Spark

Spark is an on-chain capital allocator managing $3.86 billion deployed across DeFi, CeFi, and real-world assets (RWAs). It addresses inefficiencies in DeFi such as fragmented liquidity, unstable yields, and idle stablecoins by acting as a two-sided allocator: borrowing from Sky’s $6.5B+ reserves and deploying capital across multiple protocols to provide deep, consistent liquidity. Users earn yield through stablecoins like sUSDS and sUSDC, which are fully composable, fee-free, and available across chains.

SparkLend offers a stablecoin lending market with governance-defined rates that remain consistent regardless of utilization or loan size, thanks to the Spark Liquidity Layer (SLL). Spark Savings allows users to earn yield on USDC and USDS by converting them into sUSDS or sUSDC, which can interact with other DeFi protocols. The SLL routes liquidity to protocols like Aave, Morpho, and RWAs, including large deployments such as the $95M USDC Morpho Vault on Base, helping stabilize rates and enhance liquidity conditions.

With a total TVL of $7.9 billion, Spark provides deep liquidity across Ethereum mainnet, Base, Optimism, Arbitrum, Unichain, and Gnosis. Its infrastructure powers lending, savings, and multi-chain capital allocation, making it a key liquidity and yield provider in the on-chain finance ecosystem. Real-time SLL allocations and protocol data are accessible via Spark’s dashboard and DeFiLlama.