According to a report compiled by contributors to Steakhouse Financial, Sky (formerly MakerDAO) lost $5 million in the first quarter of this year due to a doubling in interest payments to token holders. The loss was in sharp contrast to the previous quarter, when Sky posted a profit of $31 million. The main reason for the 102% increase in interest expenses was Sky's decision to use higher incentives to promote users to use its newly launched stablecoin Sky Dollar (USDS) to replace the existing DAI.