{"id":32515,"date":"2024-11-20T11:00:38","date_gmt":"2024-11-20T08:00:38","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=32515"},"modified":"2024-11-20T10:43:02","modified_gmt":"2024-11-20T07:43:02","slug":"skys-usds-stablecoin-makes-a-bold-move-to-solana","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/skys-usds-stablecoin-makes-a-bold-move-to-solana\/","title":{"rendered":"Sky\u2019s USDS Stablecoin Makes a Bold Move to Solana"},"content":{"rendered":"<p><strong>Sky<\/strong>, formerly known as <strong>Maker<\/strong>, has officially launched its <strong>USDS stablecoin<\/strong> on the <strong>Solana blockchain<\/strong>, marking a significant milestone in decentralized finance (<strong>DeFi<\/strong>). This development is aimed at harnessing Solana&#8217;s rapidly growing DeFi ecosystem, which has seen its total value locked (<strong>TVL<\/strong>) skyrocket by 487% year-to-date to over $8 billion, as per DefiLlama.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2024-11\/01934807-6490-7008-bcd7-8d6e1a84baf1\" alt=\"sky\" width=\"1035\" height=\"412\" \/><\/p>\n<p>The newly branded <strong>USDS<\/strong>, formerly known as <strong>DAI<\/strong>, is touted as the first major DeFi-native stablecoin on Solana. It introduces innovative lending, borrowing, and trading capabilities across Solana&#8217;s top DeFi platforms.<\/p>\n<h2>Sky\u2019s Vision for Solana<\/h2>\n<p>Sky&#8217;s Nov. 19 announcement described the <strong>USDS launch<\/strong> as the initial phase of its broader strategy to bolster Solana&#8217;s DeFi liquidity and TVL. The team is also considering deploying <strong>SkyLink<\/strong>, a cross-chain bridge for <strong>USDS<\/strong> and its savings-focused counterpart, <strong>sUSDS<\/strong>, subject to governance approval.<\/p>\n<p>To accelerate adoption, <strong>Sky<\/strong> is offering a massive <strong>$500,000 USDS reward pool<\/strong> for early users and liquidity providers:<\/p>\n<ul>\n<li><strong>Kamino Finance<\/strong>: Weekly rewards of <strong>200,000 USDS<\/strong> for <strong>USDC\/USDS liquidity providers<\/strong> and <strong>100,000 USDS<\/strong> for stablecoin suppliers.<\/li>\n<li><strong>Drift Protocol<\/strong>: <strong>100,000 USDS rewards<\/strong> for stablecoin suppliers.<\/li>\n<li><strong>Save Finance<\/strong>: Monthly rewards totaling <strong>400,000 USDS<\/strong> for users supplying <strong>USDS<\/strong>.<\/li>\n<\/ul>\n<p>The protocol utilizes <strong>Wormhole&#8217;s Native Token Transfer (NTT)<\/strong> for seamless operations, enhancing cross-chain functionality.<\/p>\n<p>The shift from <strong>Maker<\/strong> to <strong>Sky<\/strong> has not been without challenges. The rebranding caused some confusion, even prompting co-founder <strong>Rune Christensen<\/strong> to propose reverting to the original name. However, the idea was ultimately rejected. Additionally, the governance token transition from <strong>MKR<\/strong> to <strong>SKY<\/strong> has been slow, as <strong>SKY<\/strong> is yet to list on exchanges, impacting its adoption.<\/p>\n<hr \/>\n<p><em>Might interest you: <a href=\"https:\/\/coinengineer.net\/blog\/who-could-replace-gary-gensler-as-sec-chairman\/\"><strong>Who Could Replace Gary Gensler as SEC Chairman?<\/strong><\/a><\/em><\/p>\n<hr \/>\n<p>With a market capitalization of <strong>$5.3 billion<\/strong>, <strong>USDS<\/strong> ranks as the third-largest stablecoin, behind <strong>Tether (USDT)<\/strong> and <strong>USD Coin (USDC)<\/strong>, which dominate 88% of the market. Despite its promising potential, <strong>USDS<\/strong> faces stiff competition in an already crowded stablecoin arena.<\/p>\n<p>While Solana&#8217;s explosive DeFi growth has been noteworthy, much of its popularity has been fueled by the speculative frenzy surrounding <strong>meme coins<\/strong>, thanks to platforms like <strong>Pump.fun<\/strong> that make token creation fast and inexpensive.<\/p>\n<p>Sky\u2019s bold move onto Solana demonstrates a commitment to advancing DeFi innovation. The success of <strong>USDS<\/strong> will hinge on its ability to differentiate itself in a competitive market while leveraging Solana&#8217;s scalability and speed.<\/p>\n<hr \/>\n<p><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Telegram,\u00a0<\/strong><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"nofollow noopener\"><strong>YouTube<\/strong><\/a>,\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0<a title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\">news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sky, formerly known as Maker, has officially launched its USDS stablecoin on the Solana blockchain, marking a significant milestone in decentralized finance (DeFi). This development is aimed at harnessing Solana&#8217;s rapidly growing DeFi ecosystem, which has seen its total value locked (TVL) skyrocket by 487% year-to-date to over $8 billion, as per DefiLlama. The newly<\/p>\n","protected":false},"author":28,"featured_media":32516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,2],"tags":[192,9478,1915,93,4227,3022,6753,9593,9591,9590,9592,319,488,9595,118,9596,3690,8243,9594],"class_list":["post-32515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-news","tag-blockchain","tag-crypto-adoption","tag-dai","tag-defi","tag-drift-protocol","tag-kamino-finance","tag-maker","tag-rune-christensen","tag-save-finance","tag-sky","tag-skylink","tag-solana","tag-stablecoin","tag-stablecoin-rewards","tag-tether","tag-tvl-growth","tag-usd-coin","tag-usds","tag-wormhole-ntt"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sky\u2019s USDS Stablecoin Makes a Bold Move to Solana - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/skys-usds-stablecoin-makes-a-bold-move-to-solana\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sky\u2019s USDS Stablecoin Makes a Bold Move to Solana - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Sky, formerly known as Maker, has officially launched its USDS stablecoin on the Solana blockchain, marking a significant milestone in decentralized finance (DeFi). 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