The Crypto Roundup: 07 August 2023 | CryptoCompare.com

Leading decentralized stablecoin issuer MakerDAO has recently launched its Spark Protocol, an innovative lending platform designed to boost its DAI stablecoin. Along with the launch, the issuer boosted DAI’s yield from 3% to 8%, while it started to restrict users from accessing the platform’s frontend with virtual private networks (VPNs).

The Spark Protocol’s inaugural offering, Spark Lend, allows users to supply or borrow Ether, stETH, DAI, and savings DAI (sDAI), a yield-bearing token that represents DAI deposited on Maker’s DAI Saving Rate (DSR).

Spark’s move to block the platform’s frontend to users with VPNs is meant to geo-block users from specific geographies from accessing it, including the United States. Trying to access Spark using a VPN leads to a warning that says: “Accessing this website via VPN is not allowed.”

MakerDAO has revealed that the Spark Protocol is part of its ‘Endgame’ plan, a blueprint aimed at transforming the decentralized autonomous organization (DAO) into several subDAOs, each governed by its own token.

Spark, which operates independently from MakerDAO, was established by a software fork of Aave’s Version 3 lending protocol and intends to move 10% of its profit to AaveDAO for the first two years.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/aug/07/