In this episode, we’re joined by Sam MacPherson, Co-Founder and CEO of Phoenix Labs, to discuss Sky’s evolution from MakerDAO, Spark’s role as a prime agent SubDAO, and its approach to DeFi lending, liquidity management, and risk frameworks. We also cover governance restructuring, isolated lending markets, token buybacks, institutional liquidity products, fintech partnerships, and Spark’s long-term vision for prime brokerage and USDT growth.

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As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

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Timestamps:

(0:00) Introduction

(1:55) Why MakerDAO Became Sky

(5:10) Spark’s Role Under Sky

(7:45) Spark Liquidity Layer

(12:25) Conservative Collateral Strategy

(17:35) DeFi Risk Ratings

(24:38) Liquidity Intents Explained

(27:37) Buybacks and Token Treasury

(29:46) Spark’s Real Competitors

(32:51) Backend for Fintechs

(35:56) SubDAO Competition Dynamics

(43:20) What’s Next for Spark

(47:10) Closing Comments

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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. Boccaccio, Danny, and our guests may hold positions in the companies, funds, or projects discussed.