Ethereum Giants Previously Referred to as MakerDAO and DAI Now on Solana – Decrypt

The Solana decentralized ecosystem (DeFi) is rising: Sky—previously recognized as MakerDAO—has put its new stablecoin on the crypto community. 

Based on Sky, the token, USDS, would be the DeFi-native stablecoin on Solana. 

Sky’s USDS stablecoin was launched in September. Sky runs on Ethereum and is likely one of the oldest DeFi tasks within the area. USDS changed DAI, the long-running Ethereum stablecoin; DAI holders had been in a position to improve to USDS as of September.

“As the primary main DeFi-native stablecoin on Solana, USDS unlocks new alternatives for lending, borrowing and buying and selling throughout the ecosystem’s prime DeFi platforms,” the venture mentioned on X (previously Twitter). 

Rune Christensen, co-founder of Sky, advised Decrypt that the transfer “marks the start of a brand new multi-chain period for USDS.”

“Solana’s broad shopper adoption and extremely lively group align completely with Sky’s mission to make DeFi accessible to extra individuals,” he mentioned. 

Solana is a fast-growing crypto ecosystem, particularly within the DeFi area: DeFiLlama information reveals that it has $8.2 billion locked into its DeFi apps—the second-largest quantity of worth of all main blockchains, after Ethereum. 

Solana competes with Ethereum by being a quicker and cheaper community for transacting tokens and interacting with decentralized apps (dapps).

Decentralized finance—or DeFi—refers to tasks within the crypto area that wish to substitute conventional monetary companies like borrowing and lending. However apps launched within the sphere are sometimes experimental and due to this fact liable to hacks and exploits, in addition to value crashes.

Sky rebranded from MakerDAO in September and permits customers to borrow and lend cryptocurrencies. Stablecoins are a digital asset which might be pegged to a different asset, normally the U.S. greenback. Merchants within the area can use them to enter and exit crypto trades shortly with out having to make use of banks.

Edited by Andrew Hayward