Spark Protocol Announces Integration of Chainlink Price Feeds in First for MakerDAO Ecosystem
Plugging into Chainlink Price Feeds has enabled Spark Protocol to cut down launch time and make significant headway in its current development
SAN FRANCISCO, May 9, 2023 /PRNewswire/ -- Spark Protocol, a protocol powered by MakerDAO, the long-standing DeFi lending protocol behind the DAI decentralized stablecoin, announced today that it has successfully integrated the DAI/USD, ETH/USD, and stETH/USD Chainlink Price Feeds. In doing so, Spark Protocol is bolstering its oracle infrastructure with the industry-leading decentralized oracle network and pioneering the first integration of Chainlink Price Feeds in the MakerDAO ecosystem.
Sam MacPherson, CEO of Phoenix Labs said: "The integration of Chainlink Price Feeds was essential to bringing Spark Protocol online in a timely manner. We feel there is mutual benefit in continuing to build a relationship with Chainlink. Spark is all about openness and collaboration."
Phoenix Labs is one of the contributors to Spark Protocol. Spark offers the lowest interest rates in DeFi through the D3M (DAI Direct Deposit module). Chainlink Price Feeds are integrated into the protocol's lending protocol—Spark Lend—to help underpin its lending and borrowing services, which require high-quality price data to reliably price collateral value.
Johann Eid, VP of Go-To-Market at Chainlink Labs, said: "The ongoing collaboration between Chainlink and the Maker ecosystem is a huge win for DeFi. Both Chainlink and Maker are pioneers in this space, and the work being done across both ecosystems will help to ensure the continued success of not only DeFi, but the broader industry as well."
This integration of Chainlink Price Feeds follows Maker's integration of Chainlink Automation as part of its Keeper Network in February 2023.
About MakerDAO
MakerDAO is the decentralized autonomous organization (DAO) that powers the longest-standing DeFi lending protocol and enables the creation of DAI, the original decentralized stablecoin.
Governance of MakerDAO is completely decentralized, with proposals tabled and voted on by the Maker Community, comprising people from all over the world. Utilizing an embedded governance mechanism, the decentralized and self-sustaining Maker Community holds sole authority to enact changes to the Maker Protocol through on-chain voting, using the native governance token, MKR.
For more information about MakerDAO, visit makerdao.com, its community portal, official forum, and Twitter.
About Spark Protocol
Spark Protocol is the underlying infrastructure for Spark Lend, a decentralized lending marketplace for supplying and borrowing crypto assets with a special focus on DAI. The Spark Protocol launch is part of the Endgame Era, a long-term restructuring improvement proposal for the DAO.
For more information about Spark, visit sparkprotocol.io
About Chainlink
Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
SOURCE Chainlink; MakerDAO
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