Sky（以前是Makerdao）储蓄协议亏损至500万美元，因为USD的利息支付消除了利润

天空联合创始人符文·克里斯滕森（Trevor Jones提供的原始图像）

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.

根据该协议的贡献者，Defi Savings Sky（以前是Makerdao）报告说，第一季度亏损了500万美元，与上季度的3100万美元的利润形成了鲜明对比。

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的用户支付的102％激增是该协议整合新Stablecoin USDS的更广泛战略的一部分，这在很大程度上是要归咎于巨大的转变归因于净损失。

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的迅速扩展是由Sky June Christensen领导的更广泛的最终赛场计划的一部分，将协议转变为更加分散和弹性的系统。

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

但是，尽管目标是吸引新用户，但尚不清楚USD是否显着扩大了协议的足迹。

“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在一条电报消息中告诉Coindesk：“与市场的其他部分相比，Sky的储蓄率仍为12.5％，尽管利率较低，但仍将大量资金涌入协议中。” “当我们2月份将利率降低到4.5％时，许多投资者仍然选择留下。”

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

这种情况强调了该协议的双刃剑，该协议是2017年以太坊出现的第一个分散的金融申请之一。

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.

与传统银行类似，Sky需要以高于其支付给存款人的速度向他人贷款。但是，区块链研发公司GFX Labs的治理联系人Paperimperium表示，提供更高的利率而没有相应的USD需求增加的利率，这给协议的盈利能力带来了压力。

“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是对收益率的巨大阻力。我们在DAI上获得了良好的收益率，但USD的收益率没有，这被机构所吸收了。”

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

这是整个2025年在整个2025年发展的更广泛叙述的一部分。

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

作为最后游戏计划的一部分，Sky从Makerdao重新命名，并于8月推出了USDS，以吸引与Dai不同的用户群。

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.

较新的Stablecoin旨在更符合监管和财务报告要求，迎合对冲基金，家庭办事处以及其他先进的机构投资者，以寻求暴露于分散的财务。

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户。

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

投资者可以在USDS上获得不同的回报，DAI：USDS的收益率为4.5％，而DAI的收益率为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.

纸质杯表示，许多投资者已经将DAI换成了USD，这意味着Sky需要向以前对较低甚至没有收益率满意的用户支付更多费用。

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

根据该报告，自本季度初以来，USD和DAI的总供应增长了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，这种增长的很大一部分来自合成美元协议Ethena，该协议已投资于堆叠的USDS，并将其收益率转移到了用户中，将其自己的Stablecoin USDE投资。

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).

在过去的一周中，Ethena将其一部分储备从USDS转移到USDTB，这是由BlackRock的Dollar Institutional Digital Digital流动性基金（BUIDL）支持的稳定者。

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.

此举将减少USD的循环供应。但是，它也可能通过减少协议所需支付的利息金额来使天空受益。