Spark Protocol: MakerDAO's Gateway to Vertical Expansion | Sam MacPherson

Sam MacPherson joins us to discuss how Spark leverages MakerDAO's wholesale credit line to build a lending marketplace built around DAI. We talk about Spark's design, the pervading influence of MakerDAO's DSR, why spot stablecoin demand reigns supreme, Spark's L2 strategy, MakerDAO's shift to AMOs and more! And as usual, we start the episode with our analyst bullpen to discuss Gary Gensler's failure, Arbitrum's bug and social consensus, Solana's (not gonna happen) fork debate and if this is the worst bull market. - - Timestamps: (00:00) Introduction (01:14) Hot Seat/Cool Throne (32:25) Interview Start: Spark (38:23) How the DSR Enables the Lowest Rates in DeFi (41:08) Organic Spot Demand for Stablecoins (45:44) The DSRs Equilibrium Rate (49:15) Undercollateralized Lending (50:33) MakerDAO's Replacing the PSM with AMOs (53:54) Spark’s L2 Strategy (56:52) Fixed Rate Lending and DeFi’s Yield Curve (1:01:12) Every Protocol Will Vertically Integrate (1:03:12) Why Spark Forked Aave v3 (1:05:41) How the SubDAO Bidding Process Works (1:08:40) Revenue in High vs Low Rate Environments - - Follow Sam: https://twitter.com/hexonaut Follow Sam: https://twitter.com/swmartin19 Follow Dan: https://twitter.com/smyyguy Follow Matt: https://twitter.com/MattFiebach Follow EffortCapital: https://twitter.com/EffortCapital Follow Blockworks Research: https://twitter.com/blockworksres Subscribe on YouTube: https://bit.ly/3foDS38 Subscribe on Apple: https://apple.co/3SNhUEt Subscribe on Spotify: https://spoti.fi/3NlP1hA Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Today’s episode is brought to you by the Atom Accelerator, now offering grants to build out the ATOM economic zone! It's the perfect time to build with Cosmos and join the thriving ATOM ecosystem. With Interchain Security live, and the power of IBC connecting the interchain, builders are flocking to Cosmos. Join the ranks of Neutron, Lido, Astroport, Gitcoin, Mars and numerous other projects harnessing Cosmos’ leading infrastructure. Discover how to secure a grant from the Atom Accelerator by visiting https://www.atomaccelerator.com/ today!  - - Resources: Proof-of-Steak (Gary Gensler) https://twitter.com/GaryGensler/status/1623777842000539648? MakerDAO https://makerdao.com Phoenix Labs https://twitter.com/phoenixlabsdev - - Check out Blockworks Research today! Research, data, governance, tokenomics, and models – now, all in one place: Blockworks Research: https://www.blockworksresearch.com/ Free Daily Newsletter: https://blockworks.co/newsletter - - Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Dan, Sam, and our guests may hold positions in the companies, funds, or projects discussed.