[Stablecoin Protocol Sky's TVL Drops 15% in One Week, USDS Supply Contracts]
In the week ending November 7, the total value locked (TVL) of the stablecoin protocol Sky decreased from $5.2 billion to $4.42 billion, a drop of approximately 15%.
During the same period, the circulating supply of USDS decreased from $6.45 billion to $5.59 billion, a drop of approximately 13.4%; the circulating supply of DAI decreased from $4.72 billion to $4.67 billion. Sky, formerly known as MakerDAO, allows users to convert USDS and DAI at a 1:1 ratio.
Sky.money shows that the annualized yield of sUSDS earned by depositing into the savings module is 3.80%. This savings rate is set by governance vote, and the funds come from protocol surplus. TVL is measured in asset market value, and its decrease does not directly equate to net withdrawals. (Source: The Defiant)
