天空协议的评分为：一个防御上的里程碑或黄旗？

标准普尔全球速率天空协议，标志着defi的第一个。但是，这是“ b-”评级荣誉徽章还是该平台及其USDS Stablecoin的警告信号？

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

天空协议的评分为：一个防御上的里程碑或黄旗？

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.

天空协议刚刚创造了历史，成为第一个从标准普尔全球评级获得信用评级的DEFI平台。这是一件大事，表明传统金融与分散金融的野生世界之间的潜在桥梁。但是在我们弹出香槟之前，让我们深入了解这种“ B-”评级对Sky Protoction及其USDS Stablecoin的真正含义。

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

好，坏和“ 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的评级是对Stablecoin发行人进行更大评估的一部分，研究了Sky Protocition履行其财务义务的能力。这包括其USDS和Dai Stablecoins，以及SUSDS和SDAI SAVINGS代币。 “ b-”评级意味着Sky协议目前很不错，但是如果事情变得粗糙，则很容易受到伤害。可以将其视为驾驶略带磨损轮胎的酷汽车。

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，是第三大市值为77亿美元。标准普尔给USD的稳定性评级为“ 4”，其中5个标记为“限制”，以保持其固定为美元。尽管它具有复杂的资产基础，但透明度仍然是一个令人担忧的问题。就像那个朋友总是对他们迟到的原因有一个复杂的解释。

Decentralization...ish?

权力下放...是吗？

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.

最大的担忧之一是天空协议的治理。联合创始人符文·克里斯滕森（Rune Christensen）控制了几乎9％的治理令牌。在关键决策中，选民投票率低引起了人们对分散事物的真实情况的关注。 Sky Protocol正在通过其“最终游戏”项目进行分散控制，该项目旨在使用双DAO模型。

Bright Spots and Lingering Questions

亮点和挥之不去的问题

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.

这并不是厄运和忧郁。天空协议显示出有限的信贷损失，并且具有足够的流动性。它的智能合同体系结构是安全的，审核和错误赏金程序。另外，其清算机制在加密货币低迷期间保持良好状态。它也是标记金融工具的最早采用者之一，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.

该协议接触令牌资产，包括近10亿美元的令牌货币市场资金和对USDE的投资也很值得注意。

My Two Satoshis

我的两个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.

标普的举动是地标。但是“ b-”评级不是金星。这是提高透明度，更好的权力下放和对潜在风险的强烈防御的呼吁。评级突出了将传统金融原则与创新但经常动荡的Defi世界相结合的持续挑战。天空协议有机会领导道路，证明DEFI可以与大联盟发挥出色。这种评级迫使平台解决这些弱点，并继续朝着权力下放的目标迈进。如果成功，该平台无疑将成为一个更强大，更强大的平台。

The Bottom Line

底线

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!

那么，收获是什么？这个评分是Defi成长的标志。这不是完美的，但进度是进步。请密切关注天空协议，因为它们走的地方，其余的Defi可能会跟随。还要记住，即使以“ B-”评级，也总是有改进的余地……也许一路上一点乐趣！