Data: Sky Q1 lost 5 million dollars due to a 102% increase in incentive USDS interest expenses

ChainCatcher news, according to a report by Coindesk, Sky (formerly MakerDAO) lost $5 million in the first quarter of this year, due to a doubling of interest payments to token holders.

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