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DeFi Pioneer MakerDAO Announces Aave Competitor Spark Protocol

Decentralized finance (DeFi) stablecoin platform MakerDAO has proposed Spark Protocol. The new system is based on the Aave lending protocol’s smart contracts.

On Feb. 8, the Spark Protocol proposal was posted on the MakerDAO governance forum. The protocol plans on leveraging Maker’s DAI stablecoin and its crypto assets for liquidity.

It stated that Spark Protocol will “amplify the features of MakerDAO by enabling a liquidity market for supplying and borrowing scalable crypto assets with variable and fixed rates.”

Its first product will be Spark Lend. This builds on Aave v3, allowing users to borrow DAI at a set DAI Savings Rate (DSR), currently 1%. Spark Lend will support highly liquid crypto assets as collateral, such as ETH, DAI, and wrapped derivatives.

(By Martin Young)

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