DeFi protocol Sky, formerly Maker, has launched its stablecoin, USDS, on the Solana blockchain. Announced on November 19, the rollout establishes USDS as Solana’s first major DeFi-native stablecoin, broadening opportunities for lending, borrowing, and trading within the ecosystem.
Sky described the launch as a pivotal step in its mission to boost DeFi liquidity and total value locked (TVL) on Solana. USDS, formerly branded as Dai (DAI), is designed to maintain 1:1 parity with the US dollar.
Sky is offering $500,000 in USDS rewards across various DeFi platforms on the blockchain to incentivise adoption among users. Kamino Finance users providing USDC/USDS liquidity will receive 200,000 USDS weekly, with an additional 100,000 USDS for stablecoin suppliers. Drift Protocol and Save Finance participants can earn 100,000 and 400,000 USDS in monthly rewards, respectively.
The integration of Wormhole’s Native Token Transfer (NTT) is another highlight of the launch, enabling smooth USDS transactions on Solana.
Sky also announced plans to introduce the SkyLink cross-chain bridge to facilitate seamless transfers for USDS and sUSDS, a “savings”-oriented version of the stablecoin. However, this development awaits governance approval.
Sky’s rebranding from Maker in August faced initial community resistance but was upheld after a governance vote. A subsequent proposal to revert to the Maker brand and address community dissatisfaction over the rebranding was rejected on November 8.
Only 18.5% of voters supported the reversal, while over 79% backed retaining the Sky name. Notably, the vote was heavily influenced by a small group of large token holders. Five “whales,” with a combined 77,252 MKR tokens, accounted for 98% of the voting power.
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