Sky, the newly rebranded decentralized finance (DeFi) protocol formerly known as MakerDAO, is enhancing its multichain capabilities by utilizing Wormhole’s Native Token Transfer (NTT) framework.
As per the blog post, this move will allow Sky’s governance token, SKY, and its stablecoin, USDS, to seamlessly transfer across blockchain networks, specifically bringing these assets to the Solana blockchain.
Wormhole’s Native Token Transfer (NTT) framework, or NTT, enables smooth cross-blockchain transfers of native tokens while preserving their inherent qualities. Other protocols, such as Lido, Jito, and ether.fi, have incorporated NTT for multichain token transfers.
Sky plans to use the “burn and mint” method to maintain a single supply of SKY and USDS on both Solana and Ethereum. This approach will help prevent liquidity issues and give Sky greater…
