As a seasoned analyst with a keen eye for the evolving landscape of DeFi, I must say that Sky’s decision to embrace Wormhole’s Native Token Transfer (NTT) framework is a strategic move that could potentially set it apart from its competitors.
The recently renamed DeFi protocol, Sky (formerly MakerDAO), is expanding its cross-chain functionalities by leveraging Wormhole’s Native Token Transfer infrastructure.
According to the blog article, this action enables the transfer of Sky’s governance token, SKY, and its stablecoin, USDS, effortlessly between various blockchain networks. Notably, it brings these assets onto the Solana blockchain.
As an analyst, I’d rephrase that statement as follows: In my analysis, Wormhole’s Native Token Transfer (NTT) system facilitates seamless cross-blockchain transfers of native tokens, maintaining their unique properties. Notably, systems like Lido, Jito, and ether.fi have adopted NTT for efficient multichain token transfer operations.
Sky intends to employ the “incinerate and create” strategy to ensure a unified circulation of SKY and USDS tokens on both Solana and Ethereum. This tactic aims to avoid liquidity problems and provide Sky with more authority and adaptability in managing how these tokens behave across various blockchain platforms.
At the Solana Breakpoint conference held in Singapore on September 20, Rune Christensen – one of Sky’s co-founders – unveiled this advancement. During the event, he also presented a proposition for a rewarding initiative offering 2 million SKY tokens. This program aims to motivate the combination of SKY and USDS within decentralized finance (DeFi) projects built on the Solana platform.
Sky’s transition to a multi-chain protocol is an essential part of its broader growth plan post rebranding from MakerDAO. The debut of the SKY governance token and USDS stablecoin symbolize a fresh start for the system, which continues to manage over $5 billion in assets. Embracing Wormhole’s NTT infrastructure is a significant stride towards making Sky’s assets compatible across multiple chains, with additional multi-chain extension plans under development.
Read More
Sorry. No data so far.
2024-09-20 22:12