DeFi & NFT
By Maheen Hernandez
1 / 15
How the DualPool Mechanism Works. Spark built what it calls a stablecoin FX layer on top of Uniswap.
2 / 15
Spark Drops the Consumer App, Goes B2B. One of the bigger strategic calls Spark made was pausing its consumer app.
3 / 15
Institutional Lending and the Push Toward $1 Billion. Spark's institutional lending business is the other big piece.
4 / 15
Spark just moved $150 million into Uniswap v4 pools. The goal is straightforward: make stablecoin swaps faster and cheaper as the market splinters into dozens of competing tokens.
5 / 15
The stablecoin landscape is pretty much a mess right now. PayPal has PYUSD. Circle runs USDC. Tether still dominates with USDT. Robinhood joined the Global Dollar consortium.
6 / 15
Spark built what it calls a stablecoin FX layer on top of Uniswap. The core piece is a Uniswap v4 hook called DualPool.
7 / 15
In its first month running, Spark's system handled about 30% of all stablecoin swaps on Uniswap, routing roughly $1.5 billion. That's a real number.
8 / 15
PayPal worked directly with Spark to boost PYUSD liquidity. The collaboration was specifically aimed at helping PYUSD compete more credibly against USDT and USDC, which have…
9 / 15
One of the bigger strategic calls Spark made was pausing its consumer app. Competing directly with Coinbase or PayPal for retail users is brutal, and Spark basically decided it…
10 / 15
The clearest example of that model is Robinhood's Earn product. Robinhood routes deposits into a Morpho onchain vault that's curated by Steakhouse Financial.
11 / 15
More context: Binance Drops $7 Billion in Stablecoins as Liquidity Fears Grip Crypto Markets
12 / 15
It's a business-to-business-to-consumer play. Probably the right call given where things stand.
13 / 15
Spark's institutional lending business is the other big piece. It has issued Bitcoin-backed over-the-counter loans through Anchorage, and the outstanding balance sits at about…
14 / 15
Revenue has taken a hit. Annual revenue dropped from around $80 million during the bull market to about $20 million now. That's a steep fall.
15 / 15
Spark Prime, the company's hybrid prime brokerage service, blends centralized and onchain financial products.
The Currency Analytics
Want the full story?