Earlier today, Geoff Kendrick, Global Head of Digital Asset Research at @StanChart, published his first research report on @SkyEcosystem. IMHO very cool to see another G-SIB who is paying significant attention to this space! The report describes the specialization of Sky’s agent model: capital provided at a wholesale rate to allocators operating across distinct markets and strategies, within defined parameters. From a capital markets perspective, this creates a modular structure for capital allocation. Individual agents can specialize by asset class, market or strategy, while the broader system retains a common source of capital and framework for risk (the Sky Atlas). As the balance sheet grows, expanding the investable universe doesn’t necessarily require centralizing the investment function; it can instead mean adding specialized sources of origination, execution and risk-taking around a common capital base. Additional reporting:

RLUSD Expands Liquidity and Distribution Through the Spark Stablecoin FX Layer @Ripple’s RLUSD joins Sparks Stablecoin FX Layer: the liquidity network that has processed more than $10B in cumulative volume since launching on 25th June 2026. Joining Paypal’s PYUSD and Tethers USDT, RLUSD expands the Stablecoin FX layer on @Uniswap V4, with RLUSD/USDS processing more than $600M in its first week, and Spark supported USDS pairs accounting for over 50% of Ethereum stable-to-stable volume on Uniswap during August. Together with @SentoraHQ, RLUSD expands the FX Layer’s shared liquidity network, connecting stablecoins through USDS while enabling liquidity to remain productive when not required for swaps. More stablecoins. Deeper shared liquidity. More efficient capital. Explore the Spark Stablecoin FX Layer: (published June 25, 2026)

Update: Spark's Stablecoin FX Layer has recorded over $8B in pool activity since launch. Pool activity reached ~$4.7B in the second month after launch, following $3.33B in the first month. The FX Layer currently runs across a number of @Uniswap v4 pools ➡️ USDS/USDT and PYUSD/USDS with more to come. The FX Layer will be expanding. 🦄 x ⚡️

There's now more than 1 million wstETH supplied on @sparkfinance, up from ~500,000 wstETH at the beginning of 2026. That's over $3B in staked ETH earning rewards as collateral on SparkLend.

.@sparkfinance now has the top two defi stableswap pools by 30 day volume Spark liquidity, @Uniswap infra, @SkyEcosystem $USDS as the bridge asset with deep $USDC liquidity through the PSM make for a powerful combo

Update: Deposit USDT into Spark Savings and earn 3%. The rate has moved back up to a level it last held in May. Around ~$350M in USDT already sits at that rate. Earn 3% APY now!

A DAO should not start buybacks merely because it is profitable. It should start only after proving the capital is truly excess. @sparkfinance turns this into a live system: Returns → liabilities → operating runway → risk capital → buybacks Here is a framework every DAO can use ↓ ➢ The original DeFi treasury framework In 2021, @hasufl and @MonetSupply proposed a new mental model for DeFi treasuries. Spark puts three of its ideas into practice: • Exclude SPK from treasury assets • Recognize depositor liabilities and set risk-capital requirements • Reserve operating and risk buffers before buybacks ➢ Six questions before any DAO buyback Before any DAO buyback, ask: • Gross or net revenue? • Profit after opex? • Own token counted as treasury? • Unpaid liabilities? • Operating and risk reserves? • Based on accounting profit—or capital left after all required reserves? ➢ Gross returns are not protocol profit Spark Liquidity Layer projects $88.7M in yearly gross returns. After ~$80.4M in capital costs to Sky and Savings V2 depositors, projected net return is $8.3M. For treasury decisions, net return—not gross return—is the relevant figure. ➢ Profit is not yet buyback capacity Spark projects $19.1M in yearly net returns. After the current $14.4M opex override, projected surplus is $4.7M. Hasu's Rule 2: decide whether to retain, reinvest or distribute that surplus. It is not automatically excess capital. ➢ Why SPK is not treasury Spark's net treasury calculation does not count SPK. Hasu's Rule 4: treasury-held native tokens resemble authorized-but-unissued shares, not cash. Turning them into spending power requires selling into the market, creating price impact. ➢ Recognizing liabilities Spark deducts ~$6.7M in yield owed to Savings V2 depositors from treasury. This reflects part of Hasu's Rule 6: money owed to users is a protocol liability—not available treasury. ➢ Operating and risk reserves come before payouts Hasu's Rule 5: hold enough non-native assets to survive a 2–4 year bear market. Rule 6: understand and hedge liabilities specific to the protocol. For a lender, reserves should cover operating costs and potential position losses before payouts. Spark turns that principle into a measurable threshold. RRC is a capital requirement for the risk of Spark's positions—not a realized loss. • Opex: $14.4M override + $1M backstop = $15.4M • Risk: 90-day peak RRC ÷ 90% + $1M = $46.99M The higher value sets the current buyback threshold: $46.99M. ➢ Only excess capital funds buybacks Under SAEP-09, Spark compares Proxy USDS with the current $46.99M target each month. Below target → no standard buyback. Above target → 25% of the difference is allocated to standard buybacks. The target changes with opex and RRC. ➢ What Spark has operationalized Spark's answers: Use net returns. Calculate profit after opex. Exclude SPK. Deduct liabilities. Set reserves from opex and RRC. Fund standard buybacks only from excess capital. My role is to make each step transparent, verifiable and continuously monitored. ➢ Sources and methodology Treasury framework: Spark Financials: SAEP-09: Data: Aug 6, 2026. Projections use current methodology and are not investment advice.

@Uniswap's stablecoin liquidity just got even deeper To share more about why this is cool🦄 Spark recently moved $150M into @Uniswap across USDS/USDT, USDS/PYUSD, and more pairs soon Notably, a long-standing feature of Maker/@SkyEcosystem is offering the PSM, which allows USDS/DAI to be converted for USDC at billions in size What did Uniswap do? We built a v4 hook that directly taps into the PSM, at the Uniswap protocol level, not via our API routing on top Why this is cool Spark currently LPs $50M into USDS/USDT - with this hook, the protocol treats USDS and USDC as equivalent. Now this LP position can more easily service trading between USDC-USDT via the multihop, a market that trades hundreds of billions per year. Many routing solutions in the market today do integrate with the PSM, but by Uniswap doing it at the protocol level, multihop trades became more gas efficient, and also now more simple as everything is handled inside one protocol, @Uniswap With the PSM hook, USDS, USDC, and DAI are all treated the same with the protocol, deepening the network effects of stablecoins within Uniswap. This is greatly beneficial to parters like @sparkdotfi who now can expect greater flows for their AMM activity

stablecoin FX layer just got a lot more powerful, with @Uniswap natively routing flow between @sparkdotfi liquidity pools and the @SkyEcosystem PSM users now have seamless access to liquidity between USDS, USDC, USDT, and PYUSD. which stablecoin should join next?

the @SteakhouseFi Box/Turbo vault + @Morpho vault combo is pretty cool morpho vault allocates liquidity, and turbo vault borrows it out to loop when the financials make sense add in @sparkdotfi savings as collateral for atomic/no-fee loop+unloop and its a powerful yield engine