Sky (Formerly maker) announces USDS debut on Solana Blockchain

Sky, the DeFi Lending Protocol that used to be known as Maker has launched USDS on the Solana chain.

Sky has stated that the launch of USDS positions USDS at the top according to its official announcement. “the first major DeFi-native stablecoin on Solana,” DeFi offers new options for lending, borrowing and trading through the leading blockchain 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.”

It is important to note that the word “you” means “you”. update On X, it was revealed that Wormhole Native Token Transfer’s (NTT) integration of USDS on Solana ensures the stablecoin’s native multichain. It is possible to use this on Solana as well as Ethereum, without the need for wrapped tokens. This also allows the Sky governance token SKY to be connected with the Solana Network.

Sky will reward early adopters of USDS, such as users and liquidity provider who use the four Solana platforms.

Kamino Finance also offers 200,000 USDS per week in rewards to users who provide liquidity with USDC/USDS and 100,000 USDS for stablecoin suppliers. Drift Protocol rewards stablecoin providers with 100,000 USDS per week. Save Finance offers 400,000 USDS monthly for the supply of dollar-pegged assets.

USDS, the third largest stablecoin in terms of market capitalization with a $5.24 billion value is now available.

Maker is reworking its Endgame. rebranded Sky was launched this August. USDS, and MKR Governance token have been renamed respectively. According to Rune Christensen the main purpose of rebranding was to reflect its position in the marketplace. “next evolution of DeFi.”