Sky (formerly Maker) expands USDS to Solana with Wormhole NTT

USDS, Sky’s flagship stablecoin (formerly DAI) and the third largest stablecoin by market cap, is now live on Solana with Wormhole’s NTT framework. This landmark integration enables seamless native USDS transfers across the Ethereum and Solana blockchains.

Sky, a pioneer in decentralized finance

Sky, formerly known as Maker, stands as one of DeFi’s most established protocols, with roots dating back to 2014. Originally launched as MakerDAO, it achieved significant success through its DAI stablecoin, establishing itself as the first DeFi protocol to achieve product-market-fit. In 2024, the protocol evolved into Sky, introducing enhanced technology focused on resilience and simplicity while maintaining its non-custodial nature.

Now with over $5B in assets, Sky’s ecosystem includes USDS, the upgraded version of DAI and the market’s third-largest stablecoin. The protocol’s choice to leverage the Wormhole NTT framework for its Solana expansion underscores the growing demand for secure, efficient interoperability solutions.

The NTT framework

Wormhole Native Token Transfers (NTT) is a flexible and open framework for seamlessly transferring native tokens across blockchains. Unlike traditional bridges that create wrapped assets, NTT enables native multichain functionality through:

• Seamless token transfers without wrapping or bridging
• Battle-tested security via the Wormhole Guardian Network
• Flexible token management and customization options
• Open-source architecture for broad composability

Why Solana?

The expansion to Solana represents a significant milestone for DeFi. As crypto’s strongest ecosystem, Solana leads with the highest 7-day DEX volume in the market, surpassing Ethereum by 77.91% ($15.78B vs $8.87B). The network consistently outpaces Ethereum in daily fees generated while offering unparalleled speed and low transaction costs, making it the destination chain for leading protocols and DeFi users alike.

This deployment brings one of the most established DAOs to Solana, introducing the industry’s third-largest stablecoin to its rapidly growing DeFi ecosystem, reinforcing its position as the leading destination for onchain finance. Sky ecosystem’s choice of Solana stems from their recognition of SVM’s enhanced capabilities, with the expansion opening pathways for future deployments including an SVM SkyChain integration.

Sky’s NTT implementation

Sky has taken USDS multichain to Solana using NTT’s burn-and-mint deployment mode. This approach:

• Ensures unified token supply management across Ethereum and Solana
• Eliminates liquidity fragmentation between chains
• Maintains complete control over token contracts and upgrades
• Enables future expansion to additional chains
• Provides enhanced security through built-in features like rate-limiting and access controls

This comprehensive implementation ensures users can seamlessly interact with Sky’s USDS across chains while maintaining the highest standards of security and efficiency.

Looking forward

With Sky’s deployment on Solana through Wormhole NTT, the foundation is set for a truly multichain DeFi future. This move not only brings together three powerhouses of DeFi – Sky’s liquidity, Solana’s performance, and Wormhole’s security – but also establishes a blueprint for secure, efficient multichain innovation.

Getting started with USDS on Solana

Users can begin transferring native USDS to Solana via Portal at https://portalbridge.com.

The Solana ecosystem is also launching with robust incentives across multiple protocols:

• Kamino Finance: 200,000 USDS weekly for USDC/USDS liquidity providers and 100,000 USDS weekly for USDS suppliers
• Drift Protocol: 100,000 USDS weekly for USDS suppliers
• Save Finance: 400,000 USDS monthly for USDS suppliers
• Jito: 5,000 USDS weekly for SOL/USDS liquidity pool

After transferring to Solana via Portal, users can participate in these incentive programs or use USDS across Solana's DeFi ecosystem.

Learn more

Check out the Wormhole NTT Docs, or get in touch to go multichain and grow your token’s reach with an open and flexible standard trusted by the industry’s leading crypto assets. Learn more about NTT in a 15-minute workshop given by Wormhole Foundation Product Lead, Nikhil Suri: Watch here.

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About Sky protocol

Sky Protocol, formerly known as the Maker Protocol, is a decentralized protocol with the Sky stablecoin USDS at its core. The protocol features Sky tokens (USDS, SKY, DAI, MKR), the Sky Savings Rate (SSR), Sky Token Rewards (STRs), and more. It is managed by Sky’s decentralized community governance.

About Wormhole

Wormhole is the leading interoperability platform that powers multichain applications and bridges at scale. Wormhole provides developers access to liquidity and users on over 30 of the leading blockchain networks, enabling use cases that span DeFi, NFTs, governance, and more. The wider Wormhole network is trusted and used by teams like Circle and Uniswap. To date, the platform has facilitated the transfer of over 40 billion dollars through over 1 billion cross-chain messages. To learn more about Wormhole, follow on Twitter, join the Discord, or read the blog.