Spark's Q3 Lending Market Share Rises to 13.2%, Net Income Drops 30%

Spark's market share in outstanding loans across the four major lending platforms—Aave, Morpho, Fluid, and Spark—rose from 10.4% to 13.2%, marking a second consecutive quarter of growth and a significant increase from 4.3% at the end of Q1. During the same period, the total loan amount across these platforms grew by 37% to $22 billion, with Spark's borrowing scale increasing by 73% to $2.89 billion, and interest paid by borrowers rising by 38% to $16.05 million. However, due to a reduction in the reward rate from 0.5% to 0.2% on July 9, Spark's net income for Q3 fell by 30% quarter-on-quarter to $4.41 million, while total protocol revenue decreased by 27% to $30 million. Additionally, since the launch of the stablecoin exchange layer co-built with Uniswap and Sky on June 25, the cumulative trading volume of USDT, PYUSD, and RLUSD on Uniswap v4 has reached $13.9 billion.