Just came across something that might interest folks here watching the DeFi space.

There's a new Ethereum-based protocol that recently went live , it's focused on lending using DAI and USDS, and seems to take a different route compared to the typical utilization-based models. Instead of relying on volatile borrow rates, it uses governance-set borrowing rates, which could offer more stability for both borrowers and lenders.

What's also interesting is that it's backed by a large reserve of over $6.5B  and integrates directly with some of the major liquidity layers, allowing it to allocate capital dynamically across DeFi, CeFi, and even real-world assets.

The token ($SPK) just got listed on BingX and other exchanges with deposits and trading now live. It’s ERC20, total supply is 1.7B. Might be worth looking into if you're into protocols focusing on capital efficiency and stablecoin strategies.

Not shilling but just thought it was a noteworthy addition to the space, especially given how fragmented stablecoin yield options have become lately.

Would be curious to hear if anyone else has looked into it or has opinions on the model.