MakerDAO to Deploy Its DeFi Protocol on Solana via Wormhole Bridge

Rune Christensen, the founder of Sky, previously named MakerDAO, announced at the Solana Breakpoint conference today that the DeFi protocol

Rune Christensen, founder of Sky (formerly known as MakerDAO), announced at the Solana Breakpoint conference in Singapore on Friday that the DeFi protocol will be rolling out on Solana.

Christensen’s announcement comes just over a year after he hinted at deploying the DeFi protocol on Solana.

In September 2022, Christensen published a post in MakerDAO’s governance forum with a subsection entitled, “Solana as the most promising codebase.”

In the post, Christensen gave three reasons why he thought Solana was the blockchain of choice: the technical quality of its codebase, its resilience (as shown by the way in which it weathered the collapse of FTX), and examples of forks in the Solana codebase that had been adapted to act as appchains.

Christensen’s announcement on Friday revealed that Sky will be rolling out on Solana via interoperability protocol Wormhole.

“The USDS stablecoin, the SKY governance token, and then the tokenized form of the savings rate [are] all going to launch on Solana with Wormhole,” said Christensen in Singapore on Friday.

“And to accompany that, there will be a large liquidity incentive program that will offer SKY tokens to people who use all the different DeFi protocols in Solana that integrate USDS and SKY.”

MakerDAO initially emerged on Ethereum in 2015.

“Sky is going to bring big DeFi energy to Solana,” Christensen told attendees at Breakpoint 2024. “It’s going to be possible to allocate that collateral into DeFi protocols in Solana and help with things like bootstrapping the RWA ecosystem in Solana.”

According to Christensen, unlimited native one-to-one conversion between Sky’s USDS and Circle’s USDC will be available on Solana. SKY and other token rewards will also be available natively on the blockchain.

Christensen’s announcement was met with enthusiasm by the crowd at Breakpoint 2024. Attendees applauded and cheered as Christensen unveiled the upcoming integration.

MakerDAO is the sixth-largest DeFi protocol by total locked value, with $5.5 billion, ahead of decentralized exchange Uniswap and liquid staking provider Rocket Pool, according to DefiLlama.