Sky, formerly Maker, launches USDS stablecoin on Solana

November 20, 2024 Coin Telegraph

Sky is offering $500,000 in USDS rewards for early adopters and stablecoin liquidity providers.

Decentralized finance lending and borrowing protocol Sky, formerly known as Maker, has deployed its USDS stablecoin on Solana in an effort to tap into the blockchain’s growing decentralized finance (DeFi) ecosystem.

Sky said in a Nov. 19 X post that its USDS was “the first major DeFi-native stablecoin on Solana” and would allow new ways for lending, borrowing, and trading across Solana’s “top DeFi platforms.”

“Today’s launch marks the first step in Sky’s strategy to increase Solana’s DeFi liquidity and [total value locked],” it added. Sky said in the future, pending governance approval, it would roll out its SkyLink crosschain bridge for USDS and sUSDS, its “savings” version of the stablecoin.

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Gen Z trader rugs meme coin during livestream, community’s revenge sends token to $80M

Sky co-founder proposes no new emissions for core token

November 4, 2024 Coin Telegraph

Coin Telegraph

Rune Christensen proposed a deflationary model for Sky, halting token emissions and aligning with MakerDAO’s original supply reduction vision.

Rune Christensen, the co-founder of Sky (formerly MakerDAO), said he is preparing a proposal for “strictly deflationary tokenomics” to halt token emissions and decrease total supply.

Christensen aims to prevent token emissions from occurring “in normal conditions” regardless of whether the core token stays as Maker (MKR) or becomes SKY in line with the new brand.

The new token structure would ensure that the chosen token is supported by long-term supply reduction and a burn mechanism, aligning with MakerDAO’s original tokenomics model.

Gen Z trader rugs meme coin during livestream, community’s revenge sends token to $80M

Sky’s Rune Christensen Reveals Star Allocation Proposal—and Possibly a Return to the Old Maker Name

October 22, 2024 Bitcoin.com

bitcoin.com

Rune Christensen, founder of Makerdao, has outlined a comprehensive plan for the future of the decentralized finance (defi) ecosystem, highlighting the success of the USDS stablecoin and introducing the Star Allocation System Framework. A key aspect of the plan includes a possible transition back to the Maker brand, following community feedback on recent changes. Makerdao […]

Gen Z trader rugs meme coin during livestream, community’s revenge sends token to $80M

USDS and RLUSD Stablecoins See Uptick in Supply Amid Broader Stablecoin Growth

October 15, 2024 Bitcoin.com

Altcoins

The latest data highlights that the stablecoin market currently sits at $173 billion, with two recently introduced U.S. dollar-backed stablecoins showing significant growth. The decentralized finance (defi) project Sky, previously known as Makerdao, has minted 1.11 billion USDS, adding approximately 104 million coins to its supply over the past five days. In a parallel development […]

Gen Z trader rugs meme coin during livestream, community’s revenge sends token to $80M

Sky Reports Over 1 Billion USDS Minted Since August Rebrand

October 5, 2024 Bitcoin.com

bitcoin.com

It’s been approximately 38 days since Makerdao, the decentralized finance (defi) project, rebranded as Sky and launched both the USDS stablecoin and the SKY token. During this time, more than a billion USDS coins have been minted, and 530 million DAI have been converted to the new standard. Makerdao Sees 530 Million DAI Upgraded Since […]

Gen Z trader rugs meme coin during livestream, community’s revenge sends token to $80M

Wrapped Bitcoin supplied on Aave hits record high despite backing fears

September 26, 2024 Coin Telegraph

21btc

WBTC is still the most popular Bitcoin wrapper, with nearly $10 billion in TVL, according to DefiLlama.

Wrapped Bitcoin (WBTC) supplied on decentralized lending platform Aave hit an all-time high despite anxieties around the Bitcoin (BTC) wrapper’s backing, according to data from Dune Analytics.

Aave’s WBTC supply on the Ethereum network broke 37,000 in September, or more than $2 billion at current prices, according to Dune.

The record-breaking total value locked (TVL) on Aave follows a wave of skepticism among cryptocurrency retail investors about the safety of the underlying spot Bitcoin backing WBTC.

Gen Z trader rugs meme coin during livestream, community’s revenge sends token to $80M

Sky Adviser Recommends Halting Wrapped Bitcoin Offboarding

September 25, 2024 Bitcoin.com

BA Labs

BA Labs, an adviser to Sky, formerly known as Makerdao, has decided to stop recommending any additional parameter changes regarding the offboarding of wrapped bitcoin (WBTC) collateral. The move follows statements from Bitgo’s CEO Mike Belshe and a vote from Sky community members. Sky Adviser BA Labs Recommends Pausing WBTC Offboarding Changes BA Labs’ decision […]

Gen Z trader rugs meme coin during livestream, community’s revenge sends token to $80M

Sky rethinking plan to offboard WBTC after discussion with BitGo CEO

September 25, 2024 Coin Telegraph

BitGlobal

BA Labs, adviser to DeFi lender Sky, says concerns about Justin Sun’s role in Wrapped Bitcoin custody are resolved. A new vote is set for Oct. 3.

Decentralized finance (DeFi) pioneer Sky, formerly Maker, is reconsidering its plan to offboard Wrapped Bitcoin (WBTC) as collateral for its lending protocol after receiving a new recommendation from one of its key advisers, BA Labs.

On Sept. 24, BA Labs recommended pausing the WBTC offboarding plan following a lengthy conversation with BitGo co-founder Mike Belshe on Sky’s governance forum.

The move follows BitGo’s clarifications about changes in management or custody of WBTC, control of the signing keys, and commitment to give advance notice of changes.

Gen Z trader rugs meme coin during livestream, community’s revenge sends token to $80M

Aave, Sky float partnership to bridge DeFi, TradFi

September 3, 2024 Coin Telegraph

Aave

The plan would create markets for DAI-replacement USDS on Aave.

Decentralized finance (DeFi) protocols Aave and Sky (previously Maker) are exploring a partnership designed to “close the gap between DeFi and TradFi,” according to a Sept. 2 announcement.

The proposed partnership, referred to as the Sky Aave Force, follows a Sept. 2 governance proposal by Phoenix Labs, a DeFi research and development organization. The proposal suggests issuing SPK tokens—native to Sky’s subDAO, Spark—to help establish a market for USDS, a stablecoin launched after Maker’s August rebranding to Sky.

“Sky Aave Force has an ambitious goal: to drive mass adoption and close the gap between DeFi and TradFi. Now is the time to work together,” said Aave Labs, the developer behind the Aave DeFi lending platform.

Sky

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