Spark

Spark is a decentralized finance application built on Ethereum that functions as an onchain capital allocator, meaning it pools stablecoin liquidity and routes it across DeFi protocols, centralized finance venues, and real-world assets. It was created to address fragmented liquidity, unstable yields, and idle stablecoin capital — problems that reduce the usefulness of decentralized lending markets for both everyday users and large institutions. Its main products, sUSDS and sUSDC, are yield-bearing stablecoins designed to give users programmatic income without charging them fees.

Spark draws on Sky's stablecoin reserves and deploys that capital through SparkLend, its own lending market, as well as external DeFi, CeFi, and real-world asset venues, auto-balancing allocations based on market conditions. The SPK token lives on Ethereum and is used for governance, meaning token holders can participate in decisions about how the protocol sets lending rates and manages risk. Approximately 31.72% of the maximum supply of 10,000,000,000 SPK tokens is currently in circulation, with the remaining supply not yet issued.

According to the project description, Spark's yield products are explicitly fee-free for users, so the protocol does not appear to collect a direct fee stream from the sUSDS and sUSDC products in the way that many DeFi protocols do. Because no fee revenue figures are present in the stored data, fee-based financial measures that this site might typically calculate — such as price-to-fees ratios — are not applicable here. The protocol's economic model appears to rely on the spread between borrowing costs from Sky's reserves and the yield generated by deployed capital, though no specific figures for this spread are stored.