Sky (SKY) Sees 25.8 Percent Weekly Gain, Looms Near Record High
Sky (SKY) has made significant gains in the past week, reaching a weekly gain of 25.8 percent. The token is currently trading at $0.09669, just 3.8 percent below its record high of $0.100535 set in December 2024. This is a notable achievement, especially when compared to Bitcoin, which is still 30 percent below its peak.
The rise of SKY can be attributed to several factors, including the growth of its in-house stablecoin USDS, which has reached a supply of $10 billion. The savings rate on USDS is currently 3.60 percent, and the protocol has a history of overcollateralizing its stablecoins. This means that USDS is backed by $17.16 billion of collateral, ensuring its stability.
The Sky Savings Rate is the interest rate paid to holders of sUSDS, which is the interest-bearing variant of USDS. This rate is set by a vote of SKY holders and follows the protocol's earnings. The current rate is 3.60 percent, but it can drop if lending rates or returns on reserves fall.