Spark, the first SubDAO within the MakerDAO ecosystem, has today launched ‘Spark Cash & Savings’ on Gnosis Chain, the fully EVM-compatible L1 from Gnosis. Spark Cash & Savings is a non-custodial solution designed to improve users’ financial experience with stablecoins. The move marks a significant milestone in Spark’s multi-chain deployment strategy.
Spark Cash & Savings helps users self-manage their stablecoins, including DAI, the original decentralized stablecoin created by MakerDAO. The solution seeks to revolutionize stablecoin self-management and provide new opportunities for stablecoin holders. Spark is developed by R&D company Phoenix Labs, in close collaboration with MakerDAO and the Spark SubDAO. Now deployed on Gnosis Chain, Spark Cash & Savings enables users to easily use their stablecoins in a non-custodial solution connected to the Dai Savings Rate (DSR).
Sam MacPherson, CEO at Phoenix Labs, said, “Too often, the user experience in DeFi is marred by obtuse, complex, and unintuitive financial tools; Spark is changing the game. With Spark Cash & Savings, Spark empowers users to maximize their financial benefits through a non-custodial and user-friendly solution. Bringing it to Gnosis Chain makes it even better for Spark’s users, as it offers cheaper transaction fees, which works well with smaller payments via the Gnosis Pay system.”
Spark Cash & Savings benefits from the low gas fees on Gnosis Chain, significantly reducing users’ transaction costs. Additionally, users can pay these fees in xDAI—a stablecoin pegged to DAI used to pay for transaction fees on Gnosis Chain—further enhancing the affordability and efficiency of transactions. The solution also leverages Gnosis Chain’s seamless integrations and crypto on– and off-ramps.
Speaking on the launch of Spark Cash & Savings on Gnosis Chain, Friederike Ernst, Co-Founder of Gnosis, said, “Partnering with Spark for the deployment on Gnosis Chain is a strategic move that capitalizes on our synergies to offer unprecedented efficiency and accessibility in the DeFi space. The enhanced utility within the Eurozone, combined with Gnosis Chain’s infrastructural efficiency, positions us uniquely to expand Spark’s user base and streamline transactions, making stablecoin savings straightforward and economical for everyone involved.”