Sky Ecosystem Launches USDS Stablecoin on Solana Blockchain
The Sky Ecosystem, previously known as Maker, has launched its stablecoin USDS on the Solana blockchain. This stablecoin will act as the DeFi-native currency for Solana's ecosystem.
This launch creates opportunities for users to engage in lending, borrowing, and stable transactions across leading DeFi platforms on Solana.
Early Rewards: Over 500,000 USDS Weekly for DeFi Participants
To promote early adoption, over 500,000 USDS will be distributed weekly as rewards across key DeFi platforms. Kamino Finance users can earn 200,000 USDS weekly for providing liquidity with USDC/USDS and an additional 100,000 USDS as suppliers. Drift Protocol suppliers can earn 100,000 USDS weekly, while Save Finance participants may receive 400,000 USDS monthly (100,000 USDS per week) for supplying USDS. Jito's SOL/USDS liquidity providers can claim 5,000 USDS weekly.
Incentives also include 100,000 USDS weekly for users bridging USDS to Solana through Wormhole’s Native Token Transfer (NTT). Sky emphasized this integration:
“Sky Protocol’s native integration via Wormhole’s Native Token Transfer (NTT) enables seamless USDS operations on Solana, with an extra 100,000 USDS in weekly rewards for users who bridge USDS to the network.”
The Sky Ecosystem manages USDS and collaborates with major Solana platforms like Jupiter Exchange, Raydium, Orca, and Phantom to enhance usability and accessibility of the stablecoin. These partnerships aim to establish USDS as a foundational element in Solana’s DeFi landscape.
USDS has become the third-largest stablecoin by market capitalization, reaching $5.3 billion and capturing 2.8% of the market share. However, Tether and USD Coin dominate the stablecoin market, controlling 88% combined.
Future Vision: SkyLink to Enable Cross-Chain Seamlessness
Future plans include launching SkyLink, a cross-chain feature pending governance approval, which will facilitate interactions between USDS and its synthetic counterpart, sUSDS. Sky aims to align its vision with Solana’s user-friendly applications, ease of integration, and efficient blockchain technology. Sky stated:
“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. Sky’s vision is aligning with Solana’s strong ecosystem of consumer apps, composability, and high-performance technology.”
The launch of USDS on Solana signifies a pivotal moment for both entities, promoting growth in DeFi liquidity and stablecoin adoption within the network. With Solana's extensive user base and active community, Sky aims to broaden access to DeFi solutions.