Sky Enhances Multichain Capabilities by Utilizing Wormhole’s Native Token Transfer (NTT) Framework
- Linda HamiltonOriginal
- 2024-09-21 06:34:381031browse
Sky, the newly rebranded decentralized finance (DeFi) protocol formerly known as MakerDAO, is enhancing its multichain capabilities
DeFi protocol Sky (formerly MakerDAO) is now integrating Wormhole’s Native Token Transfer (NTT) framework to enhance its multichain capabilities.
This integration will enable Sky’s governance token (SKY) and stablecoin (USDS) to seamlessly transfer across blockchain networks, particularly bringing these assets to the Solana blockchain, according to a blog post.
Wormhole’s NTT framework facilitates the smooth cross-blockchain transfer of native tokens while preserving their inherent qualities. Other protocols that have integrated NTT include Lido, Jito, and ether.fi to enable multichain token transfers.
To maintain a single supply of both SKY and USDS on both Solana and Ethereum, a “burn and mint” method will be utilized by Sky. This approach aims to prevent liquidity issues and provide greater control and flexibility over how these tokens function across different blockchains.
Rune Christensen, co-founder of Sky, announced this development at the Solana Breakpoint conference in Singapore on Sept. 20. During his session, Christensen also introduced a proposal for a 2 million SKY incentive program to encourage the integration of both SKY and USDS within Solana-based DeFi projects.
Sky’s transition into a multichain protocol is part of a larger growth strategy following its rebranding from MakerDAO. The launch of the SKY governance token and the USDS stablecoin marks a new chapter for the system, which still holds over $5 billion in assets. Integrating with Wormhole’s NTT architecture is a significant step toward making Sky’s assets natively multichain, with further extension plans in the works.
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