Sky Adapts USDS Rates to New Stablecoin Market Conditions

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 Hiding Place Room

Resource Cache

Tier I

Requires 25% Tier Progress to Claim

Meme Cache

Tier I

Requires 50% Tier Progress to Claim

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

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

Tier I

Sector: #18291

25%

50%

75%

100%

Tier II

Survivors rescued:

0 / 600

Survivors

0/0

Transmit Signal

Broadcast this sector's coordinates to other rescuers.

Other news

Chainalysis Reports Security Incident Affecting Customer Data

Chainalysis reported a security incident on October 30 that impacted a subset of customer-related information, including names and email addresses.

Kenji Takahashian hour ago

Hong Kong Launches Postquantum Cryptography Toolkit

On November 2, the Hong Kong Monetary Authority and the Hong Kong University of Science and Technology launched a postquantum cryptography assessment toolkit to help banks identify necessary upgrades to their cryptographic systems as quantum computing evolves.

Maria Fernandez4 hours ago

NYSE Partners with Major Firms for Tokenized Securities Initiative

On November 2, the New York Stock Exchange announced partnerships with Broadridge, Computershare, Equiniti, and Superstate to support a proposed tokenized securities venue aimed at enhancing infrastructure and improving market operations.

Gustavo Mendoza5 hours ago

BTCPay Servers 247 Release Addresses Security Vulnerabilities

The latest release of BTCPay Servers, version 247, includes critical security fixes to enhance security for businesses operating their own Bitcoin payment servers.

Rajesh Kumar6 hours ago

Aave Freezes tBTC Supply and Borrowing Amid Threshold's Pause

Aave contributors announced a freeze on additional tBTC supply and borrowing in its Ethereum Core market following Threshold's temporary pause of the token's mint and redeem functions.