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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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.

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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 […]

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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 […]

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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 […]

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Bitgo to Launch USDS Stablecoin in January 2025

September 18, 2024 Bitcoin.com

bitcoin.com

Bitgo plans to launch its new stablecoin, USDS, in January 2025, offering a unique model that rewards liquidity providers. The announcement was made by Bitgo CEO Mike Belshe during an interview with Coindesk at the Token2049 event in Singapore. The stablecoin will be backed by U.S. Treasury bills, overnight repos, and cash, aiming to create […]

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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.

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MakerDAO Co-Founder Says Stablecoin Rebrand Will Have Freeze Function, But DAI Will Continue As Normal

August 28, 2024 The Daily Hodl

Altcoins

The co-founder of decentralized finance (DeFi) platform Maker (MKR) says that the rebrand of its stablecoin will have a freeze function but that DAI will continue to operate normally. In a new thread on the social media platform X, MakerDAO creator Rune Christensen says that DAI itself will not feature a freeze function – or […]

The post MakerDAO Co-Founder Says Stablecoin Rebrand Will Have Freeze Function, But DAI Will Continue As Normal appeared first on The Daily Hodl.

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Arbitrum-Based Altcoin Project Goes Wild After Earning Sudden Support From Coinbase

May 3, 2023 The Daily Hodl

Altcoins

An Arbitrum (ARB)-based altcoin is rallying after being listed by top US-based crypto exchange Coinbase. In a new announcement, Coinbase says that it will be adding support for Sperax (SPA), a project that focuses on building decentralized finance (DeFi) products that can access multiple layer-1 and layer-2 blockchains. According to Coinbase, SPA will be listed […]

The post Arbitrum-Based Altcoin Project Goes Wild After Earning Sudden Support From Coinbase appeared first on The Daily Hodl.

USDs