Spark is the allocation intelligence layer for digital finance, coordinating capital across DeFi, CeFi & RWAs. Institutional Capital | Intelligently Allocated.
Joined February 2023
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New Earning Rate: Deposit USDT into Spark Savings and earn 3.75%.
USDT APY in Spark Savings moves up again, with around $450M already deposited in the vault.
Deposit USDT into Savings:
app.spark.finance/savings/ma…
Sam joined @milkroaddaily last night to talk about the next wave of institutional crypto adoption and what it means for stablecoins, ETH, DeFi lending, and RWAs.
Banks, fintechs, and Wall Street are all moving into stablecoins. Spark is built to supply the rails and liquidity they’ll need.
Watch the full interview here: youtube.com/watch?v=gk1ImiZW…
Spark supplies nearly a quarter of the USDC in a @Morpho cbBTC/USDC market on @base.
The market currently has $1.8B USDC in total supply, with Spark providing more than $400M USDC.
Borrowers post cbBTC as collateral to access USDC financing while retaining BTC exposure.
The Spark Liquidity Layer provides this capital through the Spark USDC vault, which Spark curates. Borrower interest is reflected in the value of the vault shares the SLL holds.
Spark can adjust this allocation as borrowing conditions change. Governance sets how much capital can move within a given period, while the vault's supply cap limits allocations to this market.
Total ETH borrowing on SparkLend exceeds 500K ETH, up 12% over the past 30 days.
Most of the collateral backing this borrowing is wstETH. Borrowers using wstETH as collateral can enable ETH E-Mode when borrowing ETH. This allows a higher LTV ratio than standard mode, so they can borrow more ETH against the same collateral.
The higher limit reflects the close price correlation between wstETH and ETH.
Borrowers can use the ETH in staking or other positions. SparkLend borrows have no fixed repayment date, so a position can stay open as long as it remains sufficiently collateralized.
Easy borrow markets here 👇
app.spark.finance/markets
The Spark Liquidity Layer once again allocates more than $3B in assets.
That capital spans SparkLend, @Morpho vaults, @Uniswap pools and tri-party loans with @Anchorage. At that scale, what matters is who moves the capital and what limits they work within.
Governance approves each venue by setting its rate limit. Smart contracts enforce it, capping how fast capital moves. Relayers execute allocations within those bounds, and a separate freezer role can remove a compromised relayer immediately.
Spark keeps allocation authority inside limits anyone can verify.
Spark retweeted
.@sparkfinance led stablecoin DeFi TVL growth over the past 24 hours, adding $29.3M.
Via @tokenterminal
Spark retweeted
Major loan shift detected:
1,448.5 $ETH and 1.3m $DAI moved from a legacy @SkyEcosystem CDP to @sparkfinance in a single transaction.
etherscan.io/tx/0x432e7f4c8c…
💡The shift gives the user both better rates, as well as a lower liquidation price, thanks to the higher LTV for ETH on Spark.
Before -> after:
- Net APY: -6.44% -> -0.56%
- Liquidation price: $1,303 -> $1,044
All done at: app.defisaver.com/shifter
Beware of accounts impersonating Spark and contributing team members.
Scam accounts are posting fake links in the replies to our posts, and we expect this to grow. We try report every one we find, but some stay up before they are removed.
Spark, its founders, and the core contributing team will never DM you first or tag you with a link. We will never ask for your seed phrase or private keys.
Reminder to only use links from Spark's official channels below:
Website: spark.finance
Docs: docs.spark.finance
X: @sparkfinance
LinkedIn: linkedin.com/company/sparkfi…
Discord: discord.gg/sparkfinance
YouTube: youtube.com/@spark.finance
Telegram: @sparkfinance_chat
The official domain is spark.finance and its subdomains. Spark also owns the legacy spark.fi domain, which redirects to spark.finance. Any other domain is not Spark.
Reminder: Spark has a new home: spark.finance which is now Spark’s primary website, with the updated Spark App accessible through the new domain.
spark.fi remains an official Spark-owned domain and will continue to be supported during the transition.
When accessing Spark, always check the domain and only use links shared through Spark’s official channels which include:
Docs: docs.spark.finance
X:@Sparkfinance
LinkedIn: linkedin.com/company/sparkfi…
Discord: discord.gg/sparkfinance
TG: @sparkfinance_chat
Be aware of fake links. Admins will never DM you.
