The @coinbase BTC borrow product has grown significantly, now at 1.56B total borrows. Coinbase's massive distribution, @Morpho's lending infra, @SteakhouseFi's curation, and Spark/Grove's allocation together paint a clear picture of the future of composable finance. Sky is tapped into this distribution via Spark and Grove, with 728M deployed (42% of allocation). This is only the beginning. As more financial institutions come on-chain, we will see all sectors grow exponentially. Excited for what comes next!

Super excited for the era of programmable stablecoins. As an on-chain native protocol, Spark serves as the stablecoin liquidity layer for GENIUS-compliant stablecoins. Stablecoin issuing platforms like @Paxos and Bridge (@Stablecoin) provide easy API access to mint/redeem new stablecoins like OUSD, USDG and PYUSD from more established ones like USDC/USDT. This enables a new era of on-chain native stablecoin liquidity through the Stablecoin FX Layer, powered by USDS and Uniswap. With only 180m deployed, the FX layer already accounts for 31% of total on-chain stable-stable volume. The payment settlement market is massive and will grow on-chain swaps exponentially as institutions such as Visa and card-issuing banks get comfortable. It's time to think bigger.

SparkLend TVL is approaching ATHs, up 35% in the last month alone. This is when prices are still down. In ETH terms, the market has nearly tripled in size since April. Expecting some explosive growth when the market returns.

PSA: SPK buybacks restarted today with 1.75m USD going out over the next month in a TWAP. There was a delay in settlement resulting in a few months' backlog of payments arriving last month. The governance-approved automated buyback algorithm will compensate by increasing the buyback rate. We expect this to be a one-off, and future settlements will be on time every month. Let’s burn! 🔥🔥🔥

Did you know? Up until now, over 6000 users have used @SkyEcosystem via DeFi Saver: And to celebrate the partnership that now spans over 7.5 years, here are some things you didn't know about Sky x DeFi Saver: 🛟 So far, over $100M worth of $USDS has been deposited into #sUSDS# through DFS; 🛟 During the transition, Maker users who had tokens earning DSR could directly migrate them to Sky Savings, within 1tx on DFS (the same goes for MKR token holders; they could redeem them for SKY in 1tx); 🛟Around $79M of $MKR have redeemed for $SKY through DFS; 🛟At the current Sky Savings Rate of 3.52%, it's one of the few on-chain savings options that has delivered resilient, governance-managed yield over the years. Here's to another 8 years of building 🤝

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!

How does @sparkfinance balance USDT yield, liquidity, and borrowing conditions through large redemptions? Building on @MonetSupply’s public framework, I use onchain data to unpack a $633m spUSDT stress window—what happened to liquidity, rates, and P&L.

"We have never really been chasing the newest thing ... just take the conservative view and compound the growth slowly overtime has been the winning strategy," @hexonaut on why Spark takes the conservative approach

The best of onchain finance gets built together. @sparkfinance brings deep liquidity and specialist DeFi infrastructure. StandX brings native perps and, through SIP-5, permissionless markets, soon spanning a wide universe of trading pairs anyone can create. As DUSD keeps expanding across new use cases, there's a lot more we can build with Spark ahead. Composable by design. Stronger onchain markets ahead.