Sky (former developer) announces USDS debut on Solana blockchain

Sky, a DeFi lending protocol formerly known as Maker, has launched its USDS stablecoin on the Solana blockchain.

According to the official announcement, the Sky startup positions USDS as “the first major DeFi-native stablecoin on Solana,” offering new ways to borrow, lend and trade on blockchain-leading DeFi platforms.

“Today's launch is the first step in Sky's strategy to increase Solana's Diffie Liquidation and TVL. Pending regulatory approval, future phases will enhance SkyLink's native cross-chain support for USDS and sUSDS. Sky's vision aligns with Solana's strong ecosystem of consumer applications, integration and high-performance technology.

An update on X revealed that the USDS integration on Solana is powered by Wormhole's Native Token Transfer (NTT), confirming that the stablecoin is a native multichain. This is available in both Solana and Ethereum without the need for packaged tokens. It also facilitates the Sky management token to connect SKY to the Solana network.

As part of the launch, Sky is rewarding early adopters, including users and liquidity providers for participating in four key Solana DeFi platforms with USD.

Additionally, users on Camino Finance can earn up to 200,000 USDS weekly rewards for liquidity in USDC/USDS. Meanwhile, Drift Protocol rewards stablecoin contributors with 100,000 USDS weekly, and Save Finance 400,000 USDS in monthly rewards for those who contribute dollar-denominated assets.

USDS is currently the third largest stablecoin by market capitalization, boasting a value of $5.24 billion.

As part of the Final Game update, Maker rebranded it to Sky in August of this year. The decentralized DAI stablecoin and MKR management token have been renamed USDS and SKY respectively. According to co-founder Rune Christensen, the main goal of the rebranding was to capture its role in “the next evolution of Diffie.”