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.