Stablecoin protocol Sky's TVL fell by approximately 15% over a week, as USDS supply contracted.
TechFlow reports that on Nov. 8, according to The Defiant, DefiLlama data shows that over the week ending Nov. 7, the total value locked (TVL) of the stablecoin protocol Sky fell from $5.2 billion to $4.42 billion, a decline of approximately 15%.During the same period, the circulating supply of USDS decreased from $6.45 billion to $5.59 billion, a drop of about 13.4%; and the circulating supply of DAI fell from $4.72 billion to $4.67 billion. Previously known as MakerDAO, Sky allows users to convert USDS and DAI at a 1:1 ratio.Sky.money indicates that the annualized yield for sUSDS deposited in the savings module stands at 3.80%. This savings rate is determined by governance vote, funded by protocol surplus. Since TVL is measured by asset market capitalization, its decline does not directly equate to net withdrawals.
TechFlow reports that on Nov. 8, according to The Defiant, DefiLlama data shows that over the week ending Nov. 7, the total value locked (TVL) of the stablecoin protocol Sky fell from $5.2 billion to $4.42 billion, a decline of approximately 15%.
During the same period, the circulating supply of USDS decreased from $6.45 billion to $5.59 billion, a drop of about 13.4%; and the circulating supply of DAI fell from $4.72 billion to $4.67 billion. Previously known as MakerDAO, Sky allows users to convert USDS and DAI at a 1:1 ratio.
Sky.money indicates that the annualized yield for sUSDS deposited in the savings module stands at 3.80%. This savings rate is determined by governance vote, funded by protocol surplus. Since TVL is measured by asset market capitalization, its decline does not directly equate to net withdrawals.
