Catenaa, Sunday, November 24, 2024-Sky, the decentralized finance (DeFi) lending protocol formerly known as Maker, has officially launched its USDS stablecoin on the Solana blockchain. This marks USDS as the first major DeFi-native stablecoin on Solana, opening new avenues for borrowing, lending, and trading on the platform’s leading DeFi networks.
Sky’s move aims to enhance Solana’s DeFi liquidity and total value locked (TVL), with plans for further integration. The launch is powered by Wormhole’s Native Token Transfer (NTT), enabling cross-chain support with both Solana and Ethereum. Additionally, Sky’s governance token, SKY, will bridge to Solana as part of the expansion.
To incentivize adoption, Sky is rewarding early users and liquidity providers across Solana’s DeFi platforms, including Kamino Finance, Drift Protocol, and Save Finance, with USDS rewards. Currently, USDS holds a market capitalization of $5.24 billion, ranking as the third-largest stablecoin.
In August, Sky underwent a major rebranding from Maker as part of its “Endgame” overhaul, with USDS replacing DAI and SKY taking over the MKR governance token. The rebranding aligns with Sky’s vision of spearheading the next evolution in DeFi.
