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: