Lending protocol SparkLend, part of the Sky ecosystem, reached a record 600,000 ETH in deposits as of mid-September 2026. The platform saw steady growth from 380,000 ETH in late April and 516,000 ETH in mid-May 2026.
The total market size of assets supplied to the platform reached $7,39 billion, while the total value locked (TVL) is nearing $4,96 billion. Large holders contributed approximately 88,320 ETH to the protocol over the six months leading up to September 2026.
Borrowing of the USDS stablecoin on the platform reached between $800 million and $900 million. SparkLend utilizes governance-controlled interest rates and limits its collateral set to wstETH to maintain a more conservative risk profile.
On September 14, 2026, the protocol officially deprecated its Gnosis Chain deployment to focus exclusively on the Ethereum network. This shift aligns with a broader trend of institutional investors seeking vetted, lower-risk DeFi lending options.
