A leading decentralized finance (DeFi) platform MakerDAO (MKR), DAI focused cryptocurrency a credit market designed for supplying and borrowing Spark Protocol announced its launch.
Spark Protocol Will Launch Today
According to a tweet by MakerDAO, Spark Protocol will be available to all DeFi users starting May 9, 2023.
Spark Lend, the first version of the Spark Protocol, is a lending marketplace specifically designed to supply and borrow crypto with a focus on DAI. Users of the platform will be able to interact directly with Spark’s front-end and connect Maker’s liquidity to a complete DeFi solution.
MakerDAO is a decentralized organization built on Ethereum that allows borrowing and lending of cryptocurrencies without the need for any middleman.
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MakerDAO consists of a smart contract service that manages borrowing and lending, as well as two currencies: DAI and MKR to regulate the value of loans.
DAI is a stable, decentralized, undifferentiated currency that can be used by anyone, anywhere, anytime. MKR, on the other hand, is a management token that empowers token holders to vote on the parameters and policies of the Maker Protocol, the smart contracts that power DAI.
There are several ways to buy DAI decentralized. The first way is to take a loan on MakerDAO’s Oasis platform where you can deposit some ETH or other supported assets as collateral and generate DAI against them. Another way is to trade DAI on Oasis or other decentralized exchanges like Uniswap or Sushiswap.
*Not investment advice.
Source: Bitcoinsistemi.com