MakerDAO\u2019s money market, Spark Protocol, is bumping up against its DAI debt limit less than two weeks after raising the ceiling from $20M to $200M.<\/p>\n
Maker noted<\/a> that it only took eight days for users to borrow $180M DAI. The pool’s utilization currently sits at 99%<\/a>, according to Blockanalitica.<\/p>\n Spark\u2019s milestone comes as competition among decentralized stablecoins is heating up, with Maker hoping to protect DAI\u2019s market share from new DeFi-native stable tokens issued by Curve and Aave.<\/p>\n The surge in activity on Spark followed MakerDAO increasing its DAI Savings Rate<\/a> (DSR) \u2014 which Spark users can access \u2014 from 3.3% to 8% in an explicit bid to drive up the adoption of both Spark and DAI. However, DSR yields will reduce as utilization increases.<\/p>\n The move was an immediate success, sending Spark\u2019s total value locked (TVL) parabolic<\/a> with a 674% gain from $58M to $449M in six days. The DSR\u2019s TVL is also up more than 300%, currently sitting at $1.39B<\/a>, according to Dune Analytics.<\/p>\n Spark Protocol launched in June after MakerDAO team members forked<\/a> Aave v3, the leading DeFi lending protocol.<\/p>\n crvUSD, a competing stablecoin from leading stablecoin DEX, Curve Finance, is also gaining traction.<\/p>\n On Aug. 16, crvUSD\u2019s supply hit all-time highs, with users borrowing more than $107M<\/a> crvUSD against collateral assets deposited on Curve. This followed a brief decline in crvUSD utilization, with public confidence in the Curve protocol being shaken two weeks ago after an exploit targeting Vyper \u2014 the smart contract programming language used by Curve \u2014 resulted in hackers draining $25M<\/a> from Curve\u2019s liquidity pools. The majority of the stolen assets were later returned.<\/p>\n <\/a><\/p>\n Affected protocols had offered a bounty if the attacker returned the funds.\n<\/p>\n<\/div>\n crvUSD supply fell from $100M at the end of July to a local low of $65M just one week later following the incident. Curve first deployed<\/a> crvUSD in May, and expanded<\/a> its collateral assets and debt ceiling in June.<\/p>\n Aave is also looking to stake its claim on the decentralized stablecoin sector with the launch<\/a> of GHO one month ago.<\/p>\n Despite deploying less than five weeks ago, Aave users have already minted 22.4M<\/a> GHO tokens, outpacing the early growth of both crvUSD and Spark.<\/p>\n However, GHO has struggled to hold its peg to the U.S. dollar, with the token\u2019s price consistently trending downward<\/a> since its launch. According to Token Logic, GHO\u2019s average price over the past 24 hours was $0.967<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" MakerDAO\u2019s money market, Spark Protocol, is bumping up against its DAI debt limit less than two weeks after raising the ceiling from $20M to $200M. Maker noted that it only took eight days for users to borrow $180M DAI. The pool’s utilization currently sits at 99%, according to Blockanalitica. Spark Markets Spark\u2019s milestone comes as […]<\/p>\n","protected":false},"author":2,"featured_media":139315,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-139314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139314","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=139314"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139314\/revisions"}],"predecessor-version":[{"id":147772,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139314\/revisions\/147772"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/139315"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=139314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=139314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=139314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"the-defiant\"](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2Ffa911c8dfbb6f13dbdf64814d2ab04b8ceec1bfc-926x429.jpg&w=828&q=75\")
crvUSD Mounts Comeback<\/h2>\n
![\"DeFi](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F7c03933243c26ffd4993f4eb7b6fd80c5cec4b4c-880x495.jpg&w=828&q=75\")
<\/a><\/p>\nDeFi Lender Alchemix Says Vyper Hacker Returned Stolen Crypto<\/h3>\n
GHO Picks Up Steam<\/h2>\n