Hold onto your hats, crypto enthusiasts! There's a new player in town, and it's shaking up the Solana blockchain scene. Meet USDS, the third-largest stablecoin by market cap, right behind the big shots, Tether's USDT and Circle's USDC.
Sky, the rebranded DeFi lending wizard formerly known as Maker, has just introduced its USDS stablecoin to the Solana blockchain. And they're not just dipping their toes in; they're making a splash! Sky proudly calls USDS the “first major DeFi-native stablecoin on Solana,” promising exciting new opportunities for borrowing, lending, and trading on Solana's top DeFi platforms.
This launch is just the beginning of Sky’s master plan to boost Solana’s DeFi liquidity and total value locked (TVL). With governance approval on the horizon, they'll be rolling out SkyLink, which aims to supercharge cross-chain support for USDS and sUSDS. Sky’s vision is perfectly in sync with Solana’s vibrant ecosystem of consumer apps and its cutting-edge technology.
But wait, there's more! The integration of USDS on Solana is powered by Wormhole’s Native Token Transfer (NTT), making it natively multichain across both Solana and Ethereum, without the need for those pesky wrapped tokens. Plus, it bridges Sky’s governance token, SKY, to the Solana network.
In true generous fashion, Sky is showering early adopters with rewards. If you’re using USDS across four key Solana DeFi platforms, you’re in for a treat. Kamino Finance users can rake in 200,000 USDS in weekly rewards for liquidity provision with USDC/USDS, plus an extra 100,000 USDS weekly for stablecoin suppliers. Over at Drift Protocol, stablecoin suppliers get 100,000 USDS each week. And, Save Finance is dishing out a cool 400,000 USDS in monthly rewards for those providing the dollar-pegged asset.
USDS isn't just making waves; it's making history as the third-largest stablecoin with a market cap of $5.24 billion. This all comes after Maker's recent transformation into Sky in August, where they rebranded the decentralized DAI stablecoin and MKR governance token to USDS and SKY, respectively. This move was all about gearing up for the “next evolution of DeFi,” according to co-founder Rune Christensen.
So, buckle up, because USDS is here, and it's bringing a whirlwind of innovation to the DeFi universe!
