The post Sky Ecosystem proposes expansion on Solana appeared on BitcoinEthereumNews.com.

Sky Ecosystem, formerly MakerDAO, is developing a proposal for launching on Solana. The chain, which is undergoing a rebranding and restructuring of its assets, aims to use bridging to create Solana-based lending.  Sky is attempting to go multi-chain after years of relying on Ethereum as a staple. One of the lead Sky Ecosystem developers presented the proposal to extend the lending pools to Solana.  Its newly launched USDS token will become the bridgehead into the Solana ecosystem. USDS, which replaces DAI, aims to be a safe collateralized asset that will offer stability on DeFi apps and pools.  Sky developer 0xretro proposed the inclusion of USDS on Solana through the Wormhole bridge. The Solana version of Sky Ecosystem will also carry the SKY token and staked USDS (sUSDS). The proposal arrives just two days after MakerDAO finalized its rebranding. The new tokens are still going through the swap process. USDS is swapped 1:1 with the old DAI asset. MKR, the formerly high-priced token, will undergo a split and be swapped at 1MKR for 24,000 SKY.  SkyLink is the final stage before Solana launch One of Sky’s goals is to launch as a Solana-based network, possibly using L2 technology. Solana still allows most apps to run and scale on Layer 1. Maker was also formerly an L1 app on Ethereum, with no attempts to run on other networks.  The endgame for Sky is the SkyLink protocol, first to be built on Ethereum. For Sky developers, the challenge is to build a double protocol, since Solana is not EVM-compatible. Using Wormhole is the possible short-term solution to bring another decentralized application to Solana. Solana already carries relatively smaller DeFi protocols, and Sky will compete with the likes of Solend. The entire Solana ecosystem locks in $5.36B in value, with most of the funds distributed…

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Filed under: News - @ September 20, 2024 1:28 pm