Stablecoin Protocol Sky's Weekly TVL Drops About 15%, USDS Supply Shrinks

TechFlow reports, Nov. 8, according to The Defiant, DefiLlama data show that for the week ending Nov. 7, total value locked (TVL) at stablecoin protocol Sky fell from $5.2 billion to $4.42 billion, down about 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%; the circulating supply of DAI fell from $4.72 billion to $4.67 billion. Sky was formerly known as MakerDAO, and users can convert USDS and DAI at a 1:1 ratio.

Sky.money shows that the annualized yield on sUSDS earned by depositing into the Savings Module is 3.80%. The savings rate is set by governance vote and funded by protocol surplus. TVL is measured by asset market value, and its decline cannot be directly equated with net withdrawals.

Source: TechFlow