Launched Points Program Season 4 with updated earning mechanics: 3 points per SPK staked per day, 2 points per Savings USDS per day, 50,000 points per Savings ETH per day, 0.5 points for delegation, 10% referral boost, and 10% loyalty bonus from Season 3, while removing points for Savings USDC and USDT.

Season 2 claim ends and Season 3 claim opens on 2026-04-20.

Launched health factor notification feature for SparkLend users to receive alerts when their health factor becomes too low.

Reached $4.8 billion in total assets as of April 2026, up from $1.2 billion in 2024.

Accumulated over 10,000 lifetime borrowers.

Allocated approximately $800M of PYUSD through its liquidity orchestration layer across lending markets, liquidity venues, and yield strategies.

Generates an estimated $5.8M in yield at current rates from PYUSD allocations.

A whale repaid 4.14 million DAI in debt and withdrew 264.4 WBTC collateral (worth $17.98 million at $67,990 per BTC) on April 7, 2026.

Participated in an in-person industry meeting with Aave, Compound, Curve Finance, Euler Finance, Fluid, Gearbox Protocol, Ink, Liquity Protocol, and Wildcat Fi during the week of March 31 to April 6, 2026.

Financials are now displayed on DefiLlama.

Uses Chronicle oracle network infrastructure in SparkLend, featuring redundant, aggregated price feeds. Network in production since 2017, securing billions in onchain value.

Implements automated mechanism to freeze borrowing when a pegged asset trades below peg.

Spark's address (0x1601843c5E9bC251A3272907010AFa41Fa18347E) ranks as the 2nd largest by volume for USDe/sUSDe mints/redemptions and #1 staker/redeemer by volume, having historically facilitated billions in mints/redemptions and staking.

Reached $24M worth of wBTC liquidity on the platform.

Maintains $885M total size in Spark Savings USDT vault with $737M liquidity (~80% ratio).

Reached $963,620,000 in borrowed amounts over the last 30 days, ranking as the 5th largest DeFi lending protocol by borrowed capital.

Offers a trading warning that a $65.8m position in Spark's lending pool liquidates if ETH hits $1,967 (3.9% below current levels), with another $49.9m position liquidating at $1,953, and speculates on potential cascade effects through macro events.

Has top 5 borrowers holding 73% of all tracked debt in its lending pool.

Controls 35% of syrupUSDC TVL on Ethereum through Spark ALM, representing the largest holder position with steady balance levels.

Described as using a Dutch auction liquidation model that finds true market price instead of paying a flat bonus.

Added WBTC as collateral on SparkLend deployed on TRON with a deposit cap of 3,000 WBTC.

Mentioned as one of several prime DeFi lending protocols where approximately 25% of Sky sUSDS exposure is allocated, alongside Aave and Morpho.

Will be featured in a conference talk at BTCPrague covering Spark and Ark protocols, including privacy roadmaps and technical comparisons.

Participated in EthCC Cannes side event with Ethereum Foundation, alongside DefiLlama and Liquity Protocol.

Joined the EEZ (Ethereum Economic Zone) initiative to address Ethereum ecosystem fragmentation.

Sky treasury company SDEV holds 2.135 billion SKY tokens ($156 million) across 7 wallets, with an average purchase cost of $0.065 per token, and withdrew 184 million SKY ($14 million) from Coinbase Prime on 2026-03-25.

Approved $70M USDS allocation for deployment into credit markets, DeFi, and RWAs, including funds allocated to Anchorage to earn 6.5% APY. Routes 30% of savings product yield through onchain protocols and 70% through offchain sources including Coinbase, BlackRock BUIDL, and Janus Henderson.

Reached $3 billion TVL in lending, generating $80 million annual revenue.

Operates with a cost of capital of approximately 4.05% sourced from Sky borrow rates, retaining net interest margin above this rate as earnings.

Generated $1.76B in borrow interest during 2025 as part of a group of lending protocols including Aave, Morpho, Maple, and Fluid.

