Understand the newly established Phoenix Labs and Spark Protocol of MakerDAO

2023-02-13 17:44

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原文标题：《一文读懂 MakerDAO 中新成立的 Phoenix Labs 与 Spark Protocol 》

Original article by Jiang Haibo, PANews

When Aave's stablecoin GHO and Curve's stablecoin crvUSD are about to be launched, MakerDAO is ready to expand its lending business through Phoenix Labs and Spark Protocol, and enter the liquidity pledge market.

On February 9th, the MakerDAO forum announced the establishment of Phoenix Labs and the development of Spark Protocol, which will focus on decentralized lending market. How does Phoenix Labs and Spark Protocol work and help MakerDAO? Currently, there is no detailed information on the Spark Protocol website. The following information is based on the MakerDAO forum and the Spark Protocol founder's Twitter.

What are Phoenix Labs and Spark Protocol?

After MakerDao's founder proposed Endgame in June of last year, MakerDAO needed to continue to scale while maintaining maximum resilience, so some of MakerDAO's core unit team members created Phoenix Labs. Phoenix Labs is a research and development company that aims to introduce new decentralized products into the Maker ecosystem.

Products developed by Phoenix Labs will all be owned by MakerDAO and will inherit Maker's Governance system and manage smart contracts by voting through Maker Governance.

Spark Protocol is Phoenix Labs' first solution that will enable fixed and variable rate lending for crypto assets, support EtherDAI and implement an elastic prophecy machine to enhance MakerDAO's capabilities. After MakerDAO's Creator SubDAO model is established, Spark Protocol will be transformed into Creator SubDAO.

Related: MakerDAO's doom and gloom: Losses, regulatory risks and the redemption of MetaDAO

Spark Lend: Bifurcated from Aave V3 lending market

Spark Protocol's first product is Spark Lend, a lending marketplace with a front end. According to the official roadmap, basic functions of Spark Protocol, including product rollout, will be completed by April. Fixed rate lending, flexibility Predictor, cross-chain support and EtherDAI guidance will also be added this year.

Spark Lend is built on Aave V3, and Spark Protocol will allocate 10% of the profits earned on the DAI market to Aave for the next two years after DAI borrowings $100 million, Spark Protocol has also been proposed on the Aave forum.

Spark Lend supports Maker's D3M and PSM, allowing projects to have cheap liquidity and others to borrow DAI at the DAI deposit rate (DSR). DSRS allow users to deposit DAI and earn interest on the deposit, which is currently 1% annualized. USDC holders can also exchange their USDC for DAI directly through the PSM via Spark Protocol's official website page and earn interest through the DSR.

Spark Lend will focus on highly liquid collateral types and will support lending in the following five markets at launch: DAI, ETH, Lido wstETH, WBTC, DSR-locked DAI. ETH and wstETH will support Aave V3 E-Mode, mortgage wstETH can borrow 98% of ETH, support higher leverage.

Expected in the second half of this year, Spark Protocol plans to partner with Deco, Sense Finance, Element Finance and others to support fixed-rate lending.

Guide the use of EtherDAI

In the Endgame project, Maker decided to create EtherDAI, ETH's liquid pledge derivative (LSD). As the Shanghai upgrade approaches, pledged ETH will be available for extraction, which is considered to be a good time to enter the LSD circuit. One of the main purposes of the Spark Protocol is also to guide the use of EtherDAI.

根据 Spark Protocol 的流动性质押方案，EtherDAI 将和 Frax Finance 的流动性质押方案类似，会有一个与 ETH 1:1 挂钩的 EtherDAI 和一个收益率版本 sEtherDAI。由于只有一部分质押的 Token 分享所有质押奖励，sEtherDAI 的收益率可能和 sfrxETH 一样高于其它 LSD。

此外，EtherDAI 也将有一个 PSM。在 Maker 中，PSM 允许 USDC、GUSD 等 Token 与 DAI 的 1:1 互换。在这里，PSM 将允许 ETH 或其它 ETH 流动性质押衍生品方便的兑换为 EtherDAI。

To support quick startup for EtherDAI, Maker can also provide liquidity mining subsidies for EtherDAI (MKR or DAI).

Issue a new Token

在此前的 Endgame 讨论中，由于 Maker 因为员工成本高且急需扩张，而决定将 Maker 的核心单元拆分成一个个 MetaDAO。每个 MetaDAO 需要自负盈亏，且会发行自己的 Token 。虽然 Sprak Protocol 在 MakerDAO 论坛中并未介绍 Token 相关的部分，但可能会有自己的 Token 。

Phoenix Labs 创始人在推特中提到，将会有多个具有竞争力的 SubDAO，相关 Token 与 SubDAO 产品的现金流相关联，Spark Protocol 产生的收入将流向这些 Token 持有者。所有 Token 都将通过流动性挖矿分配，没有预先分配。

Then, compared with before, after the establishment of subDAOs such as Spark Protocol, the cost of Maker will be reduced, and each SubDAO still works around the Maker ecology.

在各种 SubDAO 发行自己的 Token 之后，MKR、DAI 等 MakerDAO 中原有的资产还可能变成挖矿的工具，这也可能是近期 MKR 上涨的原因。SubDAO 发行的 Token 可能拥有自身项目收益分配的权利。

summary

MakerDAO core unit members set up Phoenix Labs and developed Spark Protocol. Spark Protocol will first have a bifurcated loan market from Aave V3, because it supports D3M and PSM, and can obtain liquidity at low cost. Another important purpose is to guide the use of EtherDAI, Maker's liquid collateral derivative.

在 Spark Protocol 这类 SubDAO 成立后，可能会大大缓解 MakerDAO 的成本压力。SubDAO 会发行自己的 Token ，这些 Token 都通过流动性挖矿的方式公平发放，MKR 和 DAI 可能会变成挖矿的工具。