Sky Q1 Losses $5 Million Due to Soaring USDS Incentive Interest Expense Increase of 102%

BlockBeats News, May 14th, according to a Coindesk report, based on a report written by contributors from Steakhouse Financial, Sky (formerly MakerDAO) suffered a $5 million loss in the first quarter of this year, due to a doubling of interest paid to token holders.

This loss is in stark contrast to the previous quarter, when Sky achieved a $31 million profit. The 102% increase in interest expenses was mainly due to Sky's decision to drive users to use its newly launched stablecoin, Sky Dollar (USDS), instead of the existing DAI, through higher incentives.