Sky (Formerly Maker) Announces USDS’s Debut on Solana Blockchain

Sky, the DeFi lending protocol that was previously referred to as Maker, has rolled out its USDS stablecoin on the Solana blockchain.

In keeping with the official announcement, Sky mentioned the launch positions USDS as “the primary main DeFi-native stablecoin on Solana,” providing new avenues for borrowing, lending, and buying and selling on the blockchain’s main DeFi platforms.

“Right this moment’s launch marks step one in Sky’s technique to extend Solana’s DeFi liquidity and TVL. With pending governance approval, future phases will roll out SkyLink to boost native cross-chain assist for USDS and sUSDS. Sky’s imaginative and prescient is aligning with Solana’s sturdy ecosystem of shopper apps, composability, and high-performance expertise.”

The update on X revealed that USDS’s integration on Solana is powered by Wormhole’s Native Token Switch (NTT), which ensures the stablecoin is natively multichain. That is accessible on each Solana and Ethereum while not having wrapped tokens. It additionally facilitates the bridging of Sky’s governance token, SKY, to the Solana community.

As a part of the launch, Sky is rewarding early adopters, together with customers and liquidity suppliers partaking with USDS throughout 4 key Solana DeFi platforms.

Moreover, customers on Kamino Finance can entry 200,000 USDS in weekly rewards for liquidity provision with USDC/USDS, and one other 100,000 USDS weekly for these supplying the stablecoin. In the meantime, Drift Protocol will reward stablecoin suppliers with 100,000 USDS every week, and Save Finance will present 400,000 USDS in month-to-month rewards for these supplying the dollar-pegged asset.

USDS is at the moment the third-largest stablecoin by market capitalization, boasting a worth of $5.24 billion.

As a part of its Endgame overhaul, Maker rebranded to Sky in August this yr. The decentralized DAI stablecoin and the MKR governance token have been renamed as USDS and SKY respectively. The principle objective of the rebranding in line with co-founder Rune Christensen, was to seize its position within the “subsequent evolution of DeFi.”