search
Homeweb3.0Sky Protocol to Utilize Wormhole's Technology to Bring Its Native Tokens to Solana, Enhancing Its Multichain Capabilities

Sky, a decentralized finance protocol rebranded from MakerDAO, is set to utilize Wormhole’s technology to bring its native tokens to Solana

Sky Protocol to Utilize Wormhole's Technology to Bring Its Native Tokens to Solana, Enhancing Its Multichain Capabilities

DeFi protocol Sky, the rebrand of MakerDAO, is now using Wormhole’s technology to bring its native tokens to Solana in a bid to expand its multichain capabilities.

Wormhole (W) provides a native token transfer framework, also known as NTT, which enables efficient cross-blockchain transfers of native tokens without altering their inherent properties. Lido, Jito, and ether.fi are among the other protocols that have adopted NTT for multichain token transfers.

Native multichain token transfers to Solana

According to details shared in a blog post, Sky will be utilizing NTT to bridge both its governance token SKY and stablecoin USDS to the Solana (SOL) network. This integration will make these tokens natively multichain, available on both Solana and Ethereum (ETH) via bridges like Portal.

When deploying tokens multichain using NTT, the tokens will go through the framework’s “burn and mint” mode. As a result, there will be no wrapped tokens for the native tokens, but rather a unified supply across Sky and Solana. According to Wormhole, users will be able to participate on multiple chains without being impacted by liquidity fragmentation.

The DeFi protocol will maintain complete control over SKY, USDS, and sUSDS across functions like token customizability, contract ownership, upgrades, and metadata management.

Proposal for 2 million SKY incentive program unveiled

Rune Christensen, co-founder of Sky, initially highlighted the protocol’s plans to bridge its tokens onto Solana on Sept. 20. He unveiled the proposal at the Solana Breakpoint conference in Singapore.

In addition to 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 be distributed to projects that integrate both SKY and USDS, according to Rune.

The above is the detailed content of Sky Protocol to Utilize Wormhole's Technology to Bring Its Native Tokens to Solana, Enhancing Its Multichain Capabilities. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
JetBolt: Revolutionary Cryptocurrency Launch Amidst Market DeclinesJetBolt: Revolutionary Cryptocurrency Launch Amidst Market DeclinesAug 06, 2024 am 03:30 AM

The cryptocurrency market is experiencing significant turbulence, with several major assets experiencing sharp declines. Amid this, new coins continue to shine

Solana ETF Rumors Dashed as BlackRock CIO Emphasizes Bitcoin and Ethereum FocusSolana ETF Rumors Dashed as BlackRock CIO Emphasizes Bitcoin and Ethereum FocusJul 30, 2024 pm 06:43 PM

In the last two weeks, Solana has jumped 30%, outpacing both Bitcoin and ETH. Therefore, many are anticipating that this surge is coming

Neiro: The Solana Memecoin That's Buzzing Crypto TwitterNeiro: The Solana Memecoin That's Buzzing Crypto TwitterJul 30, 2024 am 03:18 AM

Memecoin trading on Solana is buzzing once again. Solana's decentralised exchange trading — or DEX for short — volume in the last 24 hours reached $2 billion

Bitcoin (BTC) Slides to $66K in Wake of Silk Road BTC Movements, Solana’s (SOL) Leads Majors LossesBitcoin (BTC) Slides to $66K in Wake of Silk Road BTC Movements, Solana’s (SOL) Leads Majors LossesJul 30, 2024 pm 06:44 PM

“It’s going to be extremely volatile this week, so I will not be surprised to see BTC price get another 10% drop/pump,” one analyst noted.

The 3 Top Crypto Stories Making the Rounds This Week are Solana’s (SOL) ETF Potential, Litecoin’s (LTC) New User Numbers and Rollblock’s (RBLK) Viral PresaleThe 3 Top Crypto Stories Making the Rounds This Week are Solana’s (SOL) ETF Potential, Litecoin’s (LTC) New User Numbers and Rollblock’s (RBLK) Viral PresaleJul 29, 2024 pm 06:22 PM

The 3 top crypto stories making the rounds this week are Solana’s (SOL) ETF potential, Litecoin’s (LTC) new user numbers and Rollblock’s (RBLK) viral presale.

The SEC Temporarily Suspends Its Allegations That SOL, ADA, and MATIC Are Unregistered SecuritiesThe SEC Temporarily Suspends Its Allegations That SOL, ADA, and MATIC Are Unregistered SecuritiesJul 31, 2024 am 12:25 AM

This decision comes amid the ongoing legal proceedings against Binance, one of the world's leading cryptocurrency exchanges.

Solana Meme Coins and Pepe Unchained: A Strategic Evolution in the Crypto SphereSolana Meme Coins and Pepe Unchained: A Strategic Evolution in the Crypto SphereAug 01, 2024 am 03:08 AM

The buzz in the crypto community is palpable as two trailblazers take center stage: Solana meme coins and Pepe Unchained. These digital currencies are reshaping the gaming and investment scenes, opening doors to unprecedented opportunities.

RCO Finance (RCOF): The Ethereum Token to Watch That Could Outshine SolanaRCO Finance (RCOF): The Ethereum Token to Watch That Could Outshine SolanaJul 27, 2024 am 12:08 AM

The recent surge in Robinhood activity has reignited interest in the crypto market. While Solana is known for its impressive speed and low transaction costs, RCO Finance is making its mark by prioritizing user experience and community engagement. Her

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

AI Hentai Generator

AI Hentai Generator

Generate AI Hentai for free.

Hot Article

R.E.P.O. Energy Crystals Explained and What They Do (Yellow Crystal)
3 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
R.E.P.O. Best Graphic Settings
3 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
R.E.P.O. How to Fix Audio if You Can't Hear Anyone
3 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
WWE 2K25: How To Unlock Everything In MyRise
3 weeks agoBy尊渡假赌尊渡假赌尊渡假赌

Hot Tools

mPDF

mPDF

mPDF is a PHP library that can generate PDF files from UTF-8 encoded HTML. The original author, Ian Back, wrote mPDF to output PDF files "on the fly" from his website and handle different languages. It is slower than original scripts like HTML2FPDF and produces larger files when using Unicode fonts, but supports CSS styles etc. and has a lot of enhancements. Supports almost all languages, including RTL (Arabic and Hebrew) and CJK (Chinese, Japanese and Korean). Supports nested block-level elements (such as P, DIV),

MinGW - Minimalist GNU for Windows

MinGW - Minimalist GNU for Windows

This project is in the process of being migrated to osdn.net/projects/mingw, you can continue to follow us there. MinGW: A native Windows port of the GNU Compiler Collection (GCC), freely distributable import libraries and header files for building native Windows applications; includes extensions to the MSVC runtime to support C99 functionality. All MinGW software can run on 64-bit Windows platforms.

SublimeText3 English version

SublimeText3 English version

Recommended: Win version, supports code prompts!

DVWA

DVWA

Damn Vulnerable Web App (DVWA) is a PHP/MySQL web application that is very vulnerable. Its main goals are to be an aid for security professionals to test their skills and tools in a legal environment, to help web developers better understand the process of securing web applications, and to help teachers/students teach/learn in a classroom environment Web application security. The goal of DVWA is to practice some of the most common web vulnerabilities through a simple and straightforward interface, with varying degrees of difficulty. Please note that this software

VSCode Windows 64-bit Download

VSCode Windows 64-bit Download

A free and powerful IDE editor launched by Microsoft