Total Value Locked$2.7b
TVL by Chain
Ethereum$2.211b
Base$478.28m
Arbitrum$9.99m
OP Mainnet$997,266
Unichain$39,032
Avalanche$0.16
Robinhood Chain$0
X Layer$0
Key Metrics
Fees 30d$12.69m
Fees 30d by chain
Ethereum$12.69m
Fees 7d$3.08m
Ethereum$3.08m
Fees 24h$404,791
Ethereum$404,791
Cumulative Fees$200.33m
Ethereum$200.33m
Revenue 30d$222,065
Revenue 30d by chain
Ethereum$351,161
Revenue 7d-$3,886
Ethereum$74,483
Revenue 24h-$68,231
Ethereum$0
Cumulative Revenue$16.74m
Ethereum$19.15m
Holders Revenue 30d$0
Holders Revenue 30d by chain
Ethereum$0
Holders Revenue 7d$0
Ethereum$0
Holders Revenue 24h$0
Ethereum$0
Cumulative Holders Revenue$0
Ethereum$0
Protocol Information
The Spark Liquidity Layer (SLL) automates liquidity provision of USDS, sUSDS, and USDC directly from Sky across various blockchain networks, DeFi protocols, and RWA
Audits:
Methodology
TVL: Counts the assets held by the Spark Liquidity Layer allocators (ALM Proxy, freezable ALM Proxy and PSM3) on each chain. Sky-minted USDS, sUSDS and DAI are excluded, and their SparkLend and Morpho positions are counted only to the extent third parties have borrowed against them; other supplied assets such as PYUSD, USDT and USDC are counted in full. spWETH is excluded as it backs Spark Savings ETH, which is counted under spark-savings. The Anchorage custody allocation is sourced off-chain.View code on GitHubFees: Total interest earned on all loans.View code on GitHubRevenue: Fees collected minus the Sky Base Rate (vault stability fee) plus the monthly offchain rebate calculation for things like idle USDS.View code on GitHubHolders Revenue: View code on GitHubCompetitors
Spark Liquidity Layer history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Apr 3, 2025 to Oct 27, 2026.
All-time high TVL: $4.551b on Jul 27, 2025. All-time low TVL: $1.447b on Mar 13, 2026.
Daily TVL, Sep 28, 2026 to Oct 27, 2026
| Date | TVL |
|---|---|
| Sep 28, 2026 | $2.564b |
| Sep 29, 2026 | $2.609b |
| Sep 30, 2026 | $2.632b |
| Oct 1, 2026 | $2.72b |
| Oct 2, 2026 | $2.722b |
| Oct 3, 2026 | $2.726b |
| Oct 4, 2026 | $2.716b |
| Oct 5, 2026 | $2.681b |
| Oct 6, 2026 | $2.735b |
| Oct 7, 2026 | $2.729b |
| Oct 8, 2026 | $2.757b |
| Oct 9, 2026 | $2.668b |
| Oct 10, 2026 | $2.665b |
| Oct 11, 2026 | $2.68b |
| Oct 12, 2026 | $2.666b |
| Oct 13, 2026 | $2.823b |
| Oct 14, 2026 | $2.805b |
| Oct 15, 2026 | $2.813b |
| Oct 16, 2026 | $2.813b |
| Oct 17, 2026 | $2.808b |
| Oct 18, 2026 | $2.801b |
| Oct 19, 2026 | $2.767b |
| Oct 20, 2026 | $2.731b |
| Oct 21, 2026 | $2.715b |
| Oct 22, 2026 | $2.751b |
| Oct 23, 2026 | $2.747b |
| Oct 24, 2026 | $2.741b |
| Oct 25, 2026 | $2.729b |
| Oct 26, 2026 | $2.691b |
| Oct 27, 2026 | $2.713b |
TVL at each month end, Apr 2025 to Oct 2026
| Date | TVL |
|---|---|
| Apr 30, 2025 | $2.206b |
| May 31, 2025 | $3.152b |
| Jun 30, 2025 | $3.573b |
| Jul 31, 2025 | $3.585b |
| Aug 31, 2025 | $2.86b |
| Sep 30, 2025 | $3.224b |
| Oct 31, 2025 | $3.063b |
| Nov 30, 2025 | $2.484b |
| Dec 31, 2025 | $1.966b |
| Jan 31, 2026 | $1.825b |
| Feb 28, 2026 | $1.712b |
| Mar 31, 2026 | $1.984b |
| Apr 30, 2026 | $1.999b |
| May 31, 2026 | $2.342b |
| Jun 30, 2026 | $2.001b |
| Jul 31, 2026 | $1.712b |
| Aug 31, 2026 | $2.016b |
| Sep 30, 2026 | $2.632b |
| Oct 27, 2026 (latest) | $2.713b |
Fees, revenue and holders revenue by UTC calendar month, Apr 2025 to Oct 2026
| Month | Fees | Revenue | Holders revenue |
|---|---|---|---|
| Apr 2025 | $938,276 | -$47,677 | $0 |
| May 2025 | $5.32m | $666,983 | $0 |
| Jun 2025 | $7.71m | $390,837 | $0 |
| Jul 2025 | $11.97m | $2.02m | $0 |
| Aug 2025 | $16.1m | $3.94m | $0 |
| Sep 2025 | $16.18m | $3.48m | $0 |
| Oct 2025 | $15.29m | $1.88m | $0 |
| Nov 2025 | $12.74m | $541,070 | $0 |
| Dec 2025 | $11.7m | $1.19m | $0 |
| Jan 2026 | $9.92m | $1.39m | $0 |
| Feb 2026 | $8.45m | $754,794 | $0 |
| Mar 2026 | $9.43m | $317,560 | $0 |
| Apr 2026 | $11.42m | -$267,176 | $0 |
| May 2026 | $13.71m | -$587,749 | $0 |
| Jun 2026 | $10.35m | -$336,783 | $0 |
| Jul 2026 | $8.51m | $562,432 | $0 |
| Aug 2026 | $8.47m | $233,764 | $0 |
| Sep 2026 | $10.92m | $461,352 | $0 |
| Oct 2026 (to date) | $11.18m | $152,297 | $0 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/spark-liquidity-layer
Frequently asked questions
What is Spark Liquidity Layer's TVL?
As of Oct 27, 2026, Spark Liquidity Layer has $2.7b in total value locked. TVL has increased 5.9% over the past 30 days.
What chains does Spark Liquidity Layer operate on?
Spark Liquidity Layer operates on 8 chains: Ethereum, Base, Arbitrum, OP Mainnet, and Unichain and 3 others. Ethereum holds the largest share at 81.9%.
How much has Spark Liquidity Layer generated in fees and revenue?
Over the past 30 days, Spark Liquidity Layer generated $12.69m in fees. Of that, $222,065 was protocol revenue. Based on the trailing year, the annualized rate is $129.36m in fees and $4.92m in revenue.
How does Spark Liquidity Layer's TVL compare to similar protocols?
Among Onchain Capital Allocator protocols tracked by DefiLlama, Spark Liquidity Layer ranks #1 by TVL. The category holds $9.288b across 85 protocols, and Spark Liquidity Layer accounts for 29% of that total. Similar protocols include Lagoon, IPOR Fusion, D2 Finance, Rigoblock, Veda, Grove Finance, Aera V3, Spectra MetaVaults, Spectra MetaVaults Outside V2, and MORE Vaults.