Sky launches decentralized organization 'Spark' token... "Accelerating DeFi innovation"

Decentralized finance (DeFi) protocol Sky (SKY, formerly MakerDAO) announced on the 2nd that it plans to accelerate DeFi innovation within its ecosystem through decentralized organizations.

As part of this plan, Sky officially announced the launch of Spark's SPK token, the first “star,” and the introduction of Grove, a platform providing institutional-grade credit infrastructure.

Spark is Sky's first core project and serves as a decentralized hub for cryptocurrency lending, borrowing, and saving. The newly launched SPK token will be used as a rewards token within the Sky protocol. Additionally, 65% of the SPK supply will be allocated to the community, with Sky aiming to further strengthen interoperability and collaboration between protocols and establish a robust tokenomics structure.

Last week, the second project, Grove, was also launched. Grove is a platform that provides institutional-grade credit infrastructure, aiming to bridge DeFi and traditional finance. Currently, Grove plans to allocate $1 billion through the tokenized government bond fund, Janus Henderson Anemoy. This is a strategy to provide, for the first time within a DeFi protocol, access to on-chain collateralized loan bonds.

A Sky representative said, “Through Grove’s non-custodial protocol, we aim to enhance capital efficiency while providing various credit investment opportunities across both on- and off-chain environments,” adding, “With this launch, the Sky ecosystem is making its vision of offering scalable DeFi solutions and reshaping the future of finance even clearer.”