Sky, the DeFi lending protocol that was formerly known as Maker, has rolled out its USDS stablecoin on the Solana blockchain.
According to the official announcement, Sky said the launch positions USDS as “the first major DeFi-native stablecoin on Solana,” offering new avenues for borrowing, lending, and trading on the blockchain’s leading DeFi platforms.
“Today’s launch marks the first step in Sky’s strategy to increase Solana’s DeFi liquidity and TVL. With pending governance approval, future phases will roll out SkyLink to enhance native cross-chain support for USDS and sUSDS. Sky’s vision is aligning with Solana’s strong ecosystem of consumer apps, composability, and high-performance technology.”
The update on X revealed that USDS’s integration on Solana is powered by Wormhole’s Native Token Transfer (NTT), which ensures the stablecoin is natively multichain. This is available on both Solana and Ethereum without needing wrapped tokens. It also facilitates the bridging of Sky’s governance token, SKY, to the Solana network.
As part of the launch, Sky is rewarding early adopters, including users and liquidity providers engaging with USDS across four key Solana DeFi platforms.
Additionally, users on Kamino Finance can access 200,000 USDS in weekly rewards for liquidity provision with USDC/USDS, and another 100,000 USDS weekly for those supplying the stablecoin. Meanwhile, Drift Protocol will reward stablecoin suppliers with 100,000 USDS each week, and Save Finance will provide 400,000 USDS in monthly rewards for those supplying the dollar-pegged asset.
USDS is currently the third-largest stablecoin by market capitalization, boasting a value of $5.24 billion.
As part of its Endgame overhaul, Maker rebranded to Sky in August this year. The decentralized DAI stablecoin and the MKR governance token were renamed as USDS and SKY respectively. The main goal of the rebranding according to co-founder Rune Christensen, was to capture its role in the “next evolution of DeFi.”
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your research before investing in any cryptocurrency.