Maintains no USR exposure and zero lifetime bad debt since 2019, through Terra, 3AC, FTX, ETH crashes.

The Spark compounder strategy achieves a 5.15% 30-day average yield on ysUSDS.

Generated over $5M in net returns within the first two months of 2026.

Generates $10M monthly protocol revenue, up 4x.

Spark Savings USDC is being used as a treasury management solution for USDCx on Ethereum mainnet and Base through integration with Superfluid.

Spark Points Season 3 ends on 2026-04-12.

Reached over 20,000 wallets participating in Points Program Season 3 with over 700 billion points distributed.

Integrates USDT support.

Provides yield for Lido's USD earn product.

Holds $11.2B in USDS savings deposits.

Crossed $4B in Savings deposits.

Crossed $1 billion in USDC vaults, growing from $700 million last month.

Integrated with Aragon's Signer-as-a-Service to embed neutral senior protocol engineers and operators in the Security Council, alongside Blockworks and L2BEAT.

Integrates Credora credit ratings into Spark Savings product UI, provided by redstone_defi, with Savings USDT receiving an A- rating, daily updates, 6 vaults rated A+ to B+, and PSL 0.25%-1.03%.

Completed first buyback cycle, purchasing 26.6M SPK tokens using 572K USDS.

Launched 12-month buyback program, allocating 10% of surplus treasury funds monthly after reserving $35M for operational expenses; transferred 414,000 USDS to buyback address on April 6, 2026 for second month.

Integrated with Stva protocol's automated liquidity routing vault, routing liquidity to Aave, Spark, and Curve through Stone Vault for DAI, LUSD, and crvUSD.

Integrated with Dune, launching 123 charts across 9 dashboards.

Manages $2.16B TVL through its Liquidity Layer across Ethereum lending and RWA markets, offering 4% APY on stablecoin lending.

Integrated with Cake Wallet as a supported Bitcoin wallet partner.

Added over $250M in new deposits to Savings USDT vault during February 2026.

Received $910 million in stablecoin deposits from Justin Sun transferred from Aave between early December 2025 and March 2026, with his total deposits on Spark rising from $570 million to $1.48 billion during this period.

Pays 3.5% APY on USDT through Spark Savings as of February 26, 2026.

Reached stablecoin supply of $2.36 billion on October 21, 2025, up 84.7% year-to-date from $1.43 billion.

Updated Points Program Season 3 to award 1 point per USDC per day for holding Savings USDC via Spark's frontend, and 1 point per USDT per day for holding Savings USDT via Spark's frontend.

Launches airdrop checker with anti-bot and anti-sybil filtering system before token launch.

Releases Spark Alive, the first premium toolset for premium users.

Launches Spark Community channel on 2026-02-24.

Generated $4.0M in fees over the past 30 days, representing a 0.3% increase.

Goes open source on 2026-02-21.

Holds $5.37B TVL as of February 17, 2026, down 1.57% in 7 days, following a $5.4B deposit decline since October 2025.

Became the second-largest money market in DeFi by TVL within 252 days of launch.

Serves as a protocol treasury supplier of USDC on Aave.

Integrated with OpenClaw, allowing users to access OpenClaw functionality directly through Spark's UI.

Launched SPK as the first Agent token.

Deployed $630M in Bitcoin-backed loans via Coinbase, providing over 80% of liquidity for its January 2025 launch.

Launched Spark Prime, an institutional CeDeFi prime brokerage product with margin lending and DeFi lending venues, on 2026-02-11, deploying capital through Anchorage Digital for CeFi OTC operations. Added Notification Center feature to SparkLend, monitoring lending position Health Factor and sending customizable risk alerts.

Yields 3.75% on spUSDT backed by Sky Ecosystem.

Launched tri-party lending feature in Q4 2025.

Reached $364M in USDT TVL, with USDT deposits in Spark Savings increasing by over $200M in the past 5 days.

