天空协议的合成稳定币，USDS，现在已经在Ethena的USDE之前增加了供应

天空协议的合成稳定蛋白（USDS）现在已经在Ethena的USDE之前提高了供应量。 Defi协议仍然携带USD和DAI

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

尽管以太坊（ETH）市场放缓，但仍携带USD和DAI的DEFI协议仍在扩大。

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.

天空协议的合成稳定蛋白（USDS）现在已经在Ethena的USDE之前提高了供应量。尽管以太坊（ETH）市场放缓，但仍携带USD和DAI的DEFI协议仍在扩大。

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.

作为天空协议的一部分，USD的供应不断扩大。 Stablecoin的供应现已转化，USD的供应量比USDE更大。后者必须响应放缓的以太坊（ETH）市场。

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.

当ETH市场失去看涨趋势时，正在调整Ethena的Stablecoin供应，以反映协议的转变策略。 USDE和USD在其他Stablecoins中都具有利基角色。在过去的几个月中，USDE是领先的资产，而Sky Protoct的Stablecoins试图追赶。

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之间的变化发生在过去一个月。 Ethena的Stablecoin在2024年底仍然占据主导地位，占合成稳定市场的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是正在争夺影响力的最杰出的合成或资产支持的Stablecoins。加密市场仍在新的Stablecoins中携带228.3B，其中包括大型资产支持的硬币和新的协议，具有较大的资产。目前，在各种市场条件下，Ethena和Sky协议是战斗测试最多的。

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在过去一个月中减少了令牌的供应，从而跟踪了市场状况恶化。 USD被烧毁，将供应从6B代币降低到5.4b代币，最新的代币退休于3月17日发生。

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供应旨在使Ethena在不利的市场中幸存下来。埃塞纳（Ethena）还遭受了加密市场的整体去杠杆化，因为它依靠其大部分收入的资金费用。

Sky Protocol expands USDS influence

天空协议扩大了USD的影响

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.

天空协议总共提供4.9B USDS令牌，但仍被DAI换成。 Sky生态系统Stablecoins的总供应超过8.4B令牌，分为不同的库和用例之间。

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，正在扩大USD的影响。在过去的几个月中，Stablecoin正在进入几条连锁店和协议。

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月以来，USD在基础和索拉纳（Solana）上的供应量增加了，同时减少了对以太坊的活动。天空协议的成功源于成为目前流动性最高的AAVE拱顶的代理。

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.

尽管收益率降低，但USD仍在继续增加其供应量。该稳定币的被动收入为6.5％，比最近的峰值下降到12.5％。 Sky Protoct进行了投票，以根据市场条件调整储蓄率，这反映了自2024年底以来的市场下滑。

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.

尽管落后于埃塞纳（Ethena）的活动，但天空生态系统仍处于DEFI项目的前十名。 USD的扩大使用率和营业额可能会增加协议作为被动收入来源的影响。

Sky Protocol flips Ethena’s revenues

天空协议翻转埃塞纳的收入

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.

天空协议的活泼性的另一个迹象是其基线费和收入水平。 Ethena的表现显示了过去几个月来放慢速度的迹象。在2024年底，每周收入达到顶峰，达到了2100万美元，在第一季度的每周约300万美元。

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的每周费用超过1300万美元，尽管仍达到超过800万美元的每周费用。根据令牌终端数据，Sky协议保留了相对稳定的费用水平，并定期每周波动和恢复。

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协议都显示出看跌信号的象征性优势和锁定价值。但是，即使在这些条件下，协议也竞争了关注和流动性。

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.

尽管市场放缓，但MKR代币从低点弹起，甚至达到了一个星期的高高，为1,223.18美元。 Ena在过去一年的范围内交易约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仍然主要与以太坊有关，具有贷款方案和抵押品的风险，因为ETH沉没了1,900美元。

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加密大都会学院：想在2025年养活您的钱吗？在即将到来的WebClass中学习如何使用Defi进行操作。保存您的位置