MakerDAO, a pioneer in decentralized finance (DeFi), has announced the launch of its new lending and borrowing platform, Spark Protocol.
The platform, which was launched on May 9, is an end-user, DAI-centered DeFi product built on Ethereum. It allows for supply and borrows functionalities for ETH, stETH, DAI, and sDAI.
Spark Lend, the protocol’s first product, is focused on lending and borrowing cryptocurrencies using DAI, Maker’s native stablecoin.
Users can interact with Spark’s front end directly, connecting Maker’s liquidity with a complete DeFi solution. Spark Lend also introduces a tokenized version of DAI deposited in the DAI Savings Rate (DSR) called sDAI.
With stability, liquidity, and lower risks as the way forward for Maker, the protocol is part of the Endgame plan, which aims to make DAI a free-floating asset initially collateralized by real-world assets.
Despite low yields at the moment, DAI is currently the largest decentralized stablecoin in the industry, with a circulating supply of $4.7 billion and a market share of 3.6%.
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