Sam MacPherson, CEO and co-founder of Phoenix Labs, discusses Spark, a sub-DAO within the Sky ecosystem (formerly MakerDAO), with the host of The Defiant Podcast. MacPherson recounts his journey into MakerDAO in 2021, highlighting the limitations of flat DAO structures and the evolution towards the sub-DAO model for better scalability and nimbleness. The conversation covers Spark's rapid growth to over $10 billion in TVL, its relationship with Sky, and the mechanics of accessing Sky's balance sheet. MacPherson details SparkLend and the Spark Liquidity Layer, explaining how they integrate with various DeFi lending protocols and facilitate stablecoin deposits and yield generation. The recent token launch, its utility in governance and staking, and the points-based rewards system are also discussed. Looking ahead, MacPherson envisions Spark expanding its reach in Bitcoin-backed loans, integrating with fintech platforms, and contributing to a more transparent and robust on-chain financial ecosystem, emphasizing USDS's role as a transparent stablecoin.
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