Spark, the allocation layer of the Sky ecosystem, supplies over $400 million in USDC to the cbBTC/USDC lending market on Base, representing nearly a quarter of the market’s USDC supply. The total market shows approximately $1.77 billion in supplied assets with $1.60 billion borrowed, resulting in a utilization rate above 90%. The market launched on September 4, 2024 with an 86% loan-to-value ratio, and supply rates have declined to around 4.73% APY. In January 2025, Coinbase integrated Bitcoin-backed loans through this Morpho market, driving a 55% increase in volumes year-to-date.
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