Spark Protocol Integration with Chainlink
Spark Protocol Integration with Chainlink, Spark Protocol is the underlying infrastructure for Spark Lend, a decentralized lending marketplace for supplying and borrowing crypto assets.
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. As Spark Protocol announced their Integration with Chainlink.
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.
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.
About Spark Protocol
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.
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.