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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.
Wormhole’s native token transfer framework, or NTT, allows for seamless cross-blockchain transfers of native tokens without altering their intrinsic properties. Other protocols like Lido, Jito, and ether have also adopted NTT for multichain token transfers.
According to details in a blog post, Sky will use NTT to bridge its governance token SKY and stablecoin USDS to the network. This move will make these tokens natively multichain, available on Solana and Ethereum via bridges such as Portal.
Tokens deployed multichain using NTT go through the framework’s “burn and mint” mode.
In this case, there will be no wrapped tokens for the native tokens, but a unified supply across Sky and Solana. Users will be able to participate on multiple chains without suffering the impact of liquidity fragmentation, Wormhole wrote. 1 reply
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