The founder of the project MakerDAO, Rune Christensen, presented a proposal to launch a governance token for the Spark Protocol lending platform.
The goal of the «pre-farming airdrop» is to “encourage long-term engagement with the platform” by distributing 2 billion SPK tokens over more than 10 years.
Spark Protocol is a liquidity market built on the DAI stablecoin and collateral assets for a DeFi platform. The latter is a lending interface built on MakerDAO, but operates independently of it.
The solution’s functionality is based on the third version of the project’s smart-contract system Aave.
The protocol is integrated with MakerDAO’s PSM. This will allow instant conversion of DAI and sDAI to USDC at a 1:1 ratio.
It is expected that over time Spark will transform into one of the “sub-DAOs” — a decentralized autonomous organization within MakerDAO with its own governance token.
New assets will be allocated to Spark borrowers using various coins as collateral. Rewards will depend on loan sizes and the duration of loan-holding periods.
The Spark Protocol launch took place in May.
In the future, it is planned to include farming products with fixed terms and a native synthetic derivative of liquid staking called EtherDAI.
The next steps on the 2023 roadmap include adding manipulation-resistant oracles, fixed rates — Spark Fixed Rates, support for L2 solutions and sidechains.