Sky founder Rune Christensen told the Solana Breakpoint conference that Sky’s stablecoin, governance token, and tokenized savings yield will launch on Solana through interoperability protocol Wormhole.
“Big DeFi energy”: Sky’s rollout on Solana is another vote of confidence in the blockchain, whose native token has been on a tear during the past year.
(Unchained/Sage D. Young)
Posted September 20, 2024 at 6:00 am EST.
SINGAPORE – Rune Christensen, the founder of Sky, previously named MakerDAO, announced at the Solana Breakpoint conference today that the DeFi protocol, which is known for its decentralized stablecoin, will roll out on Solana via interoperability protocol Wormhole.
“The USDS stablecoin, the SKY governance token, and then the tokenized form of the savings rate [are] all going to launch on Solana with Wormhole,” Christensen said in Singapore on Friday. “And to accompany that, there will be a large liquidity incentive program that will offer Sky tokens to people who use all the different DeFi protocols in Solana that integrate USDS and SKY.”
Christensen’s announcement comes just over a year after he hinted at deploying the DeFi protocol on Solana.
Last September, Christensen published a post in MakerDAO’s governance forum with a subsection entitled, “Solana as the most promising codebase.”
In the post, Christensen gave three reasons why he thought Solana was the blockchain of choice: the technical quality of its codebase, its resilience, as shown by the way in which it weathered the collapse of FTX, and examples of forks in the Solana codebase that had been adapted to act as appchains.
“Sky is going to bring big DeFi energy to Solana,” Christensen told attendees at Breakpoint 2024. “It’s going to be possible to allocate that collateral into DeFi protocols in Solana and help with things like bootstrapping the RWA ecosystem in Solana.”
According to Christensen, unlimited native one-to-one conversion between Sky’s USDS and Circle’s USDC will be available on Solana. SKY and other token rewards will also be available natively on the blockchain.
MakerDAO is the sixth-largest DeFi protocol by total locked value, with $5.5 billion, ahead of decentralized exchange Uniswap and liquid staking provider Rocket Pool, according to DefiLlama.
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