Dear Spark community, Below is the Q4 2025 financial report. 1. Executive SummarySpark closed Q4 in a strong financial position, based on internal estimates derived from onchain data and governance-defined mechanisms. The quarter reflected sustained yield generation and efficient capital deployment across Spark’s core protocol components, with distribution rewards, the Spark Liquidity Layer, and SparkLend representing the primary contributors to protocol-level returns despite a more challengi...
