MakerDAO’s Spark Protocol adjusts the DAI deposit APY (DSR) to 8%, essentially compensating users for the opportunity cost of holding traditional assets such as ETH and USDC. Emerging stablecoins such as DAI will continue to squeeze out the market space of established stablecoins such as USDC with their high interest rates. In the future, the interest-earning and circulation attributes of DAI can be separated to improve the capital utilization efficiency of MakerDAO DSR. As the circulation of DAI increases, the protocol will have more USDC, which can be further exchanged for US dollars and purchased RWA assets, providing more real income and forming a flywheel effect.