Sky founder Rune Christensen said at the Solana Breakpoint conference that Sky’s stablecoin, governance token, and tokenized savings yield will launch on Solana via the Wormhole interoperability protocol.
“Big DeFi energy”: Sky’s deployment on Solana is another vote of confidence in the blockchain, whose native token has been booming for the past year.
(Unleashed/Sage D. Young)
Posted on September 20, 2024 at 6:00 a.m. EST.
SINGAPORE — Rune Christensen, the founder of Sky, formerly known as MakerDAO, announced today at the Solana Breakpoint conference that the DeFi protocol, known for its decentralized stablecoin, will be deployed on Solana via the Wormhole interoperability protocol.
“The USDS stablecoin, the SKY governance token, and then the tokenized form of the savings rate[will]all launch on Solana with Wormhole,” Christensen said in Singapore on Friday. “And to go along with that, there will be a massive liquidity incentive program that will offer SKY tokens to people who are using all of Solana’s different DeFi protocols that integrate USDS and SKY.”
Read more: Solana growth metrics, including stablecoin supply, continue to soar
Christensen’s announcement comes just over a year after he hinted at the DeFi protocol’s deployment on Solana.
Last September, Christensen published a post in the MakerDAO governance forum with a subsection titled “Solana as the most promising codebase”.
In his post, Christensen gave three reasons why he thought Solana was the blockchain of choice: the technical quality of its codebase, its resilience, as demonstrated by how it withstood the FTX collapse, and examples of forks in the Solana codebase that were adapted to act as appchains.
Read more: Why MakerDAO’s token is lagging behind others, despite the protocol’s strong revenues
MakerDAO initially appeared on Ethereum in 2015.
“Sky is going to bring a lot of DeFi energy to Solana,” Christensen told Breakpoint 2024 attendees. “It will be possible to allocate that collateral to Solana’s DeFi protocols and help with things like starting the Solana RWA ecosystem.”
According to Christensen, unlimited native 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.
Read more: SOL is on track to topple ETH, says Multicoin Capital’s Kyle Samani
MakerDAO is the sixth-largest DeFi protocol by total value locked, with $5.5 billion, ahead of decentralized exchange Uniswap and liquid staking provider Rocket Pool, according to DefiLlama.
