.@ChronicleLabs points are now live, exclusively on the Sky Protocol, and can be accessed via the app.

Through the Sky Token Rewards feature, users can supply their USDS and start earning Chronicle Points, later claimable for Chronicle tokens at a rate of 10 points → 1 Chronicle token (CLE)

What makes Chronicle a key infrastructure player in the DeFi space? Let’s take a closer look.Sky.money Chronicle is currently the second-largest Oracle network by Total Value Secured (TVS), securing $22 billion at its peak.

It's also the longest-operating Oracle protocol and the first Oracle on Ethereum, originally invented to secure the Maker Protocol and Dai stablecoin.

USDS and SKY are live on Ethereum along with DeFi features powered by the decentralized Sky Protocol, all available at . Sky.money
Upgrade to USDS and SKY.

Use the Upgrade feature to go from DAI to USDS at a 1:1 rate, unlocking all the new features within the Sky Ecosystem, such as Sky Token Rewards and the Sky Savings Rate.

You can also upgrade your MKR to SKY at a rate of 1 MKR → 24,000 SKY.

Upgrading is optional, and you can convert USDS and SKY back to DAI and MKR anytime.

Sky Aave Force, gearing up for deployment.

An unprecedented initiative by @SkyEcosystem and @Aave to accelerate the next wave of DeFi adoption. Conceived by @RuneKek and @StaniKulechov in collaboration with @phoenixlabsdev and @AaveChan, the proposal includes:

• Integration of USDS and sUSDS on the Aave V3 market with native token rewards.
• SKY-sUSDS converter on the Aave interface.
• SPK token airdrop for Aave market suppliers.
• Sky Protocol-powered USDS liquidity injection into Aave’s stETH market.

Sky is here.

The best and easiest place to get rewarded for saving without giving up control.

Discover the upgraded tokens, new features, and boosted Sky Token Rewards for early sign-ups. Follow this thread for the latest news and updates about SkyLaunch. With the launch of Sky, the upgraded tokens are introduced:

• $SKY: The upgraded version of MKR and governance token of the Sky ecosystem. Each MKR can be upgraded to 24,000 SKY.

• $USDS (Sky Dollar): The upgraded version of DAI, USDS is a stablecoin that gives access to native token rewards.

Spark, the first SubDAO set to launch.

Spark emerges as the pioneer among Maker SubDAOs, shaping the future of MakerDAO’s Endgame roadmap.

It fosters a dedicated and independent community that leverages the power of MakerDAO to develop innovative DeFi products that address proven market demands.

The highly anticipated Launch Season reaches its peak with the arrival of SparkDAO, along with its native token SPK and a variety of SPK token farming programs

Learn more about what SparkDAO has to offer. ↓ Spark App: The Powerhouse of DeFi

Spark's main offerings include SparkLend and Cash & Savings, available on .

• SparkLend enables users to borrow DAI at large scales using high-liquidity assets, with a best-in-class user experience.

• Spark Cash & Savings introduces a decentralized, on-chain banking-like product that connects cash and savings accounts’ features with the Dai Savings Rate (DSR). It is accessible with DAI, USDT, and USDC.app.spark.fi

As the launch season approaches, MakerDAO is preparing to introduce two new tokens - NewStable and NewGovToken.

Explore the details below ↓ After the upcoming brand reveal, the new tokens will be introduced into the ecosystem.

NewStable (NST) is the codename for the upgraded version of Dai, tailored for broader adoption and designed with enhanced stability features. The official name will be unveiled through the brand reveal.

NewGovToken (NGT) represents a refined approach to governance within our ecosystem. It’s designed to encourage wider participation and more dynamic decision-making. The final name will also be shared through the brand reveal.

The conversion process for token holders is straightforward:

• For NewStable (NST): Dai holders can seamlessly upgrade to NewStable, enjoying the flexibility to revert back to Dai as desired.

• For NewGovToken (NGT): Each Maker token (MKR) can be converted into 24,000 NGT. This redenomination aims to encourage wider participation in governance activities.

These additions represent an expansion and will not replace the existing Dai (DAI) and Maker (MKR) tokens. Users will have the option to transition to NewStable and NewGovToken.

Now, let’s talk about key functionalities:

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/