SparkLend at 888M borrowed USDS (and 1.4B total borrowed stablecoins), so it feels as good a time as any to review why SparkLend is the best place to borrow size onchain, and why institutions chose it. SparkLend is Spark’s very own onchain lending market, listing only a very select list of blue chip assets (cbBTC, wBTC, wstETH, weETH, WETH). It allows Spark to lend money in a controlled environment without delegating custody like one does with alternatives, and without relying on payroll external contractors for risk parameter setting (which can be very risky due to incentives misalingment). At SparkLend, Spark supplies ~97% of the stablecoins so we care deeply about the security of the funds. No long-tail collateral, rate limits, robust oracles, minimal rehypothecation and 24/7 monitoring. All of the above is the reason why SparkLend is such a good place to lend stables, but how about borrowers? Spark's unique position allows for two structural advantages: 1. Spark can mint USDS programmatically, and convert them in the SKY’s USDC PSM (~4B), this means that the USDS and DAI in SparkLend markets do not suffer cash drag from idle stablecoins, improving the financials substantially. 2. The above allows the system to service borrows programmatically at predetermined rates. Borrowers, large and small, can take funds knowing that the rate will stay the same, and take virtually as much as they want knowing that Spark will service them (within our security rate limits) and don’t have to dilly-dally while they wait for new suppliers to meet the borrows (and even after that, raise the rate) 发发发: fortune favours those who seek it, and work smart.