{"id":94105,"date":"2024-09-21T08:02:39","date_gmt":"2024-09-21T12:02:39","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=94105"},"modified":"2024-09-21T14:50:45","modified_gmt":"2024-09-21T18:50:45","slug":"sky-expands-multichain-tokens-using-wormhole-framework","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/sky-expands-multichain-tokens-using-wormhole-framework\/","title":{"rendered":"Sky Expands Multichain Tokens Using Wormhole Framework\u00a0"},"content":{"rendered":"\n

Sky is enhancing its multichain capabilities by utilizing Wormhole's Native Token Transfer<\/a> (NTT) framework.<\/p>\n\n\n\n

\"Sky
Sky Expands Multichain Tokens Using Wormhole Framework\u00a0<\/figcaption><\/figure>\n\n\n\n

The native token transfer (NTT) system developed by Wormhole facilitates smooth cross-blockchain transfers<\/a> of native tokens without modifying their inherent characteristics. <\/p>\n\n\n\n

NTT has also been adopted by other protocols such as Lido, Jito, and ether.fi for multichain token transfers. <\/p>\n\n\n\n

Sky will employ NTT to connect its stablecoin USDS and governance token SKY to the Solana network, per information provided in a blog post. <\/p>\n\n\n\n

As a result of this change, these coins will be natively multichain and accessible via bridges like Portal on both Solana and Ethereum. Multichain tokens<\/a> deployed via NTT pass through the “burn and mint” phase of the framework. <\/p>\n\n\n\n

In this instance, the native tokens will have a single supply across Sky and Solana rather than wrapped tokens. <\/p>\n\n\n\n

Wormhole stated that users won't experience adverse effects of liquidity fragmentation when engaging in several chains. <\/p>\n\n\n\n

SKY, USDS, and sUSDS will all be fully under the control of the DeFi protocol in terms of features like metadata management, contract ownership, upgrades, and customizable tokens.<\/p>\n\n\n\n

Proposal for a 2 million SKY Incentive Program<\/h2>\n\n\n\n

Earlier on September 20, Rune Christensen, a co-founder of Sky, described the protocol's intentions to bridge its tokens onto Solana.\u00a0At the Solana Breakpoint conference in Singapore, he made the plan public. <\/p>\n\n\n\n

Rune presented an incentive program that would donate 2 million SKY to decentralized finance protocols\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> on Solana in addition to the plan to integrate the protocol's tokens on the SOL platform. <\/p>\n\n\n\n

According to Rune, the weekly allotment will be used for initiatives that combine SKY and USDS.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Sky is enhancing its multichain capabilities by utilizing Wormhole’s Native Token Transfer (NTT) framework. The native token transfer (NTT) system developed by Wormhole facilitates smooth cross-blockchain transfers of native tokens without modifying their inherent characteristics. NTT has also been adopted by other protocols such as Lido, Jito, and ether.fi for multichain token transfers. Sky will […]<\/p>\n","protected":false},"author":43,"featured_media":94106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[21945,8706,13133],"class_list":["post-94105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-multichain-tokens","tag-sky","tag-wormhole-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/09\/croc_1726865448431.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/94105","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=94105"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/94105\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/94106"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=94105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=94105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=94105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}