DeFi savings protocol Sky recorded a loss of $5 million in the first quarter of 2025, a significant decline from the previous quarter's profit of $31 million. The losses were mainly due to a 102% increase in interest expenses on its newly launched stablecoin USDS, in order to attract investors to switch from DAI to USDS. The USDS interest rate has dropped from 12.5% at the beginning of the year to 4.5% in February, but interest rate spending pressure still exists. The total supply of USDS and DAI increased by 57% in the first quarter, with over $450 million coming from the Ethena agreement, which pledges USDS and distributes the proceeds to its stablecoin USDe holders. （CoinDesk） https://www. (wublock123.com)/index.php? m=content&c=index&a=show&catid=6&id=42391