MakerDAO Launched Spark Protocol, a new Lending Protocol

May 09,2023,08:31

MakerDAO has announced the launch of Spark Protocol. The Spark Protocol is an end-user, DAI-centered DeFi product that has been deployed on Ethereum and offers supply and borrow features for $ETH, stETH, $DAI, and sDAI. The first version of Spark Protocol, called Spark Lend, is a lending marketplace designed specifically for supplying and borrowing crypto with a focus on $DAI.

The Spark Protocol is connected with Maker's D3M, a direct wholesale credit line in $DAI that injects and automatically balances fresh $DAI liquidity into Spark Lend, enabling users to access the best rates in the market. Users can borrow $DAI at an initial 1.11% annual rate due to the direct injection of liquidity from Maker. The rates do not increase with utilization, no matter the size of the borrowing.

Spark Protocol is also connected to the Dai Savings Rate module. The Dai Savings Rate’s percentage yield is currently at 1.00%.

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