BlackRock, the world’s largest asset manager, is seeking to participate in decentralized stablecoin issuer MakerDAO’s ‘Grand Prix’ contest, which aims to attract $1 billion worth of tokenized assets to the platform. First reported.
According to Governance Forum Posts For Spark SubDAO, an independent unit built on MakerDAO, these efforts will focus on investing its reserves in “tokenized products similar to short-term U.S. Treasury bonds.”
According to a CoinDesk report, major players in the “real-world asset” space, including BlackRock’s BUIDL, Superstate, and Ondo Finance, are looking to join the effort. Spark will reinvest up to $500 million of its reserve assets to support the DAI stablecoin to winners. The capital is currently managed by Andromeda BlockTower and Monetalis Clydesdale, the latter of which recently I’m angry MakerDAO participants were fined for failing to audit their reserves.
MakerDAO, one of the oldest DeFi protocols founded by Rune Christensen in 2014, has recently attempted to reinvent itself. As per Christensen’s proposal, Maker’s “endgame” would see the project offer a variety of stablecoins and further diversify its backing assets from ETH and other cryptocurrencies.
Spark is one of the first of several semi-autonomous DAOs (decentralized autonomous organizations) that Christensen plans to create under the Maker banner, with a focus on building tokenization infrastructure. In short, Christensen sees these “subDAOs” as startups that can help increase revenue for the overall organization.
“Spark Protocol is poised to become the central hub for RWAs on Maker and Ethereum, driving innovation and financial inclusion. More details on how the competition will work and how proposals will be evaluated will be released in the weeks leading up to the application period,” the proposal reads.
Applications will be accepted until August 12th.
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