News linked to both this project and an event.
According to on-chain analyst Ai Aunt (@ai9684xtpa), Sun Yuchen’s address 0x939…6a1d1 withdrew $300 million worth of USDS from Sky and deposited it into Spark within the past three hours. This address has now deposited approximately $1.3 billion in assets into Spark, with USDS farming rewards totaling $5.38 million. Specifically, USDS deposits amount to $436 million, representing 18.72% of the deposit pool; USDC deposits total $135 million, accounting for 28.17%; and USDT deposits stand at $93.39 million, making up 9.89%.
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.
Spark announced on X that the total staked native token SPK has just surpassed 500 million tokens, reaching 509,969,466 tokens according to its displayed data. Users staking SPK can now participate in Season 4 of the Spark Points Program and earn points rewards. Previously, due to the rsETH security incident, funds continuously flowed out of Aave, while Spark absorbed some of the capital withdrawn by large whales/institutions from Aave.
According to on-chain analytics platform Lookonchain (@lookonchain), a whale with the wallet address starting with 0xD91D created a new wallet (address starting with 0xEb2a) and deposited 9,500 wstETH into Spark. Subsequently, this address borrowed 9,500 ETH (valued at approximately $22.68 million) and sent it to Binance for sale. Later, the whale withdrew USDE from Binance to repay the loan on Aave.
According to on-chain analyst Yujin (@EmberCN), since the rsETH incident, funds have continuously flowed out of the Aave platform—approximately $15.1 billion in total over 3.5 days. Total deposits dropped from $48.5 billion pre-incident to $30.7 billion, representing a withdrawal of roughly one-third of funds; stablecoin outflows amounted to $4.5 billion. However, due to this capital outflow, the platform’s stablecoin deposit APY temporarily remained elevated at 13.4%. During the same period, Morpho saw outflows of approximately $1.5 billion, with total deposits declining from $11.7 billion to $10.2 billion. In contrast, Spark experienced逆势 fund inflows: its TVL rose from $1.9 billion to $3.2 billion—an increase of about $1.3 billion—partly driven by reallocation from whales such as Justin Sun and institutions withdrawing from Aave.
According to on-chain analytics platform Lookonchain (@lookonchain), funds continue to flow out of Aave, with some of those funds moving to Spark. Data shows that Aave’s current total value locked (TVL) has dropped to $16.432 billion, a decrease of $9.94 billion; meanwhile, Spark’s TVL has risen to $4.552 billion, an increase of $825 million.
According to on-chain analyst Ember (@EmberCN), a whale/institution that invested $500 million in BTC and ETH in early February—buying at the bottom—retrieved 17,400 ETH from Aave by directly swapping its deposit receipt (aEthWETH) for ETH at a ~1.8% discount, resulting in a loss of 310 ETH (approximately $720,000). The ETH obtained was then redeposited into Spark.
Odaily News According to on-chain analyst Ai Yi's monitoring, Justin Sun withdrew another 50 million USDC from HTX last night. This means that over the past 8 hours, he has cumulatively deposited 105 million USDC into Spark. Combined with the previously deposited 53,665 ETH, the total value amounts to a staggering $174 million. Spark's USDC deposit pool TVL currently stands at $467 million, with Justin Sun's funds alone accounting for nearly 22.5%.
According to on-chain analyst Ai Aunt (@ai9684xtpa), Sun Yuchen withdrew 55.01 million USDC from HTX and subsequently deposited them into Spark. Since Aave was suspected of incurring bad debt, he has cumulatively deposited $179 million worth of funds into Spark.
According to on-chain analyst Yujin (@EmberCN), the 53,660 ETH that Sun Yuchen urgently withdrew from Aave in the early hours has been deposited into Spark half an hour ago, valued at approximately $125 million. Currently, Sun Yuchen’s on-chain funds across Sky and Spark total approximately $2.13 billion, while his funds on Aave amount to roughly $380 million.