Leading MakerDAO community participants have proposed creating a new liquidity market called Spark Protocol for lending and borrowing crypto assets focused on Maker’s DAI stablecoin. sndr_krisztian reports
The first product will be Spark Lend, which will allow users to borrow DAI at a set DAI Savings Rate, which currently stands at 1%. According to the proposal, Spark Lend will support highly liquid decentralized assets as collateral such as ETH, DAI and wrapped derivatives of staked ETH and BTC .
Future features will include fixed term yield products and the inclusion of Maker’s own syntheticSpark aims to launch in April this year by opening a DAI lending vault on Maker with a $200 million debt ceiling, according to the proposal.of the DeFi lending giant. In exchange, the developer team Phoenix Labs intends to send 10% of the protocol’s profits earned on the Spark Protocol’s DAI market in the next two years to Aave DAO.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
20 DeFi Projects, including Balancer, Aave, and MakerDAO, Lead The Charge for Decentralized Finance | HackerNoonDecentralized finance (DeFi) is a growing sector of the financial industry. DeFi operates on smart contracts and open-source code, making it more transparent. - blockchain crypto
Read more »
Indexing Protocol The Graph’s GRT Token Soars Back Past $1B Market CapThe Graph's GRT has risen 55% over the past week amid significant growth of the platform's ecosystem. LedesmaLyllah reports.
Read more »
9 Life Lessons I Learned From Being Sidelined With InjuriesThe healing process can spark a lot of learning.
Read more »
The Ordinals Protocol Has Caused a Resurgence in Bitcoin Development.fs_insight says while there are concerns about the impact of NFTs on Bitcoin's principles and potential node bloat, the non-zero probability of NFT's fueling BTC's next bull run cannot be ignored. Reporting by willcanny99
Read more »
VC Roundup: ZK proofs, DeFi protocol and longevity DAO attract investmentVC deals are still flowing with multiple raises closing including: Blocknative, Nillion, =nil; Foundation and more. (Reporting via forgeforth_)
Read more »
The Callisto Protocol Update Adds Hardcore Mode, DLC SkinsThe latest update for The Callisto Protocol has added a Hardcore Mode for free, as well as skins for those with the season pass.
Read more »