Credit · Lending · SPK
Spark is a lending system built mainly around stablecoin liquidity, borrowing and yield (SparkLend + Spark Savings), routing USDS/DAI liquidity from the Sky/Maker ecosystem at scale.
Stablecoin-native credit stack tied to the Sky/Maker ecosystem.
Protocol TVL
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Latest data
Coins under Spark Protocol
Member products
On-chain + off-chain aggregates across member coins
Protocol TVLDeFi Llama
$5.69B
Member mcap totalCoinGecko
$11.20B
Weighted 24h moveMcap-weighted
+0.1%
+$11.5M implied
Fees · 24hDeFi Llama
$177.5K
Revenue · 24hDeFi Llama
$15.4K
Protocol TVL · 30ddefillama
Click a row for live on-chain + market data
| Symbol | Category | Price | 24h | Mkt cap | |
|---|---|---|---|---|---|
| USDS | Stablecoin | $0.9998 | -0.0% | $9.74B | |
| SKY | Token | $0.0533 | +0.6% | $1.25B | |
| sDAI | Receipt | $1.18 | +0.0% | $167.4M |
Showing 3 of 5 coins
Consistent cross-network snapshot · synced 13h ago
Price
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Spark is the lending and capital-allocation arm of the Sky ecosystem, formerly MakerDAO, and describes itself as a two-sided capital allocator that borrows from Sky's stablecoin reserves and deploys capital across DeFi, CeFi and RWAs (Spark docs). It has three products: Spark Savings (vaults including sUSDS), SparkLend (a USDS-centric money market), and the Spark Liquidity Layer, which provides liquidity directly into DeFi markets across networks (Spark docs). SparkLend is a fork of the Aave V3 codebase, run conservatively with a narrow collateral set, multi-oracle pricing, strict rate limits and first-loss capital (Contango, Spark docs). Rates are hybrid: a variable rate driven by supply and demand within SparkLend, plus transparent rates that behave as a short-term fixed rate and change only through Sky Governance (Spark docs). Liquidation is Aave-style: below a health factor of 1 but above 0.95, up to 50% of debt can be covered; at or below 0.95, up to 100% (Spark docs).
