Launched in November 2024, the Spark Liquidity Layer (SLL) has become the largest on-chain capital allocator tracked by DefiLlama. As of mid-September 2026, the protocol holds $2,54 billion in total value locked, accounting for over 25% of the 79 protocols in its category.
The system functions as an automated treasury manager for stablecoins such as USDS, USDC, and PYUSD. It distributes assets across DeFi platforms like Morpho and SparkLend, as well as institutional venues managed by custodians including BlackRock and Anchorage.
Most of the capital is concentrated on the Ethereum network, which accounts for $2,26 billion of the total value, while $268 million is deployed on Base. The protocol maintains a net spread of 0,27% and generated $6,67 million in fees during the 30 days prior to mid-September 2026.
SLL is part of the broader Spark ecosystem, which also includes SparkLend and Savings. By early June 2026, the combined value of these three products exceeded $12 billion. The ecosystem operates under the governance of Sky, the successor to MakerDAO.
