Spark made more than $4M in net protocol returns in Q3. Every month of 2026, Spark's revenue model kept working. And 2026 has been a hard year. DeFi lending spreads compressed sharply in the first half, and the margin on lent capital went negative in Q2. But the machine kept going through all of it. Here’s why: → More than one way to earn: Spark earns from several sources, so when one gets squeezed the business holds. → The Spark Liquidity Layer: Spark borrows from @SkyEcosystem at a base rate and deploys that capital across DeFi, keeping the difference. Spark Savings USDT deposits run through it too. After a planned push to grow Savings USDT, returns moved back above funding costs in Q3. → Risk first: capital only goes to approved venues, with caps on how much can move and how fast. Capital is held against risk, and liquidity stays ready for withdrawals. → More ways in: Savings now runs on more chains and stablecoins, including through @okx and USDT0 on @Arbitrum. → New products: the Stablecoin FX Layer, built with @Uniswap and Sky, launched with $150M in USDS liquidity so banks, fintechs and payment companies can swap between stablecoins through one shared pool. Trade volume passed $14B in the first month. That’s what battle tested means. Several engines, all built to keep earning when conditions turn. Narratives rotate. Most fade. What lasts is the protocol still earning when attention moves on. Nine months into 2026. Still earning.