Sky Adapts USDS Rates to New Stablecoin Market Conditions

user avatar

by Giorgi Kostiuk

2 years ago

The DeFi ecosystem Sky, formerly known as Maker DAO, decided to decrease the USDS savings rate to 8.75%. This change is a response to the increasing competition in the stablecoin market.

Sky Ecosystem Changes

Sky Governance has approved a decrease in the Sky Savings Rate to 8.75%, effective on February 10 at 14:00 UTC. Previously, Sky offered 12.5% in savings, attracting $3 billion in assets under management. Sky Dollar replaces DAI, already carrying 3.75 billion tokens in circulation.

Sky Governance has approved a decrease in the Sky Savings Rate to 8.75%, scheduled for execution on February 10 at 14:00 UTC.None

Adapting to Market Conditions

Some of the proposed changes for the Sky ecosystem reflected market turbulence observed on February 3. The decline in ETH to $2,080 resulted in $313 million in DeFi sector liquidations, impacting Aave and Compound, but Sky and Spark Protocol had smaller losses.

USDS Supply Expansion

USDS is showing rapid expansion, adding 2.1 billion tokens in the past month. The stablecoin was used in test vaults on Solana and Base, increasing circulation by more than $100 million.

Sky continues to adapt to the current market situation, focusing on sustainable growth and the development of the DeFi sector.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

TON Validators Prepare for Configuration Vote on New Collator Architecture

chest

TON validators are updating their node software and mytonctrl tooling for a configuration vote on a new collator architecture scheduled for August 21 at 0800 UTC.

user avatarKofi Adjeman

Aave's EMode: Efficiency and Risk in DeFi Lending

chest

Aave's EMode feature allows for efficient borrowing among correlated assets but also increases the risk of liquidation during market stress.

user avatarSatoshi Nakamura

Avalanche Surpasses $3 Billion in Tokenized Real-World Assets

chest

Avalanche's tokenized real-world asset value has surpassed $3 billion, marking a significant milestone in its development as a platform for institutional finance.

user avatarNguyen Van Long

Aave's Debt Concentration Raises Concerns Amid Ethereum Volatility

chest

Aave's debt profile shows that a small number of loan positions account for a significant portion of its total outstanding debt, raising concerns about risk concentration.

user avatarJesper Sørensen

Shift in Airdrop Strategy Reflects Changing Market Dynamics

chest

Optimism's decision to reallocate tokens indicates a shift away from broad airdrops towards more strategic ecosystem investments.

user avatarLucas Weissmann

Optimism Governance Approves Reallocation of OP Tokens

chest

Optimism governance has approved the transfer of 5469 million OP tokens from user airdrop reserves to a Strategic Ecosystem Fund managed by the Optimism Foundation.

user avatarRajesh Kumar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.