contributing @sparkfinance | views are my own
Joined June 2022
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Lama retweeted
Spark Global Community Call - 2026 Q3 xitter.gq/i/broadcasts/2pekABrpn…
Some great insights into SparkLend’s recent growth. worth reading the original article!
SparkLend (@sparkfinance) grew 47%, Morpho Blue 29%, and Aave V3 Core 4.5% in three months on Ethereum.
I traced major borrowers to understand why: moving loans between platforms, borrowing to invest, and paying down USDe loans.
Here’s what I found.
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and SparkLend’s total USDS borrowing crossed $1B!
USDS borrowing on SparkLend has crossed $1B.
The balance has reached an all-time high in daily snapshots, at 5x its $200M level a year ago. USDS now accounts for ~40% of SparkLend's total borrowing.
Over $800M of USDS borrowing is backed by ETH collateral and ~$120M by cbBTC, allowing borrowers to access stablecoin liquidity while retaining ETH and BTC exposure.
Spark adjusts liquidity supply to accommodate large loans. It connects @SkyEcosystem's USDS liquidity to SparkLend. As demand for borrowing against collateral grows, the Spark Liquidity Layer can supply additional funding.
Borrow USDS here:
app.spark.finance/borrow
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Made a little @poteto farming game and used pstack to review it.
Play as poteto, farm potatoes, clear it in about 10 minutes. lol there are a few easter eggs to find.
Skipped Starbucks today for this domain.
poteto.farm
Lama retweeted
October was about distribution and collateral.
Spark Savings expanded to new apps and chains. It went live in @OneKeyHQ and passed $100M in deposits on @okx X Layer. USDT deposits also passed $700M.
On SparkLend, ETH and BTC both had a record month. ETH deposits and ETH borrowing both set all time highs, and BTC collateral passed 10% of assets supplied.
Spark Liquidity Layer allocated more than $3B in assets once again, including more than $400M USDC supplied to a @Morpho cbBTC/USDC market on @base.
Here's the October 2026 recap:
Spark’s FX Layer is growing fast. ⚡️⚡️⚡️
Already over $20B in pool activity, averaging around $5B a month over the past two full months.
The biggest draw for stablecoin issuers? Less liquidity to bootstrap, more users to reach.
Spark's Stablecoin FX Layer has passed $20B in pool activity.
Pool activity has averaged more than $150M per day since launch, with monthly activity averaging around ~$5B the past two full months.
The FX Layer connects PYUSD, RLUSD and USDT through USDS on @Uniswap v4. @SkyEcosystem's PSM extends that shared liquidity network to USDC.
RLUSD/USDS passed $1B in pool activity less than a month after launch.
xitter.gq/sparkfinance/status/21…
Update: The Stablecoin FX Layer has recorded over $1B in RLUSD/USDS pool activity less than a month after the pair launched on @Uniswap v4.
RLUSD/USDS pool averaged approximately $40M in daily trading volume over that period.
Together with @SentoraHQ, Spark connects RLUSD to the FX Layer's shared liquidity network, enabling capital to remain productive between swaps.
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More than $100M in USDC was exchanged for USDT, PYUSD and RLUSD through the FX Layer in one week.
xitter.gq/sparkfinance/status/21…
Over the past week, more than $100M in USDC was exchanged for USDT, PYUSD and RLUSD through Spark's Stablecoin FX Layer.
Issuers need liquidity against the stablecoins users already hold. Every direct pair needs its own capital which spreads depth across more pools.
Spark connects these markets through USDS pairs on @Uniswap v4. @SkyEcosystem's Peg Stability Module converts USDC into USDS at 1:1, with no swap fee or price impact on that leg. The final swap draws on the same pool liquidity used by USDS holders.
In 200+ Ethereum transactions, both steps settled atomically. USDC holders received the destination asset without acquiring USDS in a separate transaction.
For issuers, one USDS pair now reaches both USDS and USDC holders. Spark funds both sides of these pairs, so that reach comes without issuer capital.
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You don't need a dashboard to see where your @Bot usage goes.
Once a week this bot checks your bots, finds the overlap, and suggests what to cut.
If it ever uses more than 1% of your weekly usage it cuts its own work first and tells you.
Free template:
x.ai/bot/QEMPOSnpYK2Uyg-Wzo3…
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Lama retweeted
The next 2026 Global Community Call will take place on Thursday, November 5th at 3PM UTC.
Agenda:
- Strategic note from Sam
- Overview of Q3 results
- Core protocol metrics
- SPK updates
Details for the Chinese Community call will be announced shortly.
Both sessions will stream live on X and Discord. ⚡️
Cap automation in SparkLend raises borrow caps gradually in fixed steps with a cooldown between each step.
New borrowing room opens only as fast as governance has approved, so no single actor can pull a market's full depth in one transaction.
attacker monetized roughly ~145,000 ETH out of their USDC+USDT haul
but they could have potentially walked with as much as ~400,000 ETH by one-shot exiting through lending markets instead
even if sparklend had allowed stablecoin collateral (it doesnt), the @sparkfinance cap automation mechanisms limit ETH borrows to 10,000 per 4 hour period significantly reducing the maximum value at risk
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also @sparkfinance’s SparkLend does not allow stablecoins as collateral 🛡️
to confirm, @sparkfinance has no direct or indirect binance exposure and no Spark products are impacted by the hack
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