Spark doubles its share of DeFi lending to 10.4% in Q2 2026 while staying profitable

Sky (formerly MakerDAO)/Spark (SparkLend and Liquidity Layer)

A Blockworks Advisory report commissioned by the Spark Foundation shows Spark's share of loans across the major lending venues rising from 4.3% to 10.4% while the combined loan book shrank about 30%. After an April bridge exploit elsewhere, over $1B moved into Spark and SparkLend deposits rose 69% to $5.03B.

• Revenue net of funding costs: $6.57M (-5.8%); net income ~$3.3M on $1.1M a month of operating costs.
• Distribution rewards paid by partners ($4.88M) were ~74% of net revenue.
• ~$150M of liquidity moved into Uniswap v4 USDS/USDT and USDS/PYUSD pools on June 25.
• Spark Savings opened to BitGo institutional wallets; Robinhood Earn integration announced.