MakerDAO augments its DAI lending services through its Spark Protocol rollout.
MakerDAO has launched Spark, a DAI stablecoin-based DeFi lending protocol. With the Spark Protocol, the project continues to offer new services to its users.
MakerDAO Continues to Increase Lending Services with Spark
With MakerDAO’s new project Spark Protocol, users can borrow DAI at an annual rate of 1.1 percent using their crypto assets as collateral.
MakerDAO, the decentralized entity responsible for the DAI stablecoin, has introduced Spark, a DeFi lending platform that aims to develop decentralized borrowing solutions for its stablecoin.
Spark is a software fork of Version 3 of the leading lending protocol Aave. Spark integrates direct lending capabilities into MakerDAO. Through Spark, users will be able to receive DAI credits using assets such as Ethereum (ETH), staked Ethereum (stETH), and DAI. Spark works independently of MakerDAO’s primary mechanism, which only allows users to create new DAI as overcollateralized debt.
MakerDAO said in their statement:
“Spark Lend, the first version of the Spark Protocol, is a lending marketplace designed specifically for supplying and borrowing DAI-focused cryptocurrencies.”
