🚀 Aave And Sky Explore Partnership To Bridge DeFi And TradFi
#Aave #Sky #DeFi #TradFi #PhoenixLabs #SPKtokens #USDS #SkyAaveForce #sUSDS #SSR #USDSDirectDepositModule #Lido #wstETH #cryptocurrency #blockchain #partnership #AAVE
According to Cointelegraph, decentralized finance (DeFi) protocols Aave and Sky (formerly Maker) are considering a partnership aimed at bridging the gap between DeFi and traditional finance (TradFi). This initiative, named the Sky Aave Force, was announced on September 2 following a governance proposal by Phoenix Labs, a DeFi research and development organization.
The proposal includes issuing SPK tokens, native to Sky’s subDAO, Spark, to establish a market for USDS, a stablecoin launched after Maker’s rebranding to Sky in August. Aave Labs, the developer behind the Aave DeFi lending platform, emphasized the partnership's goal to drive mass adoption and close the gap between DeFi and TradFi.
Phoenix Labs suggests distributing up to 3.33 million SPK tokens monthly to incentivize an Aave v3 market for Sky’s sUSDS, a yield-bearing token representing deposits in the Sky Savings Rate (SSR) program. Similar to the DAI Savings Rate (DSR) program, SSR provides yield to depositors from the revenues generated by Sky’s protocol. Idle sUSDS on Aave would consistently earn the SSR, potentially outperforming USDC/USDT counterparts.
The proposal also includes introducing a USDS Direct Deposit Module (D3M) to Aave’s Lido Market, with an initial debt ceiling of $100 million. Aave partnered with Lido, the leading Ethereum staking protocol, in July to create a lending market for wstETH, a liquid staking derivative representing a claim on Lido’s ETH staking pool. The D3M would allow Sky to mint USDS directly into Aave’s market without needing to meet the usual collateral requirements.
Phoenix Labs highlighted the synergies between the two protocols, noting that Aave is the largest lending market in DeFi with over $11 billion in total value locked (TVL) across multiple chains. They view this partnership as a first step towards a deeper relationship with Aave to promote both protocols as the core of scalable DeFi.#Aave #Sky #DeFi #TradFi #PhoenixLabs #SPKtokens #USDS #SkyAaveForce #sUSDS #SSR #USDSDirectDepositModule #Lido #wstETH #cryptocurrency #blockchain #partnership #AAVE
🚀 Aave Community Votes On Introducing USDS And sUSDS To Aave V3
#Aave #USDS #sUSDS #AaveV3 #crypto #governance #DAI #sDAI #blockchain
According to BlockBeats, on September 5, the Aave community initiated a proposal to introduce USDS and sUSDS tokens into Aave v3. The proposal, which is currently open for voting on the Snapshot governance page, aims to integrate these tokens, which are the rebranded versions of DAI and sDAI, into the Aave v3 platform. The voting process is set to conclude on September 6.#Aave #USDS #sUSDS #AaveV3 #crypto #governance #DAI #sDAI #blockchain
🚀 Pendle Partners With Sky To Introduce sUSDS Market
#Pendle #Sky #sUSDS #RealWorldAssets #partnership #crypto #finance
According to Foresight News, Pendle has announced a collaboration with Sky to expand its Real-World Assets (RWA) product line. This partnership will introduce a new sUSDS market, with a maturity date set for March 27, 2025.#Pendle #Sky #sUSDS #RealWorldAssets #partnership #crypto #finance
🚀 Spark Prime Proposes Changes to Ethereum Network Collateral
#SparkPrime #Ethereum #CollateralSystem #SparkLend #sUSDS #sDAI #LoanToValue #LTV #PYUSD #SkySavingsRate #SSR #InterestRateModel #Stablecoin #Governance #StabilityFacilitator #ExecutionVote
According to PANews, Spark Prime has proposed modifications to the collateral system within SparkLend on the Ethereum network. The proposal suggests disabling sUSDS and sDAI as collateral by setting their supply caps to one and adjusting the maximum Loan-to-Value (LTV) ratio to 0%. The liquidation threshold for stablecoin emode will remain unchanged, ensuring that existing positions do not face new liquidation risks.
Additionally, the proposal includes an increase in the PYUSD interest rate model benchmark to align with the Sky Savings Rate (SSR) and a reduction of Slope 1 to 2%. These adjustments aim to stabilize borrowing rates and enhance PYUSD circulation. The proposed changes are subject to review by Sky governance and the Stability Facilitator before being included in the next execution vote.#SparkPrime #Ethereum #CollateralSystem #SparkLend #sUSDS #sDAI #LoanToValue #LTV #PYUSD #SkySavingsRate #SSR #InterestRateModel #Stablecoin #Governance #StabilityFacilitator #ExecutionVote
🚀 Sky's TVL Increases by 38% Since March 1, Reaching $7.52 Billion
#Sky #TVL #DeFi #crypto #blockchain #NS3AI #sUSDS #savingspool #growth #investors #ecosystem #cryptocurrency #SKY
Sky's total value locked (TVL) has surged by 38% since March 1, reaching $7.52 billion, positioning it as the fourth-largest decentralized finance (DeFi) protocol by TVL. According to NS3.AI, this growth highlights Sky's rising prominence in the DeFi space. The sUSDS savings pool, a significant component of Sky's ecosystem, currently holds approximately $6.5 billion in deposits. This figure includes an influx of nearly $1.3 billion since the beginning of the month, underscoring the protocol's increasing appeal to investors.#Sky #TVL #DeFi #crypto #blockchain #NS3AI #sUSDS #savingspool #growth #investors #ecosystem #cryptocurrency #SKY