The post Sky expands native tokens to Solana with Wormhole NTT appeared on BitcoinEthereumNews.com.

Sky, a decentralized finance protocol rebranded from MakerDAO, is set to utilize Wormhole’s technology to bring its native tokens to Solana, enhancing its multichain capabilities. Wormhole (W)’s native token transfer framework, or NTT, allows for seamless cross-blockchain transfers of native tokens without altering their intrinsic properties. Other protocols like Lido, Jito, and ether.fi have also adopted NTT for multichain token transfers. Natively multichain token transfers According to details in a blog post, Sky will use NTT to bridge its governance token SKY and stablecoin USDS to the Solana (SOL) network. This move will make these tokens natively multichain, available on Solana and Ethereum (ETH) via bridges such as Portal. Tokens deployed multichain using NTT go through the framework’s “burn and mint” mode. In this case, there will be no wrapped tokens for the native tokens, but a unified supply across Sky and Solana. Users will be able to participate on multiple chains without suffering the impact of liquidity fragmentation, Wormhole wrote. The DeFi protocol will have full control over SKY, USDS, and sUSDS across functions such as token customizability, contract ownership, upgrades, and metadata management. Proposal for a 2 million SKY incentive program Rune Christensen, co-founder of Sky, highlighted the protocol’s plans to bridge its tokens onto Solana earlier on Sept. 20. He revealed the proposal at the Solana Breakpoint conference in Singapore. Alongside the proposal to integrate the protocol’s tokens on the SOL platform, Rune outlined an incentive program that would allocate 2 million SKY to decentralized finance protocols on Solana. The weekly allocation will go to projects that integrate SKY and USDS, Rune noted. Source: https://crypto.news/sky-expands-native-tokens-to-solana-with-wormhole-ntt/

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Filed under: News - @ September 20, 2024 5:21 pm