TL;DR
- Sky, formerly MakerDAO, will launch its stablecoin USDS on Solana using the Wormhole protocol.
- Sky will offer incentives of up to 2 million SKY tokens per week to promote the adoption of USDS on Solana.
- The integration of USDS on Solana precedes the deployment of SkyLink, an advanced solution that will enable native governance and new DeFi features.
Sky, formerly known as MakerDAO, has announced the launch of its decentralized stablecoin USDS on the Solana blockchain via the Wormhole interoperability protocol.
The announcement was made by Rune Christensen, the founder of the platform, during the Solana Breakpoint conference. This move is crucial for deepening the protocol’s expansion into new platforms, allowing Solana users to access Sky’s assets and unique features.
Today at breakpoint presented my upcoming proposal to bring Sky on Solana soon
It will use Wormhole to bridge SKY, USDS and sUSDS alongside an incentive program to allocate 2 million SKY per week to Solana DeFi protocols that integrate USDS and SKY https://t.co/dbcuy23CVj pic.twitter.com/0cBtvgs4ph
— Rune (@RuneKek) September 20, 2024
The integration of USDS on Solana aims to address a need in this ecosystem: the lack of a decentralized stablecoin that offers native savings rates and token rewards.
Although Solana is not as large as Ethereum, Christensen highlighted its growth potential thanks to the established foundations in the DeFi sector within the platform. With this expansion, Sky aims to leverage Solana’s speed and efficiency, as well as its capacity to process thousands of transactions per second.
Sky Prepares a Huge Liquidity Incentive Program
As part of its short-term growth strategy, Sky has announced a liquidity incentive program. This temporary program will offer up to two million SKY tokens per week to reward liquidity providers and DeFi integrators on Solana, fostering the adoption of USDS.
The incentives will primarily target two liquidity pairs: USDS/USDC and USDS/sUSDS, with the goal of ensuring a smooth experience for Solana users utilizing the stablecoin.
This initiative is part of a strategy that will culminate in the launch of SkyLink, an advanced solution that will enable native governance on Solana. SkyLink will provide full access to the protocol’s key features, such as savings rates for USDS, token rewards, and the ability to deploy large-scale capital into Solana’s DeFi protocols.
Finally, the use of the Wormhole protocol will facilitate interoperability between Ethereum and Solana while preparing for the full deployment of SkyLink.
