“The protocol will instead focus on “liquidity infrastructure and deals” such as its recent $1 billion investment into PayPal’s PYUSD.”, — write: www.coindesk.com
“We had an internal discussion and we’re going to put it on pause for now just because we see our edge as largely in the DeFi-native crypto space,” Sam MacPherson, CEO of Phoenix Labs, told CoinDesk in an interview during Devconnect Buenos Aires. “We are not builders of consumer apps, and this space is very competitive.”
Phoenix Labs is the company behind the development of the Spark protocol, which to date has amassed over $9 billion in total value locked, according to data from DeFiLlama.
“If and when we do go in, we need to be certain we have some sort of edge there. I think there’s a tendency for projects to get distracted doing too many things at once,” MacPherson said. “So we’re going to just double down on what we do best, which is liquid infrastructure within DeFi.”
The protocol will instead focus on what MacPherson called “liquidity infrastructure and deals like our recent $1 billion investment with our own balance sheet into PYUSD with PayPal,” pointing to a focus on institutional use cases rather than the creation of more retail-friendly solutions. He was referencing a $1 billion investment intended to scale up PYUSD’s liquidity.
When asked whether the mobile app had been canceled or just delayed, MacPherson said it’s “paused for now. Things can change, but it’s about the market; you’ve got to see opportunities, and it’s just not there right now for us.”
MacPherson’s words came shortly after another DeFi giant, Aave, announced the launch of a retail yield app. “It’s an exciting development, but as I said, it’s a competitive environment. I wish them the best of luck,” MacPherson said when asked about the launch.
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Aqua introduces a “shared liquidity layer” that enables capital from a single wallet to back multiple trading strategies simultaneously.
- 1inch has unveiled Aqua, a new liquidity protocol that allows DeFi applications to share a single capital base across multiple strategies without compromising user custody.
- Aqua introduces a “shared liquidity layer” that enables capital from a single wallet to back multiple trading strategies simultaneously.
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