Institutional Capital.
Intelligently Allocated.
Over the past week, more than $100M in USDC was exchanged for USDT, PYUSD and RLUSD through Spark's Stablecoin FX Layer.
Issuers need liquidity against the stablecoins users already hold. Every direct pair needs its own capital which spreads depth across more pools.
Spark connects these markets through USDS pairs on @Uniswap v4. @SkyEcosystem's Peg Stability Module converts USDC into USDS at 1:1, with no swap fee or price impact on that leg. The final swap draws on the same pool liquidity used by USDS holders.
In 200+ Ethereum transactions, both steps settled atomically. USDC holders received the destination asset without acquiring USDS in a separate transaction.
For issuers, one USDS pair now reaches both USDS and USDC holders. Spark funds both sides of these pairs, so that reach comes without issuer capital.
Spark made more than $4M in net protocol returns in Q3.
Every month of 2026, Spark's revenue model kept working.
And 2026 has been a hard year. DeFi lending spreads compressed sharply in the first half, and the margin on lent capital went negative in Q2. But the machine kept going through all of it.
Here’s why:
→ More than one way to earn: Spark earns from several sources, so when one gets squeezed the business holds.
→ The Spark Liquidity Layer: Spark borrows from @SkyEcosystem at a base rate and deploys that capital across DeFi, keeping the difference. Spark Savings USDT deposits run through it too. After a planned push to grow Savings USDT, returns moved back above funding costs in Q3.
→ Risk first: capital only goes to approved venues, with caps on how much can move and how fast. Capital is held against risk, and liquidity stays ready for withdrawals.
→ More ways in: Savings now runs on more chains and stablecoins, including through @okx and USDT0 on @Arbitrum.
→ New products: the Stablecoin FX Layer, built with @Uniswap and Sky, launched with $150M in USDS liquidity so banks, fintechs and payment companies can swap between stablecoins through one shared pool. Trade volume passed $14B in the first month.
That’s what battle tested means. Several engines, all built to keep earning when conditions turn.
Narratives rotate. Most fade.
What lasts is the protocol still earning when attention moves on.
Nine months into 2026. Still earning.
🤖 Made with AI
Spark retweeted
The @coinbase BTC borrow product has grown significantly, now at 1.56B total borrows.
Coinbase's massive distribution, @Morpho's lending infra, @SteakhouseFi's curation, and Spark/Grove's allocation together paint a clear picture of the future of composable finance.
Sky is tapped into this distribution via Spark and Grove, with 728M deployed (42% of allocation).
This is only the beginning. As more financial institutions come on-chain, we will see all sectors grow exponentially. Excited for what comes next!
Spark Savings USDT outpaced major DeFi protocols in USDT deposit growth over the past week.
USDT deposits have now well surpassed $700M, up approximately 47%. Savings USDT vault currently offers 3.75% APY with yield accruing automatically to the USDT value of each savings position.
Through the Spark Liquidity Layer, capital is allocated across governance approved venues. Spark can adjust those allocations as opportunities and liquidity needs change.
Depositors can access different sources of yield through a single savings position, without having to move funds between protocols themselves.
Deposit USDT into Savings:
app.spark.finance/savings/ma…
$21M in 16 hours! When savings are built into the apps people already use, deposits follow.
🚀 $21M in 16 hours!
Just 16 hours after @sparkfinance went live in the OneKey App, USDT and USDC deposits through OneKey have passed $21M.
👉 Deposit now:
USDT: app.onekey.so/earn/ethereum/…
USDC: app.onekey.so/earn/ethereum/…
Sky and Spark being mentioned by institutions alongside Ethereum, Solana, Hyperliquid, and Bitcoin.
Let that sink in.
Among the biggest names in crypto, two DeFi protocols are commanding this level of institutional attention.
And it’s no coincidence.
Institutions understand where risk is managed effectively, where capital can be deployed efficiently, and which infrastructure is built to scale.
Spark retweeted
Super excited for the era of programmable stablecoins. As an on-chain native protocol, Spark serves as the stablecoin liquidity layer for GENIUS-compliant stablecoins.
Stablecoin issuing platforms like @Paxos and Bridge (@Stablecoin) provide easy API access to mint/redeem new stablecoins like OUSD, USDG and PYUSD from more established ones like USDC/USDT.
