Spark Finance Leads DeFi Lending with 190% Growth to $3 Billion

Spark, the lending protocol from the Sky ecosystem (formerly MakerDAO), has seen its active loans surge by approximately 190% over the past 180 days to reach $2.9 billion, outperforming the broader DeFi lending market which contracted by 30%. SparkLend's market share of outstanding loans rose to 10.4% in Q2 2026, driven largely by USDS borrowing, which grew from $188 million to $917 million. As of mid-September 2026, total value locked in SparkLend reached roughly $5 billion, with deposits hitting $5.03 billion. The platform's growth is attributed to competitive stablecoin borrowing rates, the Spark Liquidity Layer, and institutional interest, including a $210 million allocation for BTC-collateralized loans.