Cointime

Cointime

Download App
iOS & Android
Home / JUST IN

MakerDAO Contributors Propose First Native Liquidity Market Focused on DAI Stablecoin

Leading MakerDAO community participants have proposed creating a liquidity market called Spark Protocol for lending and borrowing crypto assets focused on DAI, Maker’s $5 billion stablecoin, according to a proposal posted on Wednesday in Maker’s governance forum.

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 (wstETH) and BTC (wBTC). Future features will include fixed-term yield products and the inclusion of Maker’s own synthetic liquid staking derivative (LSD) called EtherDAI.

Spark aims to launch in April by opening a DAI lending vault on Maker with a $200 million debt ceiling, according to the proposal.

Dai Dai $1.00
+0.03%
MakerDAO Dai
Comments

All Comments

Recommended for you

  • Cointime August 11st News Express

    1.Fed Governor Bowman: Be cautious about rate cuts

  • Cointime August 4 News Express

    1.Jump Trading is redeeming 120,000 wstETH in batches into ETH and then transferring it to CEX

  • Jump Trading is redeeming 120,000 wstETH in batches into ETH and then transferring it to CEX

    According to the monitoring of on-chain analyst Yu Jin, Jump Trading may be selling ETH: they are currently redeeming a wstETH (120,000 pieces) worth $410 million in batches into ETH and then transferring it to exchanges such as Binance/OKX. So far, they have unpacked and redeemed 83,000 wstETH into 97,500 ETH in the 9 days since July 25. Among them, 66,000 ETH (191.4 million US dollars) have entered the exchange.At present, there are still 37,600 wstETH in their wstETH storage address that have not been transferred out; 11,500 stETH in the redemption ETH address is being redeemed into ETH; and 20,000 ETH in the ETH transfer address to the exchange are waiting to enter the exchange in batches.

  • Trump team files complaint over Harris inheriting $96 million in Biden campaign funds

    According to reports from foreign media, the Trump campaign team has filed a complaint with the Federal Election Commission, claiming that Biden's transfer of $96 million in campaign funds to Harris is illegal. David Warrington, a lawyer for the Trump campaign team, said that this was a "shameless money-grabbing act" and would constitute the largest excessive donation and most serious violation in the history of the Federal Election Law. Shortly after Biden withdrew from the election and appointed Harris as his preferred successor, she took over Biden's campaign committee's bank account. Steve Roberts, a lawyer who represented Republican candidates, said that the argument against the transfer was a "wishful thinking" of his Republican colleagues. The Harris campaign team said that this complaint would not affect its fundraising or spending.

  • Donald Trump Plans to Release Fourth NFT Collection, Embraces Crypto Industry

    Former US President Donald Trump is reportedly planning to release a fourth NFT collection, as he continues to embrace the crypto industry. In a recent interview with Bloomberg Businessweek, Trump stated that his previous NFT collections were "very successful" and sold out in a day. He also revealed that he plans to release another collection, as his supporters are demanding it. Trump's campaign has also started accepting crypto donations, and he has been vocal about the importance of the US not falling behind China in the crypto industry.

  • Crypto Industry Disappointed as Digital Assets Fail to Make an Appearance in First 2024 US Presidential Debate

    Despite hopes from industry participants, the topic of crypto was not discussed during the first general debate of the 2024 U.S. presidential election between Joe Biden and Donald Trump. The debate, hosted by CNN, primarily focused on the economy, with brief mentions of other issues such as abortion, immigration, and foreign policy. While crypto has been a talking point throughout the election cycle, neither candidate made any significant statements about it during the debate. The crypto industry is hoping for a Congress and administration that will pass legislation friendly to digital asset businesses, and is looking to repeat the massive spending on elections from 2022.

  • Cointime May 25 News Express

    1. British media: 61,000 Bitcoins in Qian Zhimin case may belong to British police and Home Office

  • Cointime's Evening Highlights for May 19th

    1.US spot Bitcoin ETFs saw net inflows of $948.3 million this week

  • Cointime May 3rd News Express

    1. The 133rd Ethereum ACDC meeting: The goal is to complete the devnet within 7-10 days

  • MakerDAO co-founder: DeFi front-end may need a license to operate in Europe

    Rune Christensen, co-founder of MakerDAO, has warned that the EU's specific interpretation of the MiCA regulations could lead to a disruption of DeFi development. Christensen stated that there are reports that financial regulatory authorities in Europe may require every DeFi frontend in the region to register and operate under a license. He is concerned about the potential impact of this decision and stated that "it would make DeFi frontends based on regular internet domain names unfeasible." Additionally, Christensen explained in detail that only decentralized or locally downloaded frontends can operate, as well as those that adopt KYC measures and procedures.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company