Newton Gitonga
DeFi platform Sky, formerly MakerDAO, has launched its stablecoin, USDS, on the Solana blockchain.
The lending protocol will leverage Solana’s expanding decentralized finance (DeFi) landscape to promote stablecoin’s early adoption.
USDS is live on @Solana.
As the first major DeFi-native stablecoin on Solana, USDS unlocks new opportunities for lending, borrowing and trading across the ecosystem’s top DeFi platforms.
Additionally, early adopters can access over 500,000 USDS in weekly rewards.
Sky introduced weekly rewards (worth over $500,0000 to attract more users and liquidity providers.
Meanwhile, “the first major DeFi-native stablecoin on Solana” presents new opportunities for traders, borrowers, and lenders within SOL’s leading DeFi networks.
The announcement added:
Today’s launch marks the first step in Sky’s strategy to increase Solana’s DeFi liquidity and TVL.
With pending governance approval, future phases will roll out SkyLink to enhance native cross-chain support for USDS and sUSDS.
Massive rewards to encourage USDS adoption
In a strategic move to promote USDS early adoption, Sky has introduced a strategic reward program for users and liquidity providers.
That’s vital in attracting Solana enthusiasts using different DeFi platforms. Top rewards include:
- 200K USDS (weekly) for Kamino Finance’s liquidity providers.
- 100K USDS (weekly) for stablecoin suppliers on Kamino Finance.
- 100K USDS (weekly) for Drift Protocol users.
- 400K USDS (monthly)/ 100K weekly for USDS suppliers on Save Finance.
- 5K USDS (weekly) for participating in Jito’s SOL/USDS liquidity pool.
The reward model will propel USDS adoption, attracting more liquidity to boost its market presence within the stablecoin marketplace.
Maker’s transition to Sky
MakerDAO rebranded to Sky late in August, introducing new names for its native tokens and replacing stablecoin DAI with USDS.
Meanwhile, the transition encountered various challenges, which even saw the project considering going back to Maker.
Nonetheless, the decision to remain Sky underscored dedication to solidifying the new identity within the DeFi landscape.
Coinmarketcap shows USDS as the 3rd-largest stablecoin by value, with $5.36 billion in market capitalization.
Tether and USD Coin rule this sector, with their market caps at $128.90 billion and $37.40 billion.
Thus, USDS should distinguish itself with user-centered initiatives and high-end features in this competitive space.
Solana’s DeFi growth
Solana has witnessed remarkable growth in its decentralized finance ecosystem.
Its total value locked jumped over 480% YTD to $10.39 billion (according to DefiLlama).
The staggering growth demonstrates surged interest in advanced DeFi services and products.
Nonetheless, intensified demand for Solana meme tokens contributed to the initial traction.
In summary, Sky’s USDS on the Solana network introduces lucrative user opportunities as the former solidifies its position in the DeFi marketplace.
The massive weekly rewards aim to boost USDS adoption in the competitive stablecoin space.
Moreover, according to the announcement:
Sky’s vision is aligning with Solana’s strong ecosystem of consumer apps, composability, and high-performance technology.
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