News linked to both this project and an event.
DeFi protocol Spark announced its Q1 2026 financial report, reporting $31.5 million in total protocol-level revenue, $6.91 million in net protocol revenue, and a net surplus of $3.46 million. The treasury balance stood at $46.1 million at quarter-end, and approximately $986,000 worth of SPK tokens were repurchased. According to the report, distribution rewards revenue surpassed Spark Liquidity Layer (SLL) for the first time, becoming the largest source of net revenue: USDS-related savings vault distribution revenue totaled approximately $3.31 million; SLL generated $27.62 million in total revenue and $3.05 million in net protocol revenue on an average deployed capital of $1.93 billion; SparkLend’s quarterly reserve factor revenue amounted to $156,000. The report notes that, amid narrowing DeFi yield spreads, the protocol remained profitable on a monthly basis while maintaining prudent risk parameters.
Spark announced on X platform that its financial report for the first quarter of 2026 has been released. The report shows total protocol revenue of $31.5 million, net protocol revenue of $6.91 million, and net protocol surplus of $3.46 million. Currently, the Spark Protocol treasury stands at $46.1 million, with $986,000 worth of SPK tokens repurchased. Due to narrowing lending spreads and the expanded scale of savings demand, distribution has surpassed the Spark Liquidity Layer as the primary revenue driver for the first time.
According to on-chain analyst Ai Aunt (@ai9684xtpa), Wang Chun, co-founder of F2Pool, stated this morning at 07:21 that he sold 83.7 million SPK tokens last year and is now “somewhat regretful.” Subsequently, Upbit officially announced the listing of SPK at 10:20, and Spark announced at 20:06 that the total staked SPK supply had exceeded 500 million tokens. Market data shows SPK surged up to 73% within 24 hours and topped Binance’s gainers list.
According to the official announcement, Upbit will list the SPK (Spark)/KRW trading pair.
Monetsupply.eth, Strategy Lead of Spark Protocol, posted on X stating that in January this year, low-utilization assets such as rsETH were delisted, and the scope of acceptable collateral and protocol functionalities has been continuously tightened. At the time, this move triggered strong backlash from users employing “ETH circular leverage” strategies. Additionally, Spark has long imposed relatively high maximum interest rate caps on its ETH lending market. Over the past year, Spark has ceded part of its business and revenue to Aave—whose ETH borrowing rates at one point dropped to 10% or lower. However, amid the current market crisis, this strategy has proven more prudent: SparkLend still maintains ample ETH withdrawal liquidity, whereas Aave is experiencing liquidity strain—or even “locking”—across Ethereum mainnet and multiple Layer-2 chains including Arbitrum and Base. Monetsupply.eth further warned that, since ETH serves as the core collateral asset, when market utilization reaches 100%, liquidations of collateral will fail to execute normally. Liquidity exhaustion not only degrades depositors’ experience but may also pose systemic risk. Given Aave’s current liquidity shortage, a 15–20% drop in ETH’s price could trigger significant bad debt accumulation—exacerbated by potential fallout from the rsETH incident.