This enables a new era of on-chain native stablecoin liquidity through the Stablecoin FX Layer, powered by USDS and Uniswap.
With only 180m deployed, the FX layer already accounts for 31% of total on-chain stable-stable volume. The payment settlement market is massive and will grow on-chain swaps exponentially as institutions such as Visa and card-issuing banks get comfortable.
It's time to think bigger.
Your stablecoins shouldn't sit idle.
Spark Savings is now live in @OneKeyHQ, giving users direct access to yield on USDT and USDC, without leaving the wallet.
$90K in incentives are live to kick things off.
Spark continues to expand access to Spark Savings, bringing it directly to more platforms where users already hold their assets.
Put your stables to work.
Spark Savings is now available in the OneKey App.
Put your USDT and USDC to work and currently earn up to 17% / 12% APY with Spark Savings within the OneKey App.
Start earning today:
USDT: app.onekey.so/earn/ethereum/…
USDC: app.onekey.so/earn/ethereum/…
Rates are variable and can change.
If you saw yesterday’s whale alert, the pattern is becoming harder to miss.
USDT is flowing into Spark.⚡️
Market waking up to the advantages of our USDT product.
Few things feel as good as watching a scalable product, powered by Spark's unique access, grow and provide the best liquid, risk-adjusted yield in the industry.
There are two key reasons why Spark Savings USDT is the best in the industry:
First, Spark operates in a generalised allocation structure, which we've built and optimised for many years now, and within governance-approved venues is able to programmatically rotate between them to get the best risk-adjusted opportunities wherever they are.
Second, it does not suffer from the inefficiencies of being stuck running a simple onchain lending market, which in an attempt to diversify from crypto leverage demand they have now mixed tokenised financial instruments with blue chip crypto assets in the same pool, exposing stablecoin lenders to new tail events.
A decent part of Spark Savings USDT backing is in SparkLend (~291M), which operates as overcollateralised blue chip crypto lending and is meant to be a way to capture the market's premium while it exists (and move away from it when it doesn't).
Spark has strong governance controls and is incapable of updating the investment mandate without it, alongside a timelock. For institutional allocators, removing this trust layer is key.
The industry is definitely getting more sophisticated and starting to weigh liquidity, risk and returns instead of optimistically trusting a brand.
722,000,000 now.
1,000,000,000 soon
Ad astra.
Spark replenishes USDS liquidity in SparkLend after large borrows.
In the past 90 days, SparkLend recorded 222 borrows of at least 5M USDS. In 88% of cases, the borrow rate returned to no more than 0.1bp above its pre-borrow level within two minutes. Spark Liquidity Layer supply closed the gap in all but three cases. Borrower repayments closed the other three.
Borrows of at least 10M USDS followed a similar pattern. 84% recovered within two minutes, with a median recovery time of 60 seconds.
A large draw can push up costs for other borrowers in the same market until new supply or repayments lower utilization. Spark allocates capital against target rates, within configured limits.
For institutions and other large borrowers, Spark’s allocation layer helps bring borrowing costs back down after a large draw.
Spark Savings V2 approaches $1B.
Total deposit balances grew 27.5% over the past month. USDT grew nearly 70% to more than $600M, accounting for 60% of the total.
Lending markets and RWAs can have different redemption timelines. Managing savings means coordinating those positions with liquidity available when depositors request withdrawals.
Spark handles this through the Spark Liquidity Layer, which deploys capital across DeFi, CeFi and RWAs. Liquidity buffers support redemptions, and in supported vaults, depositors can use Savings Liquidity Intents to request withdrawals that exceed the vault's immediately available funds.
Savings V2 currently offers up to 3.8% APY on stablecoins.
Stable in, yield out. Deposit into Spark Savings.⚡️
app.spark.finance/savings/ma…
Stablecoin Wars: Liquidity Is the Battleground
Fintechs, exchanges and banks all face the same choice when launching a stablecoin: build adoption from scratch, or scale fast with partners who have already proven the model.
That's where Spark comes in.
Sam MacPherson (@hexonaut) of Spark (@sparkfinance) sees onchain FX as the key piece as banks, fintechs and exchanges launch their own stablecoins. His view: users holding different stablecoins need to pay each other, and blockchain rails connect those silos. Watch the fireside chat with Petr Hluze (@PetrHluze) of Nammu Capital.