Sky, formerly known as Maker, the longest-standing DeFi lending protocol, announces that its decentralized stablecoin, USDS, is available on the Solana blockchain. Backed by over $5 billion in joint supply from the Sky Ecosystem, USDS is now accessible throughout Solana’s ecosystem, where the total TVL exceeds $7.8 billion. This marks the first step in Sky’s strategic commitment to increasing Solana’s DeFi liquidity and TVL. Solana’s robust ecosystem of consumer apps, composability, and highly performant technology align with Sky’s vision for mass adoption and growth of USDS.
“Integrating native access to Sky’s new USDS stablecoin provides additional stablecoin liquidity to the Solana ecosystem, creating more opportunities for Solana DeFi users,” said Lily Liu, President of Solana Foundation. “This integration creates new possibilities for user engagement and growth within the Solana community, continuing to make decentralized finance more accessible.”
Following this deployment, Solana users can access USDS and use it across Solana’s ecosystem of decentralized finance applications. Users can initially access Sky’s stablecoin through several respected Solana-native DeFi platforms. Early adopters of USDS on Solana can participate in liquidity incentive programs available from launch on Orca, Jupiter, Kamino, and Drift, with over 300,000 USDS distributed by those projects weekly as rewards to their users.
The expansion of USDS follows Maker’s rebranding to Sky and expansion of its offerings to reach new, previously untapped user bases. On its first launch day, USDS supply reached 200 million and rose to 500 million within its first week. Building on the successful launch of USDS, Sky’s expansion to Solana solidifies it as the fastest-growing stablecoin across all blockchain networks, offering a user-friendly means to get rewarded for non-custodial savings.
Rune Christensen, co-founder of Sky, said: “Solana’s broad consumer adoption and highly active community align perfectly with Sky’s mission to make DeFi accessible to more people. While the Solana DeFi ecosystem has been growing steadily, Sky’s highly liquid and robust decentralized stablecoin is exactly what is needed to propel new levels of adoption. This marks the beginning of a new multichain era for USDS.”
The multichain deployment of USDS on Solana is enabled by Wormhole, utilizing its Native Token Transfers (NTT) framework to facilitate a seamless, secure, and native multichain experience. Wormhole’s framework eliminates liquidity fragmentation by managing and maintaining a unified USDS supply across the Ethereum and Solana chains without the need for wrapped tokens.
“Bringing USDS and SKY to Solana through Wormhole is a massive milestone for the DeFi community. Wormhole’s NTT will enable a native multichain experience that will drive growth for these two ecosystems,” Robinson Burkey, Co-Founder of Wormhole Foundation, concluded.
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