Spark — ✨Powering DeFi with $2.6B+ in liquidity. Supply, borrow, & earn with ultra-competitive rates, seamless access, and scalable liquidity. — Page 3

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...

Deep Dive on Spark Financials - Part 1: Introduction

SummaryAfter many years of hard work, Spark has gone live in most aspects as of July 1. This article will cover what this means in full detail, including revenue projections, the Sky/Star relationships, the long-term case for Spark, as well as an overview of this new type of decentralized governance structure.Sky Ecosystem OverviewSky has split itself into a subDAO structure to address the issues of scaling governance. DAOs as they exist today are largely decentralized in name only, with a se...

Spark Liquidity Powers Coinbase Loans—Now Any Platform Can Build the Same

Coinbase’s crypto-backed loans (built on Morpho’s infrastructure) are powered by USDC liquidity from Spark. This integration gives Coinbase users a simple way to borrow USDC against their BTC directly within the Coinbase app, while Spark provides the onchain capital behind the scenes. Fully Onchain Loans, Seamless UX The borrowing process is simple: users select their collateral, review terms, and receive USDC into their account in just a few clicks. Everything runs onchain through Morpho, wh...

Spark Expands to Optimism and Unichain — Powering Ethereum’s Superchain with Yield-Bearing Stablecoins

Since launching on Base on November 18, 2024, Spark has seen rapid adoption. In just three months, the circulating supply of sUSDS on Base surpassed $50M, peaking at $118M with over 650 wallets holding more than 100 sUSDS. This growth confirmed strong demand for on-chain yield and composable savings products. Now, Spark is proud to announce that it is live on both Optimism’s OP Mainnet and Unichain, laying the liquidity foundation for the next phase of Ethereum’s evolution: the Superchain. Bu...

Spark Rewards: Fuelling Growth Through Collaboration

Spark Rewards is a new program that distributes tokens weekly to users who take on-chain actions that support the growth of the Spark ecosystem. This program is more than just incentives, it's a collaboration framework. By distributing partner grants through Spark Rewards, Spark reinforces its belief that DeFi grows stronger when protocols work together.How Spark Rewards WorksSpark Rewards will distribute tokens based on Rewarded Actions, on-chain behaviours that are aligned with Spark’s...

Spark Q1 Highlights

Spark closed Q1 with strong momentum—expanding to new chains, integrating new protocols and assets, and launching new products that improve access to stablecoin savings and liquidity deployment.$40M in Revenue and New Chain ExpansionsSpark generated approximately $40 million in revenue during Q1. It also expanded to Base and Arbitrum, enabling users to access Spark Savings with lower fees and faster transactions. Spark Savings now serves over 127,000 users, with a total of $3.9 billion in TVL...

Spark Tokenization Grand Prix Winners: The Race Is On!

In July 2024, Spark launched the Tokenization Grand Prix, a competition designed to onboard up to $1 billion in tokenized assets, depending on market conditions. The initiative aimed to allocate stablecoins directly through the Spark Liquidity Layer (SLL) to the winning projects, advancing Spark’s goal of becoming the stablecoin growth engine for DeFi, using RWAs as a tool to diversify its balance sheet.Selecting the WinnersThe competition received 39 applications, which were carefully review...

Introducing the USDC Savings Vault: Earn with sUSDC

Spark Savings enables stablecoin holders to earn a competitive risk-adjusted rate in DeFi at scale, with minimal liquidity constraints. This rate is determined by the Sky Savings Rate, which is set by Sky governance based on market conditions and Sky’s revenue. Unlike variable DeFi lending rates that automatically fluctuate based on utilization, the Sky Savings Rate does not auto-fluctuate and adjusts only through governance decisions—currently around $400M per year. Of this revenue, 25% orig...

Spark Goes to Arbitrum

After successfully deploying on Base, it’s time for Spark to expand further. The next step is Arbitrum. This expansion follows the same approach as before, rolling out in two phases:Phase 1: SavingsArbitrum users now have access to Spark Savings. Users can deposit stablecoins (USDS and USDC) into Savings and earn the Savings Rate, which is set by Sky governance rather than fluctuating based on pool utilization like other on-chain savings products. This approach removes the complexity of optim...

Spark Liquidity Layer Expands to Aave

Continuing the expansion of the Spark Liquidity Layer (SLL), we are excited to announce its integration with Aave. This move introduces an improved stablecoin allocation mechanism through SLL, designed to enhance user experience across Aave’s Core, Prime, and Base markets.Enhancing Liquidity Across Aave’s MarketsWith this integration, the SLL will deploy up to $1.5 billion in stablecoins across Aave’s Core, Prime, and Base markets to match borrow demand. Specifically:Core market: SLL will all...

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...

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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 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 ...