Spark, the first SubDAO within the MakerDAO ecosystem, has launched a new hub to access two products:
- SparkLend — the next-generation DeFi lending protocol with a user-friendly interface that simplifies complex lending management.
- Spark Cash & Savings — the new, accessible, non-custodial crypto savings platform offering improved financial exposure through stablecoins for enhanced saving potential.
Developed by R&D company Phoenix Labs, in collaboration with MakerDAO and Spark SubDAO, this hub enhances the user experience to simplify borrowing and saving.
“Traditionally, financial tools are complicated and confusing to use. Even more so in DeFi,” said Sam MacPherson, CEO at Phoenix Labs, “Spark aims to increase utility and reduce confusion by offering the functionality people want with a user interface that is easy to use and understand.”
SparkLend’s total value locked (TVL) of >$3 billion USD enables users to leverage highly liquid assets such as ETH, stETH, and WBTC through DAI borrowing. The rates and volumes of liquidity at scale make SparkLend a safe and reliable borrowing option. Deployed in May 2023, SparkLend has captured 16% of the ETH lending market share and has seen >$1 billion DAI borrowed.
Through Spark Cash & Savings, Spark is revolutionizing and vastly simplifying non-custodial stablecoin management. The new platform offers a native crypto savings account, enhancing user earnings directly from Maker Protocol’s system revenue. This unique feature, combined with the platform’s ease of access to stablecoin savings, sets it apart in digital asset savings.
Spark’s new hub simplifies the DeFi experience, encouraging users to take control of their finances and embrace financial autonomy. The platform’s features, including easy borrowing with risk management tools, conversion of stablecoins to sDAI, 30-day and one-year forecast projection, and secure management of assets, can be accessed via the Spark App.
About Spark
Spark is a community project driven by SparkDAO members, a SubDAO within the MakerDAO ecosystem. Serving as the decentralized hub for lending, borrowing, and saving crypto, it offers rates in DeFi. Spark is unique in that it offers wholesale access to competitive credit and rates at scale, regardless of wallet size.
Spark is best known for building SparkLend, a decentralized non-custodial liquidity market protocol with $3 billion USD in TVL.
For more information about Spark, visit spark.fi, Discord, or Twitter.
About Phoenix Labs
Phoenix Labs is a research and development company that aims to introduce new decentralized products to the Maker ecosystem.
For more information about Phoenix Labs, visit the official website.
About MakerDAO
MakerDAO is the decentralized autonomous organization (DAO) that powers the longest-standing DeFi lending protocol and enables the creation of DAI, the original decentralized stablecoin.
Governance of MakerDAO is decentralized, with proposals tabled and voted on by the Maker Community, comprising people from all over the world. Utilizing an embedded governance mechanism, the decentralized and self-sustaining Maker Community holds sole authority to enact changes to the Maker Protocol through on-chain voting using the native governance token, MKR.
Governance and tokenomics of the Maker ecosystem are currently being overhauled through the Endgame Plan. Endgame will introduce SubDAOs to the ecosystem, each with a unique governance token, governance process, and workforce.
For more information about MakerDAO, visit makerdao.com, its community portal, official forum, and Twitter.