Summary
- Sky reported a $5 million loss in the first quarter of this year.
- It explained that this was due to the interest paid to token holders more than doubling.
- The main reason for the increase in interest was the increased incentives to encourage the use of the new stablecoin USDS.
According to CoinDesk, a cryptocurrency-focused media outlet, on the 13th (local time), Sky (formerly MakerDAO) recorded a $5 million loss in the first quarter.
The media reported, "Sky recorded a $31 million profit in the previous quarter. In the first quarter, losses occurred as the interest paid to token holders more than doubled."
It further explained, "The reason for the more than doubling of interest is due to increased incentives to encourage the use of the protocol's new dollar-pegged stablecoin, USDS, instead of the existing DAI."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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