Spark
Lending and savings protocol in the Sky ecosystem: SparkLend borrowing and Spark Savings for USDS and USDC.
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Spark key facts
| Category | Lending protocol |
|---|---|
| Chains | Ethereum, Base, Arbitrum, Optimism, Unichain, Avalanche and others |
| Platforms | Web |
| Custody | Non-custodial |
| Chains | Ethereum, Base, Arbitrum, Optimism, Unichain, Avalanche, Robinhood, X Layer; Gnosis deprecated |
| Security audits | Aave v3 codebase audits plus Spark-specific core audits |
| Fees | No protocol fee beyond gas on USDS, USDC and DAI swaps; borrowers pay variable rates |
| US availability | Available: terms restrict only sanctioned jurisdictions |
SPK token
- Price
- $0.0159 +1.0% 24h
- Market cap
- $54.8M
- Fully diluted value
- $159.3M
- 30-day change
- -27.0%
Market data: CoinGecko, updated Nov 9, 2026. Educational content, not financial advice.
What is Spark?
Spark is a lending and savings protocol powered by Sky. SparkLend lets users borrow against collateral and is based on the Aave v3 codebase, with Spark-specific audits on top. Spark Savings vaults pay a savings rate on USDS, USDC, USDT, PYUSD, USDG and ETH. Its docs list Ethereum, Base, Arbitrum, Optimism, Unichain, Avalanche, Robinhood and X Layer.
How Spark works
SparkLend is a money market on the Aave v3 codebase with a short collateral list.
ETH e-mode accepts only wstETH and rETH, and BTC e-mode was removed in the June 2026 spell, with remaining positions force-liquidated on June 8, 2026. Sky Governance sets supply and borrow caps per asset, and a Cap Automator adjusts them with onchain market depth. Deposits, withdrawals, bridging and PSM swaps are each rate-limited at the contract level.
Prices come from a median of RedStone, Chainlink and Chronicle. For collateral priced against an underlying asset, such as wstETH, rETH, weETH, cbBTC, WBTC and LBTC, a killswitch oracle compares market price to the peg and halts new borrowing if the gap passes a set threshold. The Spark Liquidity Layer moves USDS, USDC and USDT into SparkLend when utilization runs high.
Spark Savings vaults are ERC-4626 tokens. spUSDC, spUSDT, spPYUSD, spETH and spUSDG are Spark V2 vaults that earn through the Spark Liquidity Layer, while sUSDS and stUSDS follow rates set by Sky Governance. sUSDC and sDAI remain as legacy vaults. All of these tokens stay transferable, can be used in other DeFi protocols and keep accruing yield wherever they are held.
How to start with Spark
- Open app.spark.finance, accept the Terms of Service and connect a wallet.
- Choose a network: the app supports Ethereum, Base, Arbitrum, Gnosis, Optimism, Unichain, Avalanche, Robinhood and X Layer, though SparkLend on Gnosis is deprecated.
- Sandbox mode gives you a generated test wallet with test funds so you can try supplying and borrowing first, and Watch Wallet mode lets you view any address read-only.
- Spark moved its web domain from spark.fi to spark.finance and warns about copycat sites.
Spark fees and limits
Swaps between USDS, USDC and DAI in the app have no slippage and, under current parameters, no protocol fee beyond gas, and DAI upgrades to USDS at 1:1. You can often deposit a stablecoin straight into a savings vault and it converts at no slippage or fee. Borrowers on SparkLend pay the variable rate of the market they borrow from.
Risks to know before using Spark
- SparkLend relies on the Aave v3 audits plus separate Spark audit repositories for its core changes, Cap Automator, the ALM Controller, cross-chain helpers, the PSM and the savings vaults.
- Governance can freeze and wind down a market: SparkLend on Gnosis was frozen on January 29, 2026, and the September 10, 2026 spell set every collateral LTV to 0% and the liquidation threshold to 0.01%, so any borrower still open was liquidated.
- Spark's products depend on Sky: sUSDS and stUSDS rates come from Sky Governance, and stUSDS lends USDS against SKY collateral, which gives it a different risk profile from the other vaults.
Spark usage
From DefiLlama (TVL) (fees users paid), updated Nov 9, 2026.
Spark alternatives
Other projects people compare with Spark.
Non-custodial lending protocol where users supply crypto to earn interest and borrow against collateral.
Lending protocol where each Compound III market lends one base asset, such as USDC, against crypto collateral.
Solana DeFi protocol for lending, borrowing, leveraged yield and automated liquidity vaults.
Onchain asset manager that lends to institutions and offers the syrupUSDC and syrupUSDT yield tokens.
Open lending network of isolated markets and curated vaults that route deposits into them.
Lending and borrowing protocol on Solana, formerly Solend.
Where Spark ranks on DappAtlas
Listed next to Spark
- Uniswap Decentralized exchange
- Lido Liquid staking
- Curve Finance Decentralized exchange
- CoW Swap DEX aggregator
- Pendle Yield platform
- EigenLayer Restaking
Spark pros and cons
- Savings product for USDS and USDC alongside borrowing
- Built on the Aave v3 codebase, with added Spark-specific audits
- Swaps between USDS, USDC and DAI in the app
- SparkLend on Gnosis Chain was deprecated and its markets frozen
- Tied to the Sky (formerly Maker) ecosystem and its stablecoins
- Flash loan fees are governance-set rather than fixed
Spark FAQ
What is Spark?
Spark is a lending and savings protocol powered by Sky. SparkLend lets users borrow against collateral and is based on the Aave v3 codebase, with Spark-specific audits on top. Spark Savings vaults pay a savings rate on USDS, USDC, USDT, PYUSD, USDG and ETH. Its docs list Ethereum, Base, Arbitrum, Optimism, Unichain, Avalanche, Robinhood and X Layer.
How much value is locked in Spark?
$8.7B according to DefiLlama on Nov 9, 2026. It is deployed on 9 chains: Ethereum, xDai, Base, Arbitrum, Optimism, Unichain and others.
How much does Spark cost?
No protocol fee beyond gas on USDS, USDC and DAI swaps; borrowers pay variable rates, according to Spark’s own page (checked Sep 26, 2026).
How much do users pay Spark in fees?
$20.7M over the last 30 days, according to DefiLlama on Nov 9, 2026.
Does Spark have a token?
Yes, SPK. Its market cap was $54.8M on CoinGecko on Nov 9, 2026. Educational content, not financial advice.
Is Spark available in the US?
Available: terms restrict only sanctioned jurisdictions, according to Spark’s own page (checked Sep 26, 2026).
Does Spark hold my funds?
No. Spark is non-custodial: you keep your funds in your own wallet and sign each transaction.
Sources
How this page works
Sources: Spark: official site, Spark: Docs, Troubleshooting, Spark: Docs, Security Audits. Data as of Sep 26, 2026.
Not affiliated with any project listed. Educational content, not financial advice.