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MakerDAO Contributors Propose First Native Liquidity Market Focused on DAI Stablecoin

Leading MakerDAO community participants have proposed creating a new 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 this year by opening a DAI lending vault on Maker with a $200 million debt ceiling, according to the proposal.

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