The Synthetic Stablecoin from Sky Protocol, USDS, has now increased its offer prior to Ethena’s Usde. The Defi protocol, which still wears both USDS and DAI, is expanding despite the delaying Ethereum (ETH) market.
Sky Protocol remains the delivery of USDS, its synthetic stablecoin. The offer is now ahead of the Usde van Ethena, which had to be burned in response to the delayed Ethereum (ETH) market. The Stablecoin offer from Ethena reflects the shifting strategies of the protocol when the ETH market loses its bullish trend.
Ethena reduced the supply of Usde as market conditions shifted in the first months of 2025. Source: Dune Analytics
Both Usde and USDS play a niche roll alongside other stablecoins. In recent months, Usde was the leading property, while the Stablecoins of Sky Protocol tried to catch up. The range is now flipped, based on the shifting conditions in Defi -space.
The flipping between Usde and USDS took place last month. Ethena’s Stablecoin still dominated at the end of 2024, with over 46% Share in the synthetic stabilecoin market. Usde and USDS are the most prominent synthetic or assets -supported stablecoins who fight for influence. The cryptomarkt still wears 228.3B In new stablecoins, with a mix of large coins covered by assets and new protocols with riskier assets. For now, Ethena and Sky protocol are the most tested fights during different market conditions.
Usde van Ethena reduced the supply of token in the past month and followed the deteriorating market conditions. Usde was burned to lower the range of more than 6B tokens to 5.4 billion tokens, with the last retirement of tokens that took place on March 17. The reduced Usde offer is intended to make Ethena more robust when surviving the unfavorable market. Ethena also suffers from the overall delepaaging of the crypto market, because it depends on financing costs for the most of its income.
Sky Protocol is expanding USDS influence
Sky protocol has a total of 4.9b USDS tokens, which is still being exchanged from Dai. The total delivery of the Sky Ecosystem Stablecoins is more than 8.4 billion tokens, divided between the different safes and use cases.
Sky, formerly Makerdao, expands the influence of USDs. The Stablecoin moves in various chains and protocols in recent months.
Since January, USDS has grown its stock and Solana has grown while reducing his activity on Ethereum. The success of Sky protocol comes from a proxy for vaults, which currently have the highest liquidity.
USDS continues to grow its stock despite the reduced profit percentage. The Stablecoin has a passive income of 6.5%, a sense of a recent peak at 12.5%. Sky -protocol kept votes for the savings speed Based on market conditions, reflection of the decline of the market since the peak at the end of 2024.
The Sky Ecosystem is still in the top 10 of Defi projects, although it runs behind the activity of Ethena. The extensive use and turnover of USDS can increase the influence of the protocol as a source of passive income.
Sky Protocol turns the income from Ethena
Another sign for the liveliness of Sky protocol is the basic reimbursement allowance and the turnover level. The performance of Ethena has shown signs of delay in recent months. Weekly income reached a peak of more than $ 21 million at the end of 2024, up to around $ 3 million weekly in Q1.
Sky Protocol reached more than $ 13 million in weekly costs in December, although it still achieved more than $ 8 million in weekly costs. Based on Token Terminal data, Sky protocol retains relatively stable Reimbursement levelsWith regular weekly fluctuations and recovery.
All Defi protocols are shown Bearish signals In terms of token dominance and value locked. However, even under those circumstances, protocols compete for attention and liquidity.
Despite the delaying market, MKR token bounced out of its lows and even reached a high-week-old week $ 1,223.18. Ena traded around $ 0.36, in the middle of its reach for the past year.
Defi is still usually linked to Ethereum, with the risk of borrowing protocols and collateral, because ETH dropped below $ 1,900.
