SparkLend has reached 600,000 ETH in deposits as of mid-September 2026, setting a new all-time high for this lending protocol linked to Sky (formerly MakerDAO). Total value locked (TVL) stands at nearly $4.96 billion, with overall market size at $7.39 billion and active loans totaling approximately $2.4 billion. Large holders funneled approximately 88,320 ETH into the protocol over the six months leading to September 2026. USDS borrowing on SparkLend has hit between $800 million and $900 million, showing the protocol works as a distribution engine for the stablecoin. The protocol refocused exclusively on Ethereum after deprecating Gnosis Chain in September 2026.
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