1. Natively Multichain Token Transfers
2. Proposal for a 2 Million SKY Incentive Program
3. Control and Customizability of Tokens

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

Natively Multichain Token Transfers

Sky will utilize Wormhole’s NTT to bridge its governance token SKY and stablecoin USDS to the Solana network, making these tokens natively multichain available on Solana and Ethereum. Tokens deployed multichain using NTT go through the “burn and mint” mode, ensuring a unified supply across Sky and Solana without liquidity fragmentation. Users will be able to participate on multiple chains without suffering liquidity fragmentation impact.

Proposal for a 2 Million SKY Incentive Program

Rune Christensen, co-founder of Sky, highlighted the protocol’s plans to bridge its tokens onto Solana at the Solana Breakpoint conference in Singapore. Rune also revealed an incentive program that allocates 2 million SKY to decentralized finance protocols on Solana. The weekly allocation will go to projects that integrate SKY and USDS.

Control and Customizability of Tokens

The Sky DeFi protocol will maintain full control over SKY, USDS, and sUSDS across functions such as token customizability, contract ownership, upgrades, and metadata management. Utilizing Wormhole technology, Sky will manage these tokens on both Solana and Ethereum networks without the need to create wrapped tokens.

Integrating with Wormhole technology will be a significant step for Sky in expanding its multichain capabilities, providing further incentives for decentralized finance projects and enhancing control over its tokens.