According to Coindesk, a report written by contributors from Steakhouse Financial states that Sky (formerly MakerDAO) lost 5 million USD in the first quarter of this year due to a doubling rise in interest paid to token holders. This loss sharply contrasts with the previous quarter when Sky reported a profit of 31 million USD. The main reason for the 102% increase in interest expenses is that Sky decided to incentivize users to adopt its newly launched stablecoin Sky Dollar (USDS) to replace the existing DAI.
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According to Coindesk, a report written by contributors from Steakhouse Financial states that Sky (formerly MakerDAO) lost 5 million USD in the first quarter of this year due to a doubling rise in interest paid to token holders. This loss sharply contrasts with the previous quarter when Sky reported a profit of 31 million USD. The main reason for the 102% increase in interest expenses is that Sky decided to incentivize users to adopt its newly launched stablecoin Sky Dollar (USDS) to replace the existing DAI.