An exploit left Aave with ~$195M in bad debt. @hexonaut 's Spark had exited the same asset months earlier and absorbed $1.7B fleeing to SparkLend. He joins me on why SPK sits near lows while Spark coordinates $12B. DON'T MISS IT! Tune in Today at 3:45 ET 🎧

Sam was recently interviewed by @FranciscoMemor of @CoinDesk, sharing his perspective on how institutional markets approach yield and liquidity services. Read full article below:

Where Spark coordinates liquidity today Capital is deployed across multiple products and markets simultaneously: • Spark Savings: capital deployed through Spark Saving Vaults, incl. spUSDT, spUSDC, and spETH • SparkLend: onchain lending and borrowing markets • Spark Prime: institutional credit infrastructure • Liquidity as a Service: powering 3rd parties and stablecoin ecosystems, incl. USDG (@RobinhoodApp) @Coinbase Loans, @StandX_Official Universal Markets, etc. • Stablecoin FX Layer: USDS pairs against @Paypal's PYUSD and @Tether's USDT on @Uniswap v4 pools None of these surfaces move capital on their own. The Spark Liquidity Layer is the coordination system underneath all of them, determining how capital should be allocated within governance defined parameters. Governance defines where capital can be deployed. Limits get sized in advance. The Spark Liquidity Layer continuously allocates capital within those boundaries.

Nearly $2.4B of wstETH has been supplied to SparkLend, roughly 57% of all collateral on the lending market. Deposit wstETH as collateral, borrow WETH, and access ETH liquidity without selling the staked position. Current positioning: • ~$2.4B wstETH supplied • $773M WETH borrowed • WETH borrow rate 2.01% Since May, WETH utilization has risen nearly 20 percentage points while the borrow rate moved 17 basis points. SparkLend's ETH e-mode treats correlated ETH staking collateral under a single risk category, and pricing has stayed in the range where it adjusts gradually with usage. What matters is not the rate on its own. It is a wstETH collateral base of this scale paired with a WETH market that has absorbed rising demand without repricing sharply.

Composable finance only works if the capital underneath it is composable too. Spark Liquidity Layer exists to route capital to exactly this kind of opportunity. Excited to back @StandX_Official's Universal Markets as they scale on Ethereum.

July expanded where Spark capital operates: new distribution surfaces, new execution venues, and new collateral on SparkLend (all against the same balance sheet). Spark joined @RobinhoodApp Earn at launch with Savings USDG, supplying roughly 20% of the chain’s yield-backing assets within three days. The Stablecoin FX Layer moved $3.33B in its first month after the June 25 launch. LitePSM went live beneath those @Uniswap v4 pools in July, settling DAI, USDS, and USDC at par under the same liquidity. Here’s the full July 2026 recap.

Newly supplied WBTC flowed into SparkLend faster than many other major lending protocols over the past seven days. SparkLend added 302 WBTC in new supply (an increase of 11.55%). Market dynamics meant that the increase did not move in a straight line but the net direction has proven to be extremely resilient and positive. Supply is now approaching 3,000 WBTC, extending the growth in SparkLend's WBTC collateral base. Easy Borrow here:

The Rise of Specialist Financial Infrastructure The next generation of on-chain financial products won't be defined by who builds the most. They'll be defined by who combines the right specialist capabilities to create the best user experience. As on-chain finance becomes more sophisticated, the question is no longer simply what to build. It's what should be built in-house, and what is better delivered through specialist infrastructure. Every new financial product introduces additional layers of complexity. Beyond issuance, protocols must coordinate capital allocation, liquidity management, credit infrastructure, risk management and increasingly, capital across multiple chains. Financial systems have always been built in layers. Banks don't build payment networks, exchanges don't build settlement rails, and asset managers don't build custody infrastructure. Instead, they integrate specialist capabilities that have already proven themselves, allowing them to focus on the services that differentiate them. The same evolution is now happening on-chain. Protocols are increasingly recognising that not every layer needs to be built from scratch. By integrating specialist capabilities where they create the greatest value, teams can focus their engineering resources on innovation while accelerating development and reducing operational complexity. This isn't about building less. It's about building smarter. We believe capital allocation is becoming one of those specialist layers. As capital moves across multiple chains, liquidity venues and financial products, coordinating that capital becomes a specialist challenge in its own right. Spark was built to provide allocation intelligence across this increasingly fragmented ecosystem, allowing protocols to focus on building differentiated financial products while capital works efficiently behind the scenes. That's one of the reasons we're excited to work with teams like @StandX_Official. As they expand beyond BNB Chain, explore new ecosystems and continue innovating with initiatives such as SIP-5, they're embracing the same philosophy: focusing their engineering efforts on what differentiates their platform while integrating specialist capabilities where they create the greatest value. Composable finance isn't simply about connecting protocols. It's about enabling every protocol to focus on what it does best, and creating stronger financial systems in the process. We believe that's how the next generation of financial infrastructure will be built. Capital allocation is no longer just an operational function, it's becoming a dedicated infrastructure layer that enables the next generation of financial products.

$3.33B moved through the Stablecoin FX Layer in its first month. That activity ran across the USDS/USDT and USDS/PYUSD pools Spark migrated liquidity into on @Uniswap v4, which currently hold $150.3M combined. Recorded pool activity over the window was roughly 22 times that current snapshot. One month in, the FX Layer has an operating record, not just a projection. For a shared liquidity layer, available depth matters. Whether that depth gets used matters just as much.

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

Over the past three months, DeFi contracted across the board. Spark was the exception, posting notable growth across all major categories. - TVL: Spark TVL grew 16.4% while total DeFi TVL fell 23.5% - Lending: Spark active loans grew 81% while across major lending protocols’ active loans declined 25.5% - Savings & Allocation: Spark TVL on Ethereum grew 19.2% while major yield protocols declined 21% A single metric moving up can be easily gamed. But when every part of the system grows in tandem, that's virtually impossible to manipulate. That is exactly what sets Spark apart from its competitors. Across the same stretch, Spark ended larger on every line while the market contracted on each.

Trust isn't a claim, it's a structure, and counterparty risk reduction should be on-chain and verifiable. Spark is proud to join @Arkisxyz's governance board. Every Arkis release will now require an independently verified attestation chain plus board multisig before it is deployed. That's what institutional credit infrastructure should look like.

Idle LP capital is a tax on every AMM. DualPool hooks remove that: assets sit in a yield-bearing vault, get pulled just-in-time for swaps, and return same block. Built with @Uniswap. Audited, open source, and live. Any team can deploy their own. 🦄 x ⚡️

.@Arbitrum is home to more than $3.7B in stablecoin supply. Spark Savings is now available across USDC, USDS and USDT0, giving builders access to savings infrastructure for stablecoins representing over $3.2B of that supply. Built on standard ERC-4626 vaults and designed to be embedded into wallets, treasury platforms and DeFi applications. Learn more: