Polygon zkEVM’s Chain Could be Improving with Spark Protocol Deployment
Spark Protocol has unveiled a proposal to deploy on the Polygon zkEVM chain, focusing on solidifying the position of DAI and sDAI and creating a core building block for DeFi.
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Spark Protocol, an open-source ZK-Rollup giving the , announced a proposal to deploy its system on the Polygon zkEVM chain, aiming to foster growth and innovation in the multi-chain EVM ecosystem and
The @0xPolygonLabs team has put forth a proposal to deploy Spark Protocol on the Polygon zkEVM chain!
Here are the key details you need to know:
— Maker (@MakerDAO) August 1, 2023
The deployment on Polygon zkEVM chain will provide novel use-cases supporting public good infrastructure, as well as supporting [Spark/DAI growth on Polygon zkEVM Mainnet Beta through a meaningful collaboration, creating novel use-cases supporting public good infrastructure, and growing demand across all channels for sDAI.”
Polygon zkEVM, launched as mainnet beta on March 27, 2023, is an open-source ZK-Rollup providing EVM equivalence. With a growth of 12,500% in two months and unique wallets exceeding 213,000:
“Transactions have increased 18x over the last two months. This just marks the beginning of growth of TVL, users and transaction growth, as many new protocols launch in the next phase of growth.”
The proposed integration involves the transition from existing DAI implementation on Polygon zkEVM to two new contracts: Native DAI and sDAI. Native DAI consists of two contracts, L1_Escrow and NativeDAI, which will allow bridging DAI to and from zkEVM. sDAI will use the Native ERC-20 Bridge to represent DAI deposited in DSR.
Collaterals including WETH, wstETH, and DAI will be onboarded via Chainlink, with Spark Protocol continuing to leverage Chainlink Price Feeds for oracle needs.
The plan includes options to seed initial DAI liquidity for Spark’s launch on zkEVM, with a minimum target size set at $500,000.
Developers have already begun the legwork for Spark’s deployment on Polygon zkEVM. Additionally, collaborations with Balancer and LayerZero Labs are in place, including bridge contracts to enable sDAI to be bridged to Polygon zkEVM for use in DeFi.