What a blast #ETHGlobalParis 🇫🇷 was!

The Spark team loved working with such brilliant minds who created amazing projects on Maker, Spark, and sDAI.

Among all the great participants, we've awarded our prizes totaling 12,000 DAI to the selected projects:

↓



🥇 Claiming the top spot for the best use of Conduits:

DustConduit — 2,000 DAI

Implemented the IAllocatorConduit to mediate between SubDAOs and external protocols, thus facilitating the standardized flow of DAI between SubDAOs and yield opportunities.

ethglobal.com/showcase/dustc…

.@phoenixlabsdev has proposed a multi-chain future for Spark!

Together, we will strive for the integration of Layer 2 solutions and the exploration of other blockchain networks.

Success lies in being where the users are.

This is a recap of Spark's multi-chain roadmap.

↓ Firstly, @phoenixlabsdev's proposal outlined key considerations for prioritizing Spark deployments on different chains:

Currently, @LidoFinance's stETH is one of the largest assets in crypto — there are over 7 million stETH with over 200k holders.

Similarly, its wrapped version, known as wstETH, has gained immense popularity in DeFi, particularly among the Maker Protocol's users.

↓ wstETH represents right now ~30% of stETH total supply, amounting to ~2 million wstETH tokens.

These wstETH tokens primarily find utility within lending protocols — over 60% of all wstETH is sitting in top-tier DeFi lending apps.

↓

etherscan.io/token/0x7f39c5…

sDAI (Savings DAI) is the new tokenized version of DSR-enabled DAI.

Fully powered by the DSR, it is an ERC-4626 token that offers enhanced integrations and gas efficiency for a better user experience.

How does it work? ↓ Recently the DSR went from 1% to 3.49%, enabling a higher yield natively streamed to all DAI holders that opt in.

sDAI implements a tokenized EIP-4626 compliant wrapper for DAI deposited into the DSR, converting the DSR-deposited position into a token you can hold and use.

A new out-of-schedule Executive Vote is live on the Maker Governance portal.

🗳️ vote.makerdao.com/executive/temp…

The proposal titled RWA014-A (Coinbase Custody) DAO Resolution, suggests the following changes to the Maker Protocol: As per the latest forum post by the Stability Scope Responsible Facilitators, the approval of this executive proposal will signal Maker Governance's agreement to the following DAO Resolution to James Asset Trust 3 (JAT3).

↓

forum.makerdao.com/t/out-of-sched…

Announcing the Dai Savings Rate (DSR) increase to 3.49%

Prepare for a new baseline yield that will redefine the landscape of decentralized finance.

The DSR is raised from 1% to 3.49%, effective June 19th, at 14:00 UTC. By opting in, DAI holders earn a consistent yield regardless of the size of their deposits, constantly streamed by the Maker Protocol’s surplus.

5 phases of Endgame.

Endgame has been defined as an update that employs AI tools and open processes to enhance efficiency, resilience, and participation.

A new publication on the Maker Forum outlines its roadmap, which includes the introduction of 5 major launch phases. Phase 1: Beta Launch.

This first phase will establish a new unified brand for the ecosystem with a full rebrand and new website.

It also introduces two new tokens to the revamped ecosystem under the codenames “NewStable” and “NewGovToken”.

How is Maker involved in Spark Protocol? ⚡️

Maker is striving to achieve maximum operational efficiency through Endgame, with the objective of enabling the Maker Protocol to concentrate entirely on the essential functions of minting DAI and sustaining its stability. Ecosystem Actors have been given the responsibility of driving further innovation in the Maker ecosystem, with plans for them to become SubDAOs in the future.

Announcing the Spark Protocol launch ⚡️

Starting May 9, 2023, Spark Protocol will be available to all DeFi users.

An end-user, DAI-centered DeFi product deployed on Ethereum with supply and borrow features for ETH, stETH, DAI, and sDAI. Spark Protocol's first version, Spark Lend, is a lending marketplace specifically designed for supplying and borrowing crypto with a focus on DAI.

Its users will be able to interact with Spark's front-end directly, connecting Maker's liquidity with a complete DeFi solution.

DAI on L2s.

This is the current Canonical DAI supply distribution across Layer 2 networks: Arbitrum.

157.7 million DAI

• -1% from its all-time high
• +146% year-to-date growth.

→ l2beat.com/scaling/projec…

What is the role of each of these Maker Protocol modules and how do they work together?

Let's find out.

🧵↓

https://twitter.com/MakerDAO/status/1647932574700797954?s=20

• Core Module (in gray 👽): Contains the entire state of the Maker Protocol and controls the central system mechanism while it is in the normal state of operation. One of its primary components is the Vat contract. The core Vault, Dai, and collateral state is kept in the Vat.

