Sky Launches USDS Stablecoin On Solana Network

USDS stablecoin. (Photo; Doc. Criptonoticias)

JAKARTA - Sky Ecosystem, previously known as Maker, officially released USDS stablecoin on the Solana blockchain. This step is expected to encourage the growth of the decentralized financial ecosystem (DeFi) in Solana by introducing original stablecoins specifically designed for DeFi needs.

Sky announced that USDS can be used for borrowing, supply of liquidity, and stable transactions on various leading DeFi platforms in Solana.

To increase early users, Sky offered more than 500.000 USDS (approximately IDR 7.9 billion) in weekly rewards on some major DeFi platforms.

Kamino Finance users can earn up to 200,000 USDS weekly by providing USDC/USDS liquidity, plus 100,000 USDS for suppliers. On the Drift Protocol, suppliers have the opportunity to earn 100,000 USDS weekly, while Save Finance participants will receive up to 400,000 USDS monthly (100.000 weekly).

In addition, the Jito liquidity provider for the SOL/USDS pair can claim 5,000 USDS weekly. Integration with airways allows users to move USDS to the Solana network and get an additional 100,000 USDS per week.

Sky Ecosystem also partners with leading platforms such as Jupiter Exchange, Raydium, Orca, and Phantom to increase USDS adoption and usability. With a market cap of 5.3 billion US dollars (Rp83.7 trillion), USDS is now the third largest stablecoin in the world with a market share of 2.8%.

Going forward, Sky plans to launch SkyLink. Added information, SkyLink is a cross-chain feature that will facilitate interactions between USDS and its synthetic version, SUSDS. This feature is designed to increase DeFi liquidity in Solana and support blockchain-based consumer applications.