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    Sky Transfers USDS Stablecoin to Solana, Launches Crosschain Bridge Amidst Market Shifts

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    HI, Liquidity has driven DeFi’s growth to date, so what’s the future outlook, decentralized finance, crypto, coin, blockchain technology, increase, rise, explosion, graph, fountaine, Solana

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    Sky, formerly known as Maker, is transferring its USDS stablecoin to Solana’s growing DeFi market and planning to launch a crosschain bridge for USDS. Sky’s decision signals its aim to boost Solana’s DeFi liquidity. Sky’s integration with Solana is ensured by Wormhole’s Native Token Transfer. The transition, however, affected Maker’s governance token, with it dropping 30%. Sky’s USDS, previously known as Dai, maintains parity with the US dollar. To attract Solana users, Sky is offering rewards for early adopters and liquidity providers on various DeFi platforms. Solana’s DeFi sector has grown significantly this year, predominantly due to meme coin speculation.

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    Sky, once called Maker, has moved its USDS stablecoin to Solana, aiming to get involved in Solana’s growing decentralized finance (DeFi) scene. In a post on Nov. 19, Sky said it was the first major DeFi stablecoin on Solana, offering new opportunities for lending, borrowing, and trading on Solana’s top DeFi platforms.

    The move signals Sky’s strategy to increase Solana’s DeFi liquidity and value. In the future, Sky plans to introduce its SkyLink crosschain bridge for USDS and sUSDS, its “savings” version of the stablecoin.

    USDS, formerly known as Dai (DAI), is designed to maintain the value of one US dollar. There was a bit of a mix-up when Sky changed its name from Maker in August, with co-founder Rune Christensen suggesting it might revert back to its original name. However, this idea was shot down by four major investors, and so the name Sky stuck around.

    To entice Solana users to pick up the newly named token, Sky is offering rewards to early adopters and stablecoin liquidity providers on different DeFi protocols. For example, Kamino Finance users can get access to weekly rewards for providing liquidity and for supplying the stablecoin.

    Sky’s integration via Wormhole’s Native Token Transfer (NTT) ensures smooth USDS operations on Solana. It’s the third largest stablecoin with a market share of 2.8%. Most of the market is dominated by Tether (USDT) and USD Coin (USDC), which together hold 88% share.

    DeFi on Solana has exploded this year, up 487% to $8.34 billion. Most of this popularity is thanks to meme coin speculation, since it’s fast and cheap to make them on the network.

    The previous governance token, Maker (MKR), took a 30% hit when the protocol encouraged users to switch to its new token, Sky (SKY). The adoption of the new Sky governance token has been slow, mainly because it’s not listed on trading exchanges yet.

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