The post USDS Stablecoin Launches on Solana, Unlocking DeFi Potential appeared on BitcoinEthereumNews.com.

Solana welcomes USDS as its first major DeFi-native stablecoin, offering fresh opportunities for decentralized finance (DeFi) enthusiasts. Sky Protocol announced the launch, emphasizing how USDS will enhance lending, borrowing, and trading across Solana’s rapidly growing DeFi ecosystem. This integration also introduces lucrative rewards for early adopters, signaling a pivotal moment for Solana’s financial infrastructure. USDS is live on @Solana. As the first major DeFi-native stablecoin on Solana, USDS unlocks new opportunities for lending, borrowing and trading across the ecosystem’s top DeFi platforms. Additionally, early adopters can access over 500,000 USDS in weekly rewards. pic.twitter.com/K0gR5IKwgR — Sky (@SkyEcosystem) November 19, 2024 Sky Protocol has earmarked over 500,000 USDS in weekly rewards to promote adoption. Rewards are distributed across key DeFi platforms, including Kamino Finance:200,000 USDS weekly for USDC/USDS liquidity providers.100,000 USDS weekly for USDS suppliers. Drift Protocol: 100,000 USDS weekly for participants. Additionally, users bridging USDS to Solana via Wormhole’s Native Token Transfer (NTT) can claim an extra 100,000 USDS weekly. This broad incentive structure is designed to attract liquidity and boost participation across Solana’s ecosystem. Sky Protocol and Wormhole Expand USDS Access on Solana Sky Protocol’s native integration leverages Wormhole’s Native Token Transfer (NTT) to enable seamless operations of USDS on Solana. This collaboration simplifies cross-chain token transfers, enhancing the utility of USDS across decentralized applications. The strategic use of Wormhole’s technology underpins Sky’s vision for expanding USDS accessibility and ensuring frictionless transactions for users. The launch also includes integrations with a host of top Solana DeFi protocols and platforms to ensure widespread adoption. Among the first adopters are: Jupiter Exchange, Meteora AG, Phantom Wallet, Raydium Protocol, Orca, Perena, Chronicle Labs, Pyth Network, and, Solflare Wallet. These integrations aim to position USDS as a core component of Solana’s DeFi landscape, significantly increasing its utility and reach. The introduction of USDS…

---

Filed under: News - @ November 21, 2024 1:20 am