天空協議的合成穩定幣，USDS，現在已經在Ethena的USDE之前增加了供應

天空協議的合成穩定蛋白（USDS）現在已經在Ethena的USDE之前提高了供應量。 Defi協議仍然攜帶USD和DAI

The DeFi protocol, which still carries both USDS and DAI, is expanding despite the slowing Ethereum (ETH) market.

儘管以太坊（ETH）市場放緩，但仍攜帶USD和DAI的DEFI協議仍在擴大。

Sky Protocol’s synthetic stablecoin, USDS, has now increased its supply ahead of Ethena’s USDe. The DeFi protocol, which still carries both USDS and DAI, is expanding despite the slowing Ethereum (ETH) market.

天空協議的合成穩定蛋白（USDS）現在已經在Ethena的USDE之前提高了供應量。儘管以太坊（ETH）市場放緩，但仍攜帶USD和DAI的DEFI協議仍在擴大。

The supply of USDS, as part of Sky Protocol, keeps being expanded. The stablecoin’s supply has now flippened, and USDS counts with a larger supply than USDe. The latter had to be burned in response to the slowing Ethereum (ETH) market.

作為天空協議的一部分，USD的供應不斷擴大。 Stablecoin的供應現已轉化，USD的供應量比USDE更大。後者必須響應放緩的以太坊（ETH）市場。

Ethena’s stablecoin supply is being adjusted to reflect the protocol’s shifting strategies when the ETH market loses its bullish trend. Both USDe and USDs have a niche role among other stablecoins. In the past few months, USDe was the leading asset, while Sky Protocol’s stablecoins were trying to catch up.

當ETH市場失去看漲趨勢時，正在調整Ethena的Stablecoin供應，以反映協議的轉變策略。 USDE和USD在其他Stablecoins中都具有利基角色。在過去的幾個月中，USDE是領先的資產，而Sky Protoct的Stablecoins試圖追趕。

The flippening between USDe and USDS happened in the past month. Ethena’s stablecoin still dominated at the end of 2024, with over 46% share of the synthetic stablecoin market.

USDE和USD之間的變化發生在過去一個月。 Ethena的Stablecoin在2024年底仍然佔據主導地位，佔合成穩定市場的46％以上。

USDe and USDS are the most prominent synthetic or asset-backed stablecoins that are battling for influence. The crypto market still carries 228.3B in new stablecoins, with a mix of large asset-backed coins and new protocols with riskier assets. For now, Ethena and Sky Protocol are the most battle-tested during varied market conditions.

USDE和USD是正在爭奪影響力的最傑出的合成或資產支持的Stablecoins。加密市場仍在新的Stablecoins中攜帶228.3B，其中包括大型資產支持的硬幣和新的協議，具有較大的資產。目前，在各種市場條件下，Ethena和Sky協議是戰鬥測試最多的。

Ethena’s USDe decreased the token’s supply in the past month, tracking the worsening market conditions. USDe was burned to bring down the supply from over 6B tokens to 5.4B tokens, with the latest retirement of tokens happening on March 17.

Ethena的USDE在過去一個月中減少了令牌的供應，從而跟踪了市場狀況惡化。 USD被燒毀，將供應從6B代幣降低到5.4b代幣，最新的代幣退休於3月17日發生。

The lowered USDe supply aims to make Ethena more robust when surviving the unfavorable market. Ethena is also suffering from the overall deleveraging of the crypto market, as it relies on funding fees for most of its income.

降低的USDE供應旨在使Ethena在不利的市場中倖存下來。埃塞納（Ethena）還遭受了加密市場的整體去槓桿化，因為它依靠其大部分收入的資金費用。

Sky Protocol expands USDS influence

天空協議擴大了USD的影響

Sky Protocol carries a total of 4.9B USDS tokens, still being swapped from DAI. The total supply of the Sky Ecosystem stablecoins is over 8.4B tokens, split between the different vaults and use cases.

天空協議總共提供4.9B USDS令牌，但仍被DAI換成。 Sky生態系統Stablecoins的總供應超過8.4B令牌，分為不同的庫和用例之間。

Sky, formerly MakerDAO, is expanding the influence of USDS. The stablecoin is moving into several chains and protocols in the past few months.

Sky是Makerdao，正在擴大USD的影響。在過去的幾個月中，Stablecoin正在進入幾條連鎖店和協議。

Since January, USDS has grown its supply on Base and Solana, while diminishing its activity on Ethereum. The success of Sky Protocol stems from being a proxy for Aave vaults, which currently carry the highest liquidity.

自1月以來，USD在基礎和索拉納（Solana）上的供應量增加了，同時減少了對以太坊的活動。天空協議的成功源於成為目前流動性最高的AAVE拱頂的代理。

USDS continues to grow its supply despite the lowered earnings rate. The stablecoin carries passive income of 6.5%, down from a recent peak at 12.5%. Sky Protocol held votes to adapt the savings rate based on market conditions, reflecting the market downturn since its peak at the end of 2024.

儘管收益率降低，但USD仍在繼續增加其供應量。該穩定幣的被動收入為6.5％，比最近的峰值下降到12.5％。 Sky Protoct進行了投票，以根據市場條件調整儲蓄率，這反映了自2024年底以來的市場下滑。

The Sky Ecosystem is still in the top 10 of DeFi projects, though falling behind Ethena’s activity. The expanded usage and turnover of USDS may boost the protocol’s influence as a source of passive income.

儘管落後於埃塞納（Ethena）的活動，但天空生態系統仍處於DEFI項目的前十名。 USD的擴大使用率和營業額可能會增加協議作為被動收入來源的影響。

Sky Protocol flips Ethena’s revenues

天空協議翻轉埃塞納的收入

Another sign for the liveliness of Sky Protocol is its baseline fee and revenue level. Ethena’s performance has shown signs of slowing down in the past months. Weekly revenues peaked at over $21M at the end of 2024, to around $3M weekly in Q1.

天空協議的活潑性的另一個跡像是其基線費和收入水平。 Ethena的表現顯示了過去幾個月來放慢速度的跡象。在2024年底，每週收入達到頂峰，達到了2100萬美元，在第一季度的每週約300萬美元。

Sky Protocol reached over $13M in weekly fees in December, though still achieving over $8M in weekly fees. Based on Token Terminal data, Sky Protocol retains relatively stable fee levels, with regular weekly fluctuations and recoveries.

12月，Sky Protocal的每週費用超過1300萬美元，儘管仍達到超過800萬美元的每週費用。根據令牌終端數據，Sky協議保留了相對穩定的費用水平，並定期每週波動和恢復。

All DeFi protocols are showing bearish signals in terms of token dominance and value locked. However, even under those conditions, protocols are competing for attention and liquidity.

所有DEFI協議都顯示出看跌信號的象徵性優勢和鎖定價值。但是，即使在這些條件下，協議也競爭了關注和流動性。

Despite the slowing market, the MKR token bounced from its lows and even reached a one-week high at $1,223.18. ENA traded around $0.36, in the middle of its range for the past year.

儘管市場放緩，但MKR代幣從低點彈起，甚至達到了一個星期的高高，為1,223.18美元。 Ena在過去一年的範圍內交易約0.36美元。

DeFi is still mostly linked to Ethereum, with risk for lending protocols and collaterals, as ETH sank under $1,900.

Defi仍然主要與以太坊有關，具有貸款方案和抵押品的風險，因為ETH沉沒了1,900美元。

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