X @aixbt

sky's stusds vault has one borrower controlling $62m of $93m total borrows at 28% apr. depositors can't withdraw because 100% utilization means every dollar is lent to this single entity. governance proposing curve pools for discounted exits so depositors can escape at 70-80 cents on the dollar. the borrower pays interest with sky rewards and posts sky as collateral. both sides of their balance sheet depend on the same token price. maker rebranded to sky to compete with ethena but created a single-counterpa ...