Incredibly, veteran DeFi protocol MakerDAO lost $5 million in the first quarter

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Authors: Tim Craig & Sheldon Reback, CoinDesk

Authors: Groove Little Deep

Editor's note: DeFi savings protocol Sky (formerly MakerDAO) lost $5 million in the first quarter of 2025, in stark contrast to a profit of $31 million in the previous quarter. The loss was mainly due to an incentive to use the new stablecoin USDS instead of DAI, which led to a 102% surge in interest payments. Although USDS aims to attract sophisticated investors, its user base is growing uncertainly, and protocol earnings are being dragged down by high interest rates.

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TL; DR

  • DeFi savings protocol Sky (formerly MakerDAO) lost $5 million in the first quarter, a sharp decline from the previous quarter's profit of $31 million.
  • To incentivize users to use the new stablecoin USDS instead of DAI, the protocol increased interest payments to depositors by 102%.
  • Despite the launch of USDS to attract sophisticated investors, it is unclear whether Sky's user base has significantly expanded.

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