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The Sky Ecosystem oversees USDS and has partnered with key Solana platforms, including Jupiter Exchange, Raydium, Orca, and Phantom, to improve the stablecoin’s usability and accessibility.
Key Notes
Sky launched USDS on Solana with rewards for early adopters.Over 500,000 USDS in rewards weekly across DeFi platforms.SkyLink planned for cross-chain integration, pending approval.The Sky Ecosystem, formerly known as Maker, has launched its stablecoin USDS USDS $1.00 24h volatility: 0.2% Market cap: $5.25 B Vol. 24h: $4.61 M on the Solana blockchain. The protocol company announced on X that USDS will serve as the DeFi-native stablecoin for Solana’s ecosystem.
This launch opens new user opportunities, enabling lending, borrowing, and facilitating stable transactions for traders across Solana’s leading DeFi platforms.
Early Rewards: Over 500,000 USDS Weekly for DeFi Participants
The initiative is accompanied by significant rewards aimed at encouraging early adoption and expanding the stablecoin’s presence. Early users can access over 500,000 USDS in weekly rewards distributed across key DeFi platforms.
Kamino Finance users can earn 200,000 USDS weekly for providing USDC/USDS liquidity and another 100,000 USDS weekly as suppliers. Similarly, Drift Protocol suppliers can earn 100,000 USDS weekly. Save Finance participants have a chance to receive 400,000 USDS monthly, equivalent to 100,000 USDS per week, for supplying USDS. Meanwhile, Jito’s SOL/USDS liquidity providers can claim 5,000 USDS weekly.
Additional incentives are available through Wormhole’s Native Token Transfer (NTT), enabling users to bridge USDS to Solana while earning 100,000 USDS in weekly rewards. Sky highlighted the integration, stating:
“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 oversees USDS and has partnered with key Solana platforms, including Jupiter Exchange, Raydium, Orca, and Phantom, to improve the stablecoin’s usability and accessibility. These integrations aim to position USDS as a cornerstone of Solana’s DeFi landscape.
USDS has grown to become the third-largest stablecoin by market capitalization, reaching $5.3 billion and holding a 2.8% market share. Despite this, the stablecoin market remains dominated by Tether and USD Coin, which together control 88% of the market.
Future Vision: SkyLink to Enable Cross-Chain Seamlessness
Future developments are already in motion as they await governance approval. Sky plans to launch SkyLink, a cross-chain feature that will facilitate seamless interactions between USDS and its synthetic version, sUSDS. The protocol company noted that its vision aligns with Solana’s user-friendly applications, ability to easily integrate and build upon existing solutions, 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 represents a significant milestone for both companies, ushering in a new era of growth for DeFi liquidity and stablecoin adoption on the network. With Solana’s expansive user base and vibrant community, Sky is poised to further its mission of making DeFi more accessible to a wider audience.
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Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
