• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Sky Adapts USDS Rates to New Stablecoin Market Conditions

user avatar

by Giorgi Kostiuk

10 months 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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Bonk Shows High Volatility Amid Market Activity

chest

Bonk has experienced significant price fluctuations, drawing interest from young traders.

user avatarKofi Adjeman

Investment Expert Says XRP Could Reach $10,000, Here's Why

chest

Market commentator Armando Pantoja suggests that XRP's price could soar to $10,000 due to future technological shifts driven by AI.

user avatarNguyen Van Long

Venezuelan Stablecoin Adoption Seen as Model for Economically Challenged Nations

chest

Venezuelan citizens are increasingly using digital currencies like USDT for transactions, substituting traditional banking systems as inflation persists.

user avatarSatoshi Nakamura

Peer-to-Peer Transactions Surge in Venezuela's Crypto Landscape

chest

Peer-to-peer transactions are becoming a vital service for Venezuelans in the absence of reliable banking channels.

user avatarJesper Sørensen

Venezuelans Increasingly Rely on Blockchain Technology Amid Economic Crisis

chest

Venezuelans are increasingly relying on blockchain technology for banking as economic conditions worsen, with stablecoins becoming essential for transactions.

user avatarRajesh Kumar

Ethereum Price Volatility Amid DeFi Security Breaches

chest

Recent security challenges in decentralized finance, particularly the breach at Ribbon Finance, have led to significant market volatility, with Ethereum's price dropping by 32.20% over the last 90 days.

user avatarLucas Weissmann

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.