1/Maker will launch the Spark Protocol lending protocol similar to Aave v3 in April, expanding its DeFi footprint from the stablecoin sector to the outside world; currently, the leading DeFi protocols are trying to integrate stablecoins, lending, LSD and other businesses together to achieve "matrixization" and "unification" to form more loop nesting and liquidity stability.

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2/During this process, Maker will launch multiple small community MetaDAOs with their own tokens and funds, expand new businesses in a "risk isolation" manner, and feed back to the DAI stablecoin core business. At this point, Maker can obtain diversified value capture, the narrative logic is more like a public chain, and the valuation level will increase exponentially. Spark Protocol will be the first MetaDAO.

3/In order to prevent future regulation and solve the dilemma of losses, Maker is gradually increasing the share of RWA (real assets such as bonds and mortgages) as DAI collateral. At the same time, it also needs new profit growth channels to maintain market share and further release the asset utilization rate of the treasury mortgage rate. This is also the reason why Spark Protocol is the first MetaDAO.

4/Spark Protocol uses liquidity mining to distribute tokens, and 40% will be allocated to the $MKR pool. LD Capital predicts that $MKR staking will provide 12-37% APY, an annual income of $27.5-12 million, which will increase the destruction of $MKR by 1-3 times. MKR will have an additional "shovel income" in disguised form, gradually empowering and breaking away from the castle in the air of governance tokens.

5/ The lending rate of stETH in the market is as high as 90%. In the future, as the pledge rate of the ETH mainnet increases after the Shanghai upgrade, the share of lsdETH in DeFi will gradually exceed that of native ETH. Therefore, LSD is an inevitable link in the development of stablecoins. Maker's way of entering LSD is: users can encapsulate lsdETH into ETHD and use it as collateral to borrow DAI. This move can attract more funds into the protocol, thereby reducing dependence on USDC and avoiding regulatory issues to a certain extent.