Sky, a decentralized finance protocol rebranded from MakerDAO, is set to utilize Wormhole’s technology to bring its native tokens to Solana
DeFi protocol Sky, the rebrand of MakerDAO, is now using Wormhole’s technology to bring its native tokens to Solana in a bid to expand its multichain capabilities.
Wormhole (W) provides a native token transfer framework, also known as NTT, which enables efficient cross-blockchain transfers of native tokens without altering their inherent properties. Lido, Jito, and ether.fi are among the other protocols that have adopted NTT for multichain token transfers.
Native multichain token transfers to Solana
According to details shared in a blog post, Sky will be utilizing NTT to bridge both its governance token SKY and stablecoin USDS to the Solana (SOL) network. This integration will make these tokens natively multichain, available on both Solana and Ethereum (ETH) via bridges like Portal.
When deploying tokens multichain using NTT, the tokens will go through the framework’s “burn and mint” mode. As a result, there will be no wrapped tokens for the native tokens, but rather a unified supply across Sky and Solana. According to Wormhole, users will be able to participate on multiple chains without being impacted by liquidity fragmentation.
The DeFi protocol will maintain complete control over SKY, USDS, and sUSDS across functions like token customizability, contract ownership, upgrades, and metadata management.
Proposal for 2 million SKY incentive program unveiled
Rune Christensen, co-founder of Sky, initially highlighted the protocol’s plans to bridge its tokens onto Solana on Sept. 20. He unveiled the proposal at the Solana Breakpoint conference in Singapore.
In addition to the proposal to integrate the protocol’s tokens on the SOL platform, Rune outlined an incentive program that would allocate 2 million SKY to decentralized finance protocols on Solana. The weekly allocation will be distributed to projects that integrate both SKY and USDS, according to Rune.
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