Spark — ✨Powering DeFi with $2.6B+ in liquidity. Supply, borrow, & earn with ultra-competitive rates, seamless access, and scalable liquidity. — Page 2

Spark Q1 2026 Financial Report

Dear Spark community, Below is the Q1 2026 financial report.1. Executive SummarySpark closed Q1 2026 in a profitable position. The quarter was characterized by a shift in revenue composition, with distribution rewards emerging as the protocol’s largest net return contributor, reflecting the continued scaling of USDS distribution infrastructure across multiple chains and products. The Spark Liquidity Layer maintained disciplined capital allocation across a diversified venue set under tighter

How institutional allocators should evaluate stablecoin vaults.

Stablecoin liquidity is beginning to behave like financial infrastructure.

Spark Prime: CeDeFi Margin Lending

An Institutional-Grade, Junior-Capital Vault for USDS

Spark Q4 2025 Financial Report

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...

• Financials
• Revenue
• Report

Spark Partners with Anchorage Digital to Expand Support of Institutional Lending Infrastructure

Institutional adoption is expected to be the most significant growth vector for DeFi in the coming years. Spark has positioned itself to be a major player in this growing market by offering a suite of institutional-grade solutions. SparkLend is the largest institutionally-focused lending market on Ethereum, with over $5 billion in liquiditydeposits. Spark Savings provides the ultimate treasury management solution with deep on-chain stablecoin liquidity ($4.2 billion) and competitive risk-adju...

Spark Q3 Financial Report

Dear Spark Community, Below is the Q3 2025 financial report, covering Spark’s first full quarter under its own P&L. 1. Executive Summary - The start of Q3 marked a pivotal moment for Spark, with the official launch of Spark’s P&L on July 1st, 2025. Prior to this, Spark operated under SKY, which covered all expenses while retaining the revenues generated by Spark - At launch, Spark received an initial seed allocation of 25M USDS, establishing a robust foundation for future growth. - During Q3 ...

Savings V2 Launches

Spark is on a mission to simplify DeFi. Savings V2 is the next step in achieving this goal by providing the Spark Universal Savings Rate (SUSR) to all major stablecoins across all major chains. Initially launching with support for USDC, USDT and ETH on Ethereum mainnet, Savings V2 will be progressively rolled out to more chains and stablecoins over the coming months.https://app.spark.fi/ (Snapshot taken Oct 14, 2025)A More Secure Approach to SavingsSpark Savings takes a conservative approach ...

Spark Roadmap: The next 6 months

A look back2025 has been a busy year for Spark. The year started with the launch of the Spark Liquidity Layer (SLL). This cross-chain, multi-asset allocation system enables Spark to access new lending opportunities, such as the Coinbase BTC Borrow product, which now supports $500 million of onchain loans directly to Coinbase users on Base. Coinbase kicked things off, but it is expected that most exchanges/fintechs will follow suit as the world races to get onchain. This is due to the cheap ca...

PayPal and Spark join forces to grow PYUSD by $1 billion

Spark recently onboarded PYUSD, and deposits in SparkLend have already surpassed $200 million, with plans to increase to $1 billion deposits over the coming weeks. This milestone reflects both the demand for PYUSD and the effectiveness of Spark’s stablecoin bootstrapping framework.The Spark Bootstrapping Strategy for StablecoinsSpark has developed a systematic approach to help new stablecoins grow:Add the token in SparkLend The first step is for governance to add the stablecoin in SparkLend, ...

Spark Joins Morpho Curation Program

BackgroundSpark has long relied on Morpho vaults for the Spark Liquidity Layer (SLL), deploying assets whenever a high-yield strategy requires isolated execution. Over time, these vaults have grown into major capital hubs within DeFi with over $1 billion in deposits. Within just seven months of its launch, Spark’s USDC Morpho vault on Base has grown to become the largest in the Morpho ecosystem, attracting over $650 million in deposits. Notably, more than $200 million of that comes from third...

Savings V2 Launches

Spark is on a mission to simplify DeFi. Savings V2 is the next step in achieving this goal by providing the Spark Universal Savings Rate (SUSR) to all major stablecoins across all major chains. Initially launching with support for USDC, USDT and ETH on Ethereum mainnet, Savings V2 will be progressively rolled out to more chains and stablecoins over the coming months.https://app.spark.fi/ (Snapshot taken Oct 14, 2025)A More Secure Approach to SavingsSpark Savings takes a conservative approach ...

Spark, Uniswap and Sky: Building the FX Layer for stablecoins

How programmable liquidity is creating the next generation of stablecoin market infrastructure Everyone is focused on launching stablecoins: PayPal launched PYUSD. Ripple launched RLUSD. Revolut, Deel and Robinhood are all exploring stablecoin initiatives or related infrastructure. In Europe, a consortium of major banks including ING, BBVA and BNP Paribas is working towards a regulated euro stablecoin. In Japan, MUFG, Mizuho and SMBC are exploring stablecoin initiatives of their own. Visa, Ma...

Spark Q4 2025 Financial Report

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...

• Financials
• Revenue
• Report

Spark Roadmap: The next 6 months

A look back2025 has been a busy year for Spark. The year started with the launch of the Spark Liquidity Layer (SLL). This cross-chain, multi-asset allocation system enables Spark to access new lending opportunities, such as the Coinbase BTC Borrow product, which now supports $500 million of onchain loans directly to Coinbase users on Base. Coinbase kicked things off, but it is expected that most exchanges/fintechs will follow suit as the world races to get onchain. This is due to the cheap ca...

Spark Prime: CeDeFi Margin Lending

An Institutional-Grade, Junior-Capital Vault for USDS

Spark Partners with Anchorage Digital to Expand Support of Institutional Lending Infrastructure

Institutional adoption is expected to be the most significant growth vector for DeFi in the coming years. Spark has positioned itself to be a major player in this growing market by offering a suite of institutional-grade solutions. SparkLend is the largest institutionally-focused lending market on Ethereum, with over $5 billion in liquiditydeposits. Spark Savings provides the ultimate treasury management solution with deep on-chain stablecoin liquidity ($4.2 billion) and competitive risk-adju...