Spark Finance, the lending protocol born out of the Sky ecosystem (formerly MakerDAO), saw its active loans surge roughly 190% over the past 180 days to approximately $2.9 billion. SparkLend’s market share jumped from 4.3% in Q1 to 10.4% in Q2 2026, while the broader DeFi lending market contracted by 30%. The main growth driver was USDS borrowing, which ballooned from $188 million to $917 million. Spark also allocated $210 million for BTC-collateralized loans, of which $150 million has already been deployed at approximately 148% collateralization.
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