The Sky ecosystem, formerly known as Maker DAO, has voted to decrease the savings rate for its stablecoin USDS to 8.75%. This decision is aimed at increasing adoption of the Sky ecosystem and rewarding users who have swapped their MKR and DAI tokens. Previously, the Sky ecosystem offered a savings rate of 12.5% for staking USDS, attracting $3 billion in assets under management. The Sky Dollar (USDS) is replacing DAI and currently has 3.75 billion tokens in circulation. The proposed changes in the Sky ecosystem are in response to market turbulence on February 3, which saw significant liquidations in the DeFi sector. To mitigate risks, Sky has also proposed lowering the stability fee for its vaults. The proposal received approval from 9 supporters voting with 63,827 MKR. Despite the expansion of the Sky ecosystem, the SKY token is trading near its all-time lows and relies on Uniswap V3 for price discovery.



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