Spark, a DeFi infrastructure constructed by Maker SubDAO, deployed $100 million in new DAI liquidity with Morpho Blue, Morpho’s lending protocol. This transfer will permit customers to borrow Ethena’s stablecoins, USDe and sUSDe, at extremely environment friendly leverage positions backed by MakerDAO.
Ethena’s USDe is backed 1:1 by the US greenback and backed by institutional custodians together with Fireblocks, Copper, Ceffu and Cobo. sUSDe is a value-accumulating ‘web bond’, or a staked model of the USDe asset.
Along with creating new DAI markets, a DAI vault has been constructed on MetaMorpho, a protocol that enables vaults to be created on Morpho Blue to make sure that DAI liquidity is allotted to those markets. Vault efficiency charges are initially set to zero and Maker’s Direct Deposit Module (DDM) receives all accrued charges.
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This partnership is basically pushed by MakerDAO’s endgame plan, which is able to see the Spark protocol as a part of a newly shaped SubDAO within the Maker ecosystem. Sam MacPherson, the CEO and co-founder of Phoenix Labs – the infrastructure firm behind Spark – famous in a Blockworks-reviewed press launch that this partnership will unlock new alternatives for the DeFi lending ecosystem.
“MakerDAO’s groundbreaking SubDAO momentum has made this growth attainable, in addition to Spark’s general speedy progress. It’s a testomony to the effectivity of DeFi when a brand new product launches with a terrific worth proposition and succeeds in the way in which Spark has,” stated MacPherson.
Whereas SparkLend’s preliminary credit score infrastructure leveraged the Aave v3 codebase, the choice to increase its capabilities with Morpho is pushed by Morpho Blue’s programmability, which permits customers to decide on threat parameters and customise credit score swimming pools.
“It is thrilling to see Morpho’s dependable and environment friendly infrastructure method to lending being embraced by DeFi’s largest and fastest-growing protocols.” Morpho Labs CEO and co-founder Paul Frambot stated in a press launch. “Customers will be capable of borrow DAI with a much wider variety of collateral, considerably increasing the scope of credit score and borrowing choices for customers.”
Maker’s resolution to companion with Morpho comes shortly after blockchain analytics agency Gauntlet ended its contracted work as a threat supervisor for Aave and have become a threat curator of Morpho Labs. It additionally follows Aave’s resolution to exclude Morpho customers from its newest alignment rewards program.