Sky (formerly Maker) Announces USDS Debut on Solana Blockchain

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

According to the official announcement, Sky said the launch positions USDS as “the first native DeFi stablecoin on Solana,” offering new avenues for borrowing, lending and trading on leading blockchain DeFi platforms.

“Today’s launch marks the first step in Sky’s strategy to increase Solana’s DeFi and TVL liquidity. With government approval pending, future phases will implement SkyLink to enhance native cross-chain support for USDS and sUSDS Sky’s vision aligns with Solana’s robust ecosystem of consumer, composition and high-performance technology.

The X update revealed that the integration of USDS into Solana is powered by Wormhole’s Native Token Transfer (NTT), which ensures that the stablecoin is natively multi-chain. This is available on both Solana and Ethereum without the need for wrapped tokens. It also facilitates the connection of Sky’s governance token, SKY, to the Solana network.

As part of the launch, Sky is rewarding early adopters, including users and liquidity providers who commit to USDS across four key Solana DeFi platforms.

In addition, Kamino Finance users can access 200,000 USDS in weekly rewards for supplying liquidity with USDC/USDS, and another 100,000 USDS weekly for those who supply the stablecoin. Meanwhile, Drift Protocol will reward stablecoin providers with USD 100,000 each week, and Save Finance will provide USD 400,000 in monthly rewards for those supplying the dollar-linked asset.

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

As part of its Endgame overhaul, Maker changed its name to Sky in August of this year. The decentralized stablecoin DAI and government token MKR were renamed USDS and SKY, respectively. The main goal of the rebrand, according to co-founder Rune Christensen, was to capture its role in the “next evolution of DeFi.”

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