MakerDAO Rolls Out Aave Competitor

MakerDAO has released Spark Protocol, a liquidity marketplace built on the DAI stablecoin and other DeFi-backed assets.

Spark Protocol is the first native Maker-powered landing interface, offering users the opportunity to generate a revenue stream from lending operations.

The protocol operates independently from MakerDAO and its first iteration, Spark Lend, will focus on DAI.

It is based on Aave’s third version of its smart contract system, which was launched on January 27, 2023 and features new features such as risk mitigation, increased capital efficiency, decentralized liquidity, and reduced gas costs.

The platform offers DAI borrows at an annual rate of 1.11%.