SPK
#402Spark
Spark
DeFi · Decentralized LendingSPK#402
Mcap$56.17M$0.01687.92%
SPK Metrics
Spot Volume (24H)
$4.08M+33.53%
Marketcap
$56.17M
FDV
$168M
Mindshare
Very Low
Metrics (24H)
14 Notable Posts
Circ. Supply
3.4B
Sentiment
24H
7D
Max Supply
10.0B
Mcap/FDV
33.52%
Total Supply
10.0B
Sector Ranking
#110
Futures Volume
$97.07M
Open Interest
$5.62M
Volatility (30D)
76.53%
About & Links
About & Links
Spark, operating as Spark Protocol within the MakerDAO (now Sky) ecosystem, provides DeFi infrastructure centered around the DAI stablecoin (and its successor, USDS). Its primary goal is to optimize capital allocation, provide transparent rates, and enhance liquidity for DeFi users. Key offerings include:
- SparkLend: A DAI/USDS money market protocol for supplying assets (e.g., DAI, ETH, wstETH, cbBTC) to earn yields or borrow USDS with predictable rates, active on Ethereum and Base with real-time tracking via Spark Data Hub.
- sDAI: A yield-bearing stablecoin tied to Sky’s Savings USDS, offering automatic protocol revenue, with seamless withdrawals to USDC, DAI, or USDS.
- SparkConduits: Facilitates direct liquidity from Sky to DeFi protocols, tracked via Spark Data Hub.
Sector Rank
#110
Sub-Sector Rank
#14
Contracts
API ID
SPK Performance
All Time High
$0.185-90.94%
Jul 23, 2025
Cycle Low
$0.0130+28.66%
Aug 19, 2026
Trending
SPK Metrics
Spot Volume (24H)
$4.08M+33.53%
Marketcap
$56.17M
Mindshare
Very Low
Sentiment Chg
24H
7D
Last Updated: Oct-29-2026 10:24 UTC
Spark Protocol: Three-Part Update
Currently Interesting
Spark released its Q3 2025 financial report on October 28, 2025, its first full quarter operating under its own profit and loss structure following its separation from Sky on July 1, 2025 1. For the quarter ended September 30, 2025, Spark reported gross revenue of $53.02 million, gross profit (net revenue) of $19.2 million, and net profit of $12.12 million after operating expenses, with the protocol treasury closing the quarter at $38.8 million 1. The Spark Liquidity Layer (SLL) — the system that deploys Sky capital directly into DeFi protocols — generated $10.21 million in gross revenue on an average deployment of $3.141 billion, achieving an average annualized yield of 5.8% and a captured spread of 1.14% 1. The largest single contributor was the Morpho Spark USDC vault on Base, which peaked at $607 million in deployment and produced $8.59 million in gross revenue 1. This disclosure matters because it demonstrates that Spark's post-separation business model — spanning lending, liquidity provision, distribution rewards, and market curation — is generating sustainable, diversified revenue, which could strengthen its case for scaling institutional products and expanding its capital allocation mandate.
Get Caught Up
Q3 2025 Financial Report (October 28, 2025). Spark published its first standalone quarterly financials, reporting $53.02 million in gross revenue, $19.2 million in net revenue, and $12.12 million in net profit, with $38.67 million in treasury assets as of September 30, 2025 1. The report also detailed performance across SparkLend, which reached $7.35 billion in total deposits, and market curation, which oversaw $799.5 million in curated vault value 1. This matters because it establishes a transparent financial baseline for Spark as an independent entity within the Sky ecosystem.
October 16, 2025 Executive Proposal. A governance vote approved a bundle of Spark actions, including disabling the unused BUIDL and JTRSY products from the Spark Liquidity Layer, onboarding USCC with a 100 million USDC deposit limit, and launching the Spark Liquidity Layer on Avalanche with Spark Savings USDC (spUSDC) 2. The proposal also executed the September 2025 monthly settlement, minting 16.9 million USDS in ALLOCATOR-SPARK-A debt and transferring 3,827,201 USDS to the Spark SubProxy 2. This matters because it marks Spark's multi-chain expansion and the retirement of underutilized products in favor of higher-yield deployments.
Spark Roadmap: The Next 6 Months (October 1, 2025). Spark outlined a six-month roadmap pending governance approval, centered on lending, savings, institutional products, mobile, stablecoin liquidity, and automated trading 3. Key items include Savings V2 (expanding vault options beyond USDC to USDT and ETH), Spark Institutional Lending using Morpho V2's architecture for fixed-rate, fixed-term loans, a mobile app targeted for early 2026, and expansion of automated trading operations to manage over $100 million in stablecoin swaps 3. This matters because it signals Spark's strategic pivot toward institutional-grade products and consumer-facing services.
