Independent contributor @WalleDAO writes this piece below and the numbers are worth flagging. Of the 1.3M+ ETH that left tracked whale wallets, SparkLend absorbed 88,320 ETH, more than 10x what our No. 1 competitor captured. Whales didn't go bearish, they just deployed more intelligently.

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:

Update: PYUSD/USDS pool activity on The Spark Stablecoin FX Layer has surpassed $4B! The pool runs on @Uniswap v4 deploying liquidity on demand at scale. Spark coordinates that depth through the FX Layer's shared liquidity network, keeping capital productive between swaps.

USDS borrowing on SparkLend surpassed $800M, up 64% in 30 days. This alone is a new ATH. Utilization moved from 62% to 65.6% on $1.3B supplied. wstETH is the largest collateral behind USDS debt at roughly ~$900M. Borrowers are converting ETH exposure into stablecoin liquidity while the position stays open. Borrow USDS:

Launching a stablecoin is the start of the journey, not the end. The bigger question is what happens after issuance? @Paxos provides trusted, regulated stablecoin issuance. Spark builds financial utility through Allocation Intelligence, coordinating capital across lending, savings, liquidity and institutional credit. That's how digital dollars become productive, not just transferable. PayPal's PYUSD and @RobinhoodApp's USDG ecosystem show how this model can work in practice. Explore why launching a stablecoin is only the beginning:

The Spark Liquidity Layer is once again the largest on-chain capital allocator by TVL on @DefiLlama. The Liquidity Layer holds $2.56B, roughly 27% of the category’s ~$10B in TVL. Its supported integrations span on-chain lending markets and stablecoin pools, OTC execution desks, and tokenized treasuries. Governance approves venues and sets limits on capital movement. The ALM Controller enforces those limits when executing allocations. The Spark Liquidity Layer can increase allocations within existing limits while adding new venues requires governance approval. Source:

The first SKY burn is complete. 2.86M SKY, purchased on the open market using 5% of monthly Net Protocol Surplus, has been permanently removed from circulation. The link between protocol performance and reductions in SKY supply is now active.

This is another fantastic use case for spUSDC: a place for trading capital to sit and earn while it waits for the next position, not a side bet. ~$56.5M in, under 40 minutes, no swap required. ~$10M out 38h later to reopen a Hyperliquid long. No lockup. $100M+ redemptions without material market impact, with Liquidity Intents sourcing from the SLL in minutes for size. Active traders are starting to use Spark as their idle-cash layer between trades. *The below article has been written by an independent contributor and does not constitute financial advice (NFA)

A simple guide on how to use Isolated Markets on Spark! (Reminder) SparkLend: cross-collateral borrowing on Ethereum mainnet. (New) Isolated Markets: independent lending markets with market-specific collateral and risk parameters, powered by @Morpho infrastructure and curated by Spark. Two complementary architectures, more markets, more chains, more ways to borrow. See how Isolated Markets work in a few simple steps.

Spark Savings USDT is now LIVE on @OKX. OKX users can now access Defi savings directly through the OKX app - no wallet setup, no bridging, or separate DeFi steps needed. Behind the simple OKX experience, @XLayerOfficial connects users to Spark Savings, while Spark’s Allocation Intelligence coordinates capital across approved lending, liquidity and credit opportunities to generate sustainable returns. CEX simplicity. DeFi benefits! Put your USDT to work on OKX:

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: SparkLend on Gnosis Chain is planned for deprecation on September 14, 2026. Upon spell execution, all remaining outstanding loans on the Gnosis Chain instance become liquidatable immediately. Users are encouraged to repay debt before September 14 to avoid liquidation. Deprecation reduces the risk surface of Spark and eliminates ongoing maintenance costs.

Total supplied cbBTC on SparkLend surpassed 4,000, up 49.8% over the past 30 days. cbBTC collateral backs $185M in stablecoin borrowing. Easy Borrow here:

Stablecoin issuance is entering a new growth phase. From Ripple and Robinhood to Klarna and Standard Chartered, major financial platforms, fintechs and institutions are all building around stablecoins. But launching a stablecoin and building a financial ecosystem around it are two very different challenges. One creates the digital dollar. The other puts that capital to work. @Paxos issues trusted, regulated stablecoins. Spark coordinates capital across savings, credit and liquidity to help build financial utility. Together: Trusted Issuance meets Allocation Intelligence. Issuance and financial utility are complementary infrastructure layers. The future belongs to specialist providers working together rather than rebuilding every layer from scratch. More on this soon.

Extending access and distribution points for Spark Savings USDG. An ideal way for idle treasuries to tap into institutional-grade yield-bearing surface areas. @CredoraNetwork, an independent credit rating agency, has already rated spUSDG A for risk (sub-0.5% PSL) which is exactly the kind of diligence a business treasury integration needs to greenlight. Spark supplies the yield engine, @ReahPlatform supplies an additional distribution point with easy-to-navigate UX for businesses that don't need to get bogged down inside DeFi. Another great use case.

Update: New milestone for the SPK buyback Program. Spark has spent more than $3M in USDS to buyback over 150M SPK. Buyback size follows parameters defined in the protocol, and each one settles on-chain.

Reminder: Spark has a new home: which is now Spark’s primary website, with the updated Spark App accessible through the new domain. remains an official Spark-owned domain and will continue to be supported during the transition. When accessing Spark, always check the domain and only use links shared through Spark’s official channels which include: Docs: X:@Sparkfinance LinkedIn: Discord: TG: @sparkfinance_chat Be aware of fake links. Admins will never DM you. Institutional Capital. Intelligently Allocated.