Spark (SPK)

Spark $SPK benefited from KelpDAO exploit The catalyst most people are missing: https://t.co/uYXo41lTpS

Spark $SPK benefited from KelpDAO exploit The catalyst most people are missing: https://t.co/uYXo41lTpS

🎙️ New Revenue Meta on The @Edge_Pod ⚡️ The Business of Spark: How Sky's Largest Sub-DAO Is Earning $27.8M In A Bear Market 0:00 - Intro 2:10 - Spark x @SkyEcosystem relationship 4:03 - Spark Savings, SLL, and SparkLend 9:22 - Team and operations 10:57 - How does Spark make money? 13:42 - Spark’s revenue, opex, and surplus 20:06 - How Spark DAO returns value to SPK 22:14 - DAO treasury and SPK buybacks 26:56 - Who are Spark’s customers? 32:57 - Which product is driving more revenue? 35:23 - Sky growth tailwinds for Spark 38:44 - Is Aave’s reputation hit an opportunity? 41:37 - Growth drivers for Spark next 44:03 - Spark Prime, a CeDeFi prime brokerage 46:22 - Sam’s growth goals for 2026 47:53 - Closing 🙏 Thanks to @phoenixlabsdev CoFounder & CEO @hexonaut from @sparkdotfi DAO for joining us!

DeFi is suffering @aave loses 30% TVL in last 7 days. Whales pulled deposits en masse, some stablecoin pools hit 100% utilization and panic spread. This is a major stress test for Aave model: Pooled liquidity = systemic risk → One poisoned collateral (unbacked $rsETH) created bad debt that affected everyone on Aave. @Morpho shines here: Its isolated markets + curator model would have contained this. The bad $rsETH would only hit one vault instead of the entire protocol. Right now, Aave is not dead, but vulnerable • Aave still has ~2.7x Morpho TVL even after the crash. • It has the deepest liquidity for large positions and the most institutional comfort. • But this event just proved what we've been saying in our @Morpho vs @aave comparisons: $MORPHO architecture is more resilient in black-swan moments. If the withdrawals keep coming (or another exploit hits a crosschain bridge), the migration to @Morpho (and other modular protocols like @sparkdotfi or new vaults) will accelerate dramatically.

Looks like traders are bidding up $SPK as it's become a direct beneficiary of Aave TVL migrating following the rsETH hack. If you believe this continues, you should be buying $SKY, not $SPK, here's why: - On circulating supply, 99% of $SKY tokens are unlocked vs. 25% for $SPK - Spark's volume atm is highly speculative, whereas Sky has seen organic demand all year. - Sky earned ~$403m in fees this past year, Spark earned ~$75m - Earning impacted buybacks, where $SKY was able to execute $75m over the past year, $SPK just started to roll them out. - On a P/S valuation, Sky trades at 10.9x vs. Sparks's 15.7x, 61.1x if you account for FDV Most importantly, the majority of $SPK generated revenue goes to $SKY holders.

Looks like traders are bidding up $SPK as it's become a direct beneficiary of Aave TVL migrating following the rsETH hack. If you believe this continues, you should be buying $SKY, not $SPK, here's why: - On circulating supply, 99% of $SKY tokens are unlocked vs. 25% for $SPK - Spark's volume atm is highly speculative, whereas Sky has seen organic demand all year. - Sky earned ~$403m in fees this past year, Spark earned ~$75m - Earning impacted buybacks, where $SKY was able to execute $75m over the past year, $SPK just started to roll them out. - On a P/S valuation, Sky trades at 10.9x vs. Sparks's 15.7x, 61.1x if you account for FDV Most importantly, the majority of $SPK generated revenue goes to $SKY holders.

The rsETH hack is so damaging because of how deeply integrated it is across DeFi. 91% of all lending protocols are seeing outflows simultaneously. Here's the outflows over the past 24 hours: 1. Aave $4,920M –25.4% 2. Morpho V1 $608M –8.5% 3. Maple $1.7B $183M –10.7% 4. Tydro $246M $97M –39.6% 5. Fluid Lending $84M –11.4% 6. Jupiter Lend $72M –7.9% 7. Kamino Lend $71M –4.4% 8. Euler V2 $468M $50M –10.6% 9. JustLend $3.6B $41M –1.1% There is a systemic risk off move happening for DeFi right now.

⚡ $SPK: THE BIG WINNER OVER AAVE? rsETH exploit → panic on Aave: • +5.4 billion $ withdrawn → direct migration to Spark Protocol • $ETH APY rose to (peak) 130%, ~18% currently → huge demand + lack of alternatives • Spark delisted rsETH in January → not impacted by the exploit • 0 bad debt since 2019 The market treats it as noise even though it is one of the largest recent DeFi lending liquidity migrations.

📊 $SPK: THE DISCREET BLUE CHIP OF INSTITUTIONAL DEFI Spark is establishing itself as the on‑chain money market preferred by institutions. No hype, no aggressive farming, just liquidity, controlled risk and real flows. 1️⃣ Why? • ~7.4 bn $ TVL → top 3 money market DeFi • Deliberately conservative architecture → capital preservation priority • Collateral exclusively blue‑chip (ETH, ETH derivatives, BTC, USD stablecoins) • Stablecoins not usable as collateral → removal of a large tail‑risk • Spark is a SubDAO of Sky → direct access to USDS liquidity 2️⃣ What makes the real difference? • Spark can borrow billions of USDS at a structurally lower cost than the market • Instant scaling of USDC / USDT / PYUSD pools • 100% of the spread captured by the protocol • SparkLend = Aave V3 fork, but with: – more institutional assets – greater depth – leverage better calibrated to risk 3️⃣ Strong signal? • Integration with Anchorage Digital (custody regulated