Published quarterly financial reports that provide transparent accounting with accurate numbers, methodology explanations, and commentary on influencing factors, recognized as a model for DeFi project transparency.

Flying Tulip plans to deploy up to $1B for onchain yield strategies targeting 4% annual returns, using interest rate arbitrage on staking across Aave and Spark to generate MEY for tETH and tAVAX tokens.

Ranked among the top "low-risk defi" vaults in a Bloomberg article.

Hosts a Global Community Call on 2026-01-30 at 3 PM UTC, live-streamed on X and Discord, covering growth metrics, Q4 2025 financial report, governance updates, and Q&A.

Increased stablecoin holdings by $2 million during Q4 2025.

Ended partnership relationship with Ethena during Q4 2025, resulting in complete disentanglement from USDe exposure.

Earned $4.5 million from rewards income during Q4 2025, up 69% from $2.6 million in Q3 2025, primarily from 60 basis point rewards on USDS distribution.

Protocol treasury reached $43.22M at end of Q4 2025.

Made $4M strategic investment in Arkis.

Reallocates SPK tokens, maintains community allocation at 30% of total supply, with additional distribution from vibe coder allocations for liquidity, audits, and airdrop fees.

Put a governance proposal (SAEP-09) up for vote to adjust SubDAO Proxy parameters: reducing target runway from 24 months to 12 months, reducing product backstop from $5M to $1M USDS, reducing RRC lookback from 12 months to 3 months, and increasing buyback rate from 10% to 25%.

Has 596,800 ETH ($17.65 billion) deposited on the protocol by a single whale entity known as "7 Siblings" across 8 addresses, making them the largest depositor on Spark.

Has $193 million in stablecoins (DAI, USDT, USDS) borrowed through the protocol by the "7 Siblings" whale entity.

Integrated with Anchorage Digital's Atlas platform for collateral management on Spark lending since January 2026, facilitating institutional borrowing of $150M USDC against $222M BTC collateral, and serving as custodian for institutional lending services.

Hexonaut, nad8802, and MonetSupply are associated with Spark as team members or contributors.

Listed among "hot coins" in market commentary alongside FARTCOIN and fish.

Conducted an airdrop in 2025 that distributed $600 per eligible participant.

Nominated for the "Best In Yield" award by The Rollup, with the winner to be announced on 2025-12-30.

Delisted from whatexchange on December 24, 2025 at 08:00 UTC.

Spark gains recognition as a promising Bitcoin L2 generating developer and builder excitement.

Launches PYUSD Savings Vault with 4.25% earnings rate, allocating 500M PYUSD paired with USDC and USDT. Savings V2 TVL reached $395M.

SatGo releases version 1.5.2 with bug fixes for Spark deposits, withdrawals, and portfolio display issues. The update adds automatic clawback mechanism that refunds users automatically when buy or sell transactions fail.

Spark launches a mini app integrated with Base wallet, expanding Spark Savings access to millions of Base users.

The project operates 4 business lines and generates most of its revenue from the Spark Liquidity Layer rather than lending markets, which have thin margins with most revenue going to liquidity providers.

Flashnet launched 11 days ago and reached a 3.3M all-time high before consolidating in the 700k-1M range. Bitcoin deposits into Spark continue increasing daily.

Testnet onboarding is active, with the team seeking feedback from Lightning Network and ecash users on protocol design and comparisons.

Spark collaborates with Lolli (trylolli) on a new release featuring Bitcoin rewards functionality.

Season 2 ends December 12th at 2pm UTC, with reward claiming beginning December 17th and remaining open for 6 months.

TVL increases to $3.6 billion, ranking #4 among lending protocols. Has $9B stablecoin liquidity via USDS, servicing fintechs and exchanges with market making operations that import 4.3 billion USDC liquidity through USDS on Curve/Uniswap.

Enables stablecoin payments at point-of-sale registers with wallet interoperability on Bitcoin infrastructure.