Spark, a lending protocol from the Sky ecosystem, reported a 190% increase in active loans over the past 180 days, reaching $2.9 billion. This growth occurred while the broader DeFi lending market contracted by 30%.
The platform's market share of outstanding loans rose to 10.4% in Q2 2026, up from 4.3% in Q1. Ethereum borrowing grew by 247% since March 2026, largely driven by USDS stablecoin borrowing, which increased from $188 million to $917 million.
SparkLend reached a total value locked of approximately $5 billion, with deposits rising 69% quarter-over-quarter to $5.03 billion. By mid-September 2026, the total market size of supplied assets on Ethereum hit $7.39 billion.
The protocol reported a net income of $3.3 million for Q2. Distribution rewards for USDS savings products reached $4.88 million, marking a 43% increase from the previous quarter.
Spark allocated $210 million for BTC-collateralized loans, with $150 million already deployed at 148% collateralization. The protocol also plans to deprecate its Gnosis Chain deployment to focus exclusively on Ethereum.
