Sky Announces First Native Deployment of USDS, sUSDS on Avalanche
Sky has launched the first native deployment of its stablecoin USDS and yield-bearing sUSDS on Avalanche using its Skylink crosschain bridge built on LayerZero. This deployment eliminates the need for bridge liquidity through a burn-and-mint framework, with Grove Finance facilitating the initial asset transfer from Ethereum to Avalanche. This marks a significant step in expanding Sky's DeFi ecosystem across multiple blockchains.
Sky, the decentralized finance protocol formerly known as MakerDAO, has announced the first native deployment of its native stablecoin, USDS, and its yield-bearing version, Savings USDS (sUSDS), on Avalanche.The rollout runs on Skylink, the Sky ecosystem’s crosschain bridge protocol, built on LayerZero infrastructure. Unlike traditional bridge deployments, Skylink operates on a burn-and-mint framework that requires no bridge liquidity, accoriding to Sky’s X announcement.Grove Finance initiated the bridge of Sky’s USDS and sUSDS to Avalanche via Skylink, becoming the first entity to transfer the assets directly from Ethereum mainnet to Avalanche. “This is the first native deployment of USDS and sUSDS on Avalanche,” Sky emphasized on X, clarifying: To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
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