Sky Q1 Losses $5 Million Due to 102% Increase in Incentive USDS Interest Expenses
Odaily Planet Daily News According to a report written by contributors from Steakhouse Financial, Sky (formerly MakerDAO) incurred a loss of $5 million in the first quarter of this year due to a doubling in interest payments to token holders.
This loss is in stark contrast to the previous quarter when Sky achieved a profit of $31 million. The primary reason for the 102% increase in interest expenses is that Sky decided to incentivize users with higher rewards to adopt its newly launched stablecoin, Sky Dollar (USDS), to replace the existing DAI.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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