Sky Protocol Introduces USDS with Native Savings and Token Rewards
The post Sky Protocol Introduces USDS with Native Savings and Token Rewards appeared on BitcoinEthereumNews.com.
Sky Protocol launches USDS, enabling non-custodial savings with native rewards through Sky Token Rewards and Sky Savings Rate. Aave Labs collaborates with Sky Protocol to integrate USDS into Aave V3, enhancing DeFi and TradFi connections. Sky Protocol’s decentralized stablecoin, USDS, is ready to provide new ways for users to receive rewards without giving up control over their assets. Sky just tweeted that starting September 18, eligible users can upgrade DAI to USDS at a 1:1 ratio or swap supported cryptocurrencies into USDS. USDS: The stablecoin with native rewards. USDS is the decentralized stablecoin of Sky.With it, you can access native token rewards that don’t require interacting with external protocols or giving up control. Starting 18 September, eligible users can upgrade DAI to USDS at a… pic.twitter.com/v1jeAUzznJ — Sky (@SkyEcosystem) September 3, 2024 Unlocking Rewards and Savings with USDS: A Seamless Non-Custodial Solution This move will allow users to unlock Sky Token Rewards in the form of SKY tokens and obtain access to the Sky Savings Rate, resulting in a unique decentralized savings system that does not require external protocols. Sky enables users to save non-custodially while collecting rewards, without giving up control over their assets. The launch of USDS seeks to deliver native rewards in two ways. First, Sky Token incentives enable users to provide USDS and get SKY tokens as incentives straight from the Sky Protocol. This functionality eliminates the need to interact with other DeFi products, providing a seamless and simple approach to earning incentives. In the future, the protocol’s administration may accept the incorporation of rewards from other DeFi or cryptocurrency initiatives, increasing USDS’s utility for users. Second, the Sky Savings Rate provides a way to increase USDS holdings using a system that has protected billions of dollars in value over time. This native savings mechanism is…
Filed under: News - @ September 5, 2024 3:27 pm