Biggest Stories of 2025
- Q3 2025 Financial Report: Spark released its first standalone quarterly financials, reporting $53.02 million in gross revenue and $12.12 million in net profit, with $38.8 million in treasury 1. (October 28, 2025)
- October 16, 2025 Executive Proposal: Governance approved disabling BUIDL and JTRSY, onboarding USCC, and launching the Spark Liquidity Layer on Avalanche with spUSDC 2. The proposal was executed on October 20, 2025 4. (October 16, 2025)
- Spark Roadmap: The Next 6 Months: Spark published a roadmap covering Savings V2, Spark Institutional Lending, Spark Mobile, stablecoin liquidity as a service, and automated trading operations 3. (October 1, 2025)
- SPK Governance Launch: Spark launched SPK tokenholder governance on Snapshot, allowing SPK and stSPK holders to delegate voting power via the Spark app to earn 3 points per day per token delegated 5. (August 22, 2025)
- August 7, 2025 Executive Proposal: Governance approved deactivating the legacy Spark DAI Morpho Direct Deposit Module, onboarding pyUSD to SparkLend Mainnet, onboarding pyUSD and the pyUSD/USDC Curve Pool to the Spark Liquidity Layer, and enabling flash loans for USDS on SparkLend Mainnet 6. The proposal was executed on August 11, 2025 7. (August 7, 2025)
- June 26, 2025 Executive Proposal: Governance approved initializing SPK token farming, completing portions of the Phase 3 MKR-to-SKY migration, updating Smart Burn Engine parameters, increasing the ALLOCATOR-BLOOM-A debt ceiling to 2.5 billion USDS, and transferring 20.6 million USDS to the Spark SubProxy for the Genesis Capital Allocation 8. The proposal was executed on June 30, 2025 9. (June 26, 2025)
- Spark Expands to Unichain: Following the May 29, 2025 Executive Proposal, OP Mainnet and Unichain were onboarded to the Spark Liquidity Layer, including the launch of sUSDC and sUSDS 10. (June 3, 2025)
- Atlas Edit Weekly Cycle Proposal: A poll proposed updating Spark Pre-launch Token Rewards figures to reflect a 10 billion token total supply, clarifying authority for Smart Burn Engine parameter updates, and documenting the use of multisigs in the Spark Liquidity Layer 11. (March 31, 2025)
- Arbitrum One Onboarding: A poll passed with 54.63% support to onboard Arbitrum One to the Spark Liquidity Layer with initial PSM3 support and bridge 100 million USDS and 100 million USDS worth of sUSDS to Arbitrum 1213. (February 13, 2025)
- January 23, 2025 Executive Proposal: Governance approved decreasing the ALLOCATOR-SPARK-A Stability Fee from 12.25% to 5.37%, decreasing the DAI Savings Rate from 11.50% to 11.25%, and distributing the SparkLend-Aave Revenue Share payment for Q4 2024 14. (January 23, 2025)
- Spark Liquidity Layer Rate Limit Increase: A proposal passed to increase Spark Liquidity Layer rate limits, including a 50 million USDS max mint and 50 million USDS per day slope, to facilitate larger USDe mints and USDC transfers to Base for Aave and Morpho deployments 1516. (January 23, 2025)
Monitoring 16
About & Links
About & Links
Spark, operating as Spark Protocol within the MakerDAO (now Sky) ecosystem, provides DeFi infrastructure centered around the DAI stablecoin (and its successor, USDS). Its primary goal is to optimize capital allocation, provide transparent rates, and enhance liquidity for DeFi users. Key offerings include:
- SparkLend: A DAI/USDS money market protocol for supplying assets (e.g., DAI, ETH, wstETH, cbBTC) to earn yields or borrow USDS with predictable rates, active on Ethereum and Base with real-time tracking via Spark Data Hub.
- sDAI: A yield-bearing stablecoin tied to Sky’s Savings USDS, offering automatic protocol revenue, with seamless withdrawals to USDC, DAI, or USDS.
- SparkConduits: Facilitates direct liquidity from Sky to DeFi protocols, tracked via Spark Data Hub.
Sector Rank
#110
Sub-Sector Rank
#14
Contracts
API ID