The first batch of Incubating Ecosystem Actors has been onboarded by Maker Governance under the new Maker Constitution parameters:

• dewiz
• Sidestream
• @phoenixlabsdev
• Viridian Protector Advisory Company

What does this mean? ↓ Incubating Ecosystem Actors are parties with approved project-based funding proposals that are being prepared for future SubDAO launches.

These actors are managed by the Ecosystem Scope and assigned useful projects by Maker Governance.

mips.makerdao.com/mips/details/M…

Maker Governance approved an extension from $500 million to $1.25 billion for its US Treasury investments

🗳️ vote.makerdao.com/polling/QmNTSr…

In this process, MakerDAO would use $750 million of USDC in the PSM to acquire more US Treasury bonds, thus diversifying DAI's liquid backing. MIP65: Monetalis Clydesdale is the name of the US Treasury bonds investment implementation, deployed by MakerDAO in October 2022 with an initial allocation of $500 million.

https://twitter.com/MakerDAO/status/1578007896868233216?s=20

We would like to update our community on the recent market situation that temporarily affected the DAI price.

1/ 1) A summary of the recent events:

On March 10, regulators took over Silicon Valley Bank (SVB) due to a liquidity crisis.

Circle disclosed that $3.3 billion of USDC reserves were deposited in the bank and couldn't be accessed due to weekend closure.

2/

The PSM circuit breaker Executive Vote has been enabled to be voted on.

🗳️ vote.makerdao.com/executive/temp…

We encourage MKR holders and delegates to review and support this proposal with the purpose of implementing a PSM circuit breaker as soon as possible.

1/ Approval of the aforementioned Executive Vote will result in the deployment of a new contract to enable Maker Governance to disable PSMs through a circuit breaker mechanism without any governance delay.

2/

Following the emergency Executive Vote approved last Saturday, Maker Governance has deployed a set of parameter changes to the PSMs with the purpose of limiting Maker’s exposure to volatile centralized stablecoins and reinforcing the DAI peg.

🗳️ vote.makerdao.com/executive/temp…

1/ The deployed changes to the Maker Protocol are the following:

• Increase the USDC PSM USDC→DAI swap fee (tin) from 0% to 1%.

• Reduce the USDP PSM USDP→DAI swap fee (tin) from 0.2% to 0%.

• Increase the USDP PSM DAI→USDP swap fee (tout) from 0% to 1%.

2/

MakerDAO’s Risk Core Unit has submitted an emergency proposal for Executive Vote to implement a circuit breaker as a means to disable PSMs without a Maker Governance deployment delay.

1/ In light of the recent instability surrounding the centralized stablecoin market, the Risk Core Unit proposes a new implementation to limit Maker's exposure to PSMs in a much faster manner than the Maker Governance Delay.

2/

MakerDAO is reviewing a proposal to extend its existing US treasury bond investments from $500 million to $1.25 billion. Under MIP65, MakerDAO deployed ~$500 million in short-term US treasury bond ETFs.

As of January 2023, this investment strategy has brought ~2.1 million in lifetime fees to the Maker Protocol.

→ dune.com/SebVentures/ma…

A new 15,000 DAI reward pool for @argentHQ users who buy DAI is launching today! 💸

• Buy DAI for a chance to win up to 1,000 DAI.

• The more DAI you buy, the more you could win.

• No fees on the first 100,000 DAI purchased. • Buy at least 10 DAI via Ramp in your Argent zkSync Lite to enter the 25 DAI draw

• Buy at least 50 DAI via Ramp in your Argent zkSync Lite to enter the 50 DAI draw

• Buy at least 100 DAI via Ramp in your Argent zkSync Lite to enter the 1000 DAI draw

🌊 MakerDAO reactivates the @AaveAave Direct Deposit Module (D3M)

Through a wholesale credit line denominated in DAI, D3M facilitates the interaction between Maker's credit facility engine and Aave's lending market, guaranteeing a stable borrow rate for Aave's DAI market users. With D3M, Maker can automatically balance the DAI liquidity to a desired supply-balance ratio and enforce a maximum variable borrow rate on the Aave’s DAI lending market.

A new Parameter Changes Proposal has been submitted by the MakerDAO Open Market Committee!

The proposal suggested new parameters for ETH-C, WSTETH-B, WBTC-C, RETH-A, YFI-A, the @compoundfinance D3M, and the @AaveAave D3M.

What are the proposed changes? ↓ 📈 Increase ETH-C Stability Fee to 0.75%

The increase in stability fees for low-rate vaults aims to improve Maker's balance sheet utilization and efficiency, while keeping rates on ETH-C among the lowest in DeFi for borrowing against ETH.