Decentralized Finance Protocol Rebrands to Sky
Sky, a decentralized finance protocol previously known as MakerDAO, is implementing Wormhole’s technology to expand its capabilities on Solana. This move will allow for the seamless transfer of native tokens across different blockchains without altering their properties. Other protocols like Lido, Jito, and ether.fi have also adopted this technology for multichain token transfers.
Natively Multichain Token Transfers
Sky will utilize Wormhole’s native token transfer framework to bridge its governance token SKY and stablecoin USDS to the Solana network. Through the “burn and mint” mode, these tokens will be available on Solana and Ethereum, eliminating the need for wrapped tokens and ensuring a unified supply. Users can transact on multiple chains without facing liquidity fragmentation, granting the protocol full control over SKY, USDS, and sUSDS.
2 Million SKY Incentive Program Proposal
Co-founder of Sky, Rune Christensen, announced plans to integrate the protocol’s tokens on Solana and launch a 2 million SKY incentive program for decentralized finance projects on the platform. This weekly allocation aims to incentivize projects that integrate SKY and USDS, further enhancing the protocol’s presence and utility on Solana.
