MakerDAO launches Spark, a DAI lending market forked from Aave v3

Sky (formerly MakerDAO)/Spark (SparkLend and Liquidity Layer)

MakerDAO opened SparkLend to all users from May 9, 2023. Built by contributor firm Phoenix Labs as a fork of Aave v3, it let users supply and borrow ETH, stETH and DAI, with the DAI borrow rate set by governance vote rather than by supply and demand.

• Initial DAI borrow rate: 1.11% a year.
• Runs separately from Maker's core vaults that mint DAI.
• Phoenix Labs led development as a contributor to MakerDAO.