Spark Protocol, MakerDAO’s New Lending Platform, Will Expand To Multi-chain

Key Points:

• MakerDAO announced on Twitter that their DeFi Spark Protocol lending protocol would be extended to multiple chains.
• The steps and processes for implementing Spark in specific domains (each blockchain network) are also shared.
• Block Analitica will assess collateral and recommend risk parameters for collateral in Spark on the new domain.

MakerDAO announced on Twitter that their DeFi lending protocol Spark Protocol would be extended to multiple chains and announced the steps and process of implementing Spark Protocol in specific domains (each blockchain network).

To implement Spark Protocol in a new domain, you must create a Maker forum post in the SubDAO TWO category (basics, technical info, collateral info, info required, liquidity, etc.).

Domain refers to various blockchain networks, including sidechains and layer 2 solutions.

Phoenix Labs will evaluate submitted proposals and provide MakerDAO with recommendations for new domain names and collateral information to include. In addition, Block Analitica will perform collateral assessment and recommend risk parameters for collateral in Spark on the new domain.

Domain and collateral reviews will be published on Maker Forums. These reviews will provide valuable insight to MKR owners when making decisions regarding Spark deployment on a new domain.

MakerDao, a decentralized autonomous organization operating on the Ethereum blockchain and issuing stablecoin DAI, recently announced the launch of its latest DeFi product, Spark Protocol.

The news was shared via MakerDao’s official Twitter account, which states that Spark Protocol will be available to all DeFi users starting May 9, 2023.

Spark is a DAI and end-user-focused DeFi product that will be deployed on Ethereum. The product must offer lending features for ETH, stETH, DAI, and sDAI. The first version of Spark Protocol, Spark Lend, will be a lending marketplace specifically designed for providing and borrowing cryptocurrencies, focusing on DAI.

Spark users can interact directly with Spark’s user interface, which will connect Maker liquidity to a complete DeFi solution. MakerDAO has stated that Spark is one of many enhancements that the Endgame Era will bring to the MakerDAO ecosystem, enabling a groundbreaking solution that can only arise from the connection between the DeFi product and Maker Protocol.

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