Spark TVL jumps

Spark’s total value locked climbed to about $4.8 billion this week as deposits rushed into the protocol after a new Upbit listing and a broader shift in DeFi lending flows. (defillama.com) (ccn.com) DefiLlama data cited by CCN showed Spark at $3.72 billion before the April 18 Kelp DAO exploit and about $4.78 billion by April 22, an increase of more than $1 billion in four days. (ccn.com) (defillama.com) Crypto Times reported on April 23 that SparkLend alone had recorded about $1.4 billion in inflows, while SPK trading volume topped $500 million after the Upbit catalyst. (cryptotimes.io) Total value locked is the dollar value of assets parked inside a protocol’s smart contracts, and on lending platforms it mostly reflects collateral from borrowers and liquidity from lenders. (ccn.com) Spark runs three main products: SparkLend for borrowing and lending, Spark Savings for yield-bearing deposits, and the Spark Liquidity Layer, which routes capital across DeFi, centralized venues, and tokenized real-world assets. (docs.spark.fi) (spark.fi) That structure helps explain why a token listing can pull in more than speculative trading. Spark says its Liquidity Layer dynamically reallocates funds into integrations including Aave, Morpho, Curve, BlackRock’s BUIDL fund, Superstate’s USTB, Janus Henderson Anemoy’s JTRSY, Maple’s SyrupUSDC, and Ethena’s sUSDe. (spark.fi) Spark Savings also lets users deposit USDC, USDT, PYUSD, USDS, or ETH and withdraw in-kind, while USDS deposits feed into the Sky Savings Rate through the sUSDS vault. (spark.fi) (docs.spark.fi) The protocol has been scaling for nearly three years. Spark says it launched in May 2023, became a top-three Ethereum lending protocol by total value locked within six months, and expanded beyond Ethereum in September 2023. (spark.fi) DefiLlama’s current dashboard also shows Spark generating revenue from a mix of lending and allocation strategies, including SparkLend, Aave, Morpho, Curve, Maple, PayPal-related yield sources, and Anchorage-related yield sources. (defillama.com 1) (defillama.com 2) The immediate question is whether those deposits stay. For now, the data shows Spark absorbing fresh capital at the same moment traders are repricing SPK and lenders are moving stablecoin liquidity toward protocols they view as safer or deeper. (ccn.com) (cryptotimes.io)