来。”

A double-edged sword

一把双刃剑

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.

这种情况为该协议提供了双刃剑，该协议声称是以太坊的首批分散财务应用之一，2017年出现。

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

要像传统的银行一样运营，Sky需要以比支付存款人更高的利率向他人贷款。

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，提供较高的利率，而没有相应增加对新稳定的Sky USD（USD）的需求的相应增加，正在拖延协议的盈利能力，解释说，纸质帝国，区块链研究与开发公司GFX Labs的治理联络人士。

"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通过Telegram表示：“ USD对收益率很大。我们正在为我们烘烤并在Dai Baking上赚钱。这很有趣，因为尽管没有新的收入来源，但它出现在P＆L [盈利和损失]声明中。

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领导的USD的推动是Sky所谓的“最终游戏计划”的一部分，以将协议转变为一个更加分散和弹性的系统。

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.

当Sky在8月作为其最终计划的一部分推出USD的品牌重塑时，该倡议是为了吸引较新的Stablecoin的不同用户群。

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旨在更符合法规和财务报告要求，旨在吸引对冲基金，家庭办事处和其他寻求从事分散财务的机构投资者。

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

但是尚不清楚USD是否已设法扩大了Sky的用户群。

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在进一步评估报告的发现中指出，尽管USD和DAI的收益率不同 - USD的收益率为4.5％，而DAI的收益率为2.75％，但许多投资者将其DAI换成了USD。

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

这种交换动作意味着Sky必须向以前满足于较低或没有收益的用户支付更多。

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.

根据该报告，自本季度初以来，USD和DAI的总量增长了57％。但是，这种增长的很大一部分可以归因于合成美元协议Ethena，该协议已投资了超过4.5亿美元的Staked USDS，并将收益转交给了将自己的Stablecoin USDE固定的用户。

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.

在最近的事态发展中，Ethena将其一部分储备从USDS转移到了USDTB，这是由BlackRock USD机构数字流动性基金（BUIDL）支持的Stablecoin，该基金上周宣布。

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.

此举将减少USD的循环供应。此外，它可以通过减少协议需要支付的利息量来使天空受益。