Sky, previously known as Maker, has launched its USDS stablecoin on the Solana blockchain, aiming to enhance the ecosystem's decentralized finance (DeFi) capabilities. Marketed as the first major DeFi-native stablecoin on Solana, USDS supports new avenues for lending, borrowing, and trading across leading DeFi platforms. The project is incentivizing early adopters and liquidity providers with $500,000 in USDS rewards. Specifically, 200,000 USDS will be allocated weekly to liquidity providers on Kamino Finance, while suppliers on Drift Protocol can earn 100,000 USDS weekly. Additionally, Save Finance users can compete for a share of 400,000 USDS in monthly rewards. USDS holds the position of the third-largest stablecoin with a market cap of $5.3 billion, representing 2.8% of the stablecoin market. The launch coincides with significant growth in Solana’s DeFi sector, which has seen a 487% increase in total value locked this year. However, the original governance token, Maker, has seen a 30% decline in value since the rebranding to Sky, as uptake has been slow due to the new token not yet being listed for trading.

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