SparkLend, the lending protocol within the Sky ecosystem, has seen USDS borrowing surpass $800 million, a 64% increase in just 30 days, setting a new all-time high. The protocol's total liquidity is about $6.8 billion, with active borrowings around $2.13 billion, largely backed by Ethereum-native assets like wrapped staked ETH. SparkLend differs from similar platforms by using governance-set borrowing rates for USDS instead of market-driven rates, supported by Sky's Peg Stability Module for stablecoin swaps. Recently, SparkLend consolidated its operations solely on Ethereum, discontinuing its Gnosis Chain deployment, which may increase risks due to heavy reliance on Ethereum staking and the broader Sky ecosystem's governance and reserves.
SparkLend USDS borrowing recently surpassed $800 million, marking a new all-time high. For readers following the broader cryptocurrency market, here is Pluang's market snapshot as of Sep 17, 2026 17:02 WIB: 43 out of 50 major cryptocurrencies rose today. Notable movers include CAKE at Rp42.674 with a 12.10% increase and COTI at Rp325 with an 11.64% rise.
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