Ben Solomon Photo LLC Blockworks| Ben Solomon Photo LLC for Blockworks
Exclusively disclosed by Blockworks: Sky, the Ethereum DeFi giant that has been around for many years, has now deployed its USDS-stablecoin on Solana.
USDS is now the third most valuable stablecoin, behind USDT, USDC, and USDC. Prior to today, the token was exclusive to Ethereum.
Sky used to be known as Maker before its rebranding in late August. This is all part of the long-term “endgame” Sky cofounder Rune Christensen has been executing the process. The endgame includes a number of changes to the oldest DeFi protocol.
Christensen made it clear that he admires Solana. He floated the idea to fork Solana’s source code in order to build a brand new chain by 2023. USDS will become multichain thanks to Wormhole’s native token transfer system.
USDS will receive incentives to grow on Solana via liquidity incentive agreements between the DeFi platforms Jupiter Orca Kamino Drift. Sky has said that the projects will be distributed. “over 300,000” Weekly USDS in Liquidity Incentives
PayPal’s stablecoin used a similar method when it deployed recently on Solana. It offered lucrative liquidity incentives for market capitalization on DeFi platforms Kamino and DeFi. This liquidity was not retained once the incentives ended, and Solana’s market share in PYUSD has plummeted since August.
Maybe Solana and Sky are in the same boat. Sky’s brand rebranding was bumpy and the backlash from the community prompted a vote to decide whether or not to rebrand for a second. Sky won in a vote heavily dominated four whales. Solana’s stablecoin market shares hasn’t increased significantly despite the increase in almost every Solana measure. According to DeFiLlama, the chain only holds 2% of stablecoins. Ethereum has 51%.
Sky’s community could rally around the blockchain that is currently in vogue. Solana could benefit from gaining access the third largest stablecoin.
An earlier version of this post stated that DAI was launched 2014. It was released in 2017.
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