SparkLend's borrowing on Ethereum has grown 247% since March, approaching $3B. USDS led the growth. USDS borrowing rose from $188M to $917M, accounting for nearly half the $1.5B increase in total borrowing. Competitive borrowing rates are helping drive that demand. Over the last 30 days, USDS borrowing averaged 3.9%, while USDT averaged 4.07% and USDC 4.3%, all below comparable rates across other major pooled lending markets. USDS also gives borrowers another advantage: through @SkyEcosystem's LitePSM, borrowed USDS can be converted into USDC while the debt remains denominated in USDS. We've seen it used to refinance across lending markets already. In one transaction, a borrower drew approximately $1M USDS from SparkLend, converted it into USDC and used it to repay debt elsewhere, moving the WBTC collateral to SparkLend. Collateral supply has grown alongside borrowing. Supplied WETH increased 18.6% and cbBTC 44.7% over the last 30 days, with asset repricing accounting for only around 10% of the $550M increase. SparkLend is lending at greater scale against a larger collateral base than other major lending protocols, and probably has the best rates in the market. SparkLend rates:

SparkLend USDC now borrows at 3.72%, down 18 bps. The change follows the @SkyEcosystem Base Rate spread narrowing that took effect. SparkLend's USDC rate tracks the Sky Base Rate, so pricing moves with the system, not with utilization alone. Borrow USDC on SparkLend now

SparkLend’s ETH borrow market is currently operating below broader market borrowing rates. Current conditions: • ETH borrow rate: ~1.84% • $743M borrowed • 70% utilization • 90% kink utilization This is a function of how the market is parameterized. The variable borrow rate at the kink tracks the 2-day average stETH yield minus 10bps, aligning borrowing conditions more closely with ETH staking dynamics. As long as utilization remains below the kink, the market avoids the aggressive rate escalation seen in high-utilization environments. The goal isn’t temporary rate competition. It’s scalable ETH-denominated credit infrastructure with more predictable liquidity conditions. Borrow here -

SparkLend’s wBTC deposit cap is increasing from 3,000 to 30,000 wBTC. Since launch, the initial cap has been nearly fully utilized. Demand for BTC-backed borrowing on a second on-chain venue was real, and it came fast! This increase is managed through the cap automator mechanism. In practice, new capacity will open at up to 500 WBTC every 12 hours, scaling exposure gradually rather than all at once. Put your wBTC to work on SparkLend. 👇

Sparklend's 30-day inflows reached $2.1B, ranking #2# across the entire industry. 🎉 This places Spark second only to OKX ($2.461B) among all exchanges and protocols — including every major CEX.

SparkLend is now the largest wstETH holder in the world! SparkLend is the largest and most liquid venue for ETH looping, e-mode enabled for wstETH collateral exclusively. See more here: