Recently, I came across an article about "on-chain fixed interest rates" that pointed out a very realistic judgment:

Most on-chain funds still prioritize the ability to withdraw at any time over the interest rate itself.

The real demand for fixed-rate lending mainly comes from borrowers—such as institutional borrowers and users of cyclical strategies—who need certainty in their financing costs.

However, from the perspective of fund providers, the vast majority are unwilling to accept a term lock for a slight interest rate premium. Once lenders are required to sacrifice flexibility, the interest rates become unsustainable.

This is also why the platforms that have truly scaled on-chain are still those like Aave, which offer floating rates and on-demand access.

From this perspective, what DeFi truly needs at this stage boils down to three things:

1⃣ Funds can be accessed at any time

2⃣ Interest rates do not fluctuate dramatically

3⃣ Capable of supporting continuous expansion in scale

Only by stabilizing lending rates without sacrificing flexibility does the subsequent structure become meaningful.

Looking at @sparkdotfi within this framework, its positioning is actually a perfect fit.

Many may have already noticed that the issuance of USDS has surpassed 10 billion dollars.

The significance of this milestone lies not in the number itself, but in its ability to enable Spark to provide stable investment/lending rates over the long term.

Relying on USDS as a scalable, low-volatility funding base, Spark can maintain an on-demand experience while using liquidity management to buffer short-term supply and demand shocks, keeping lending rates within a slowly changing, predictable range during expansion.

Currently observed interest rate volatility ranking: Spark (low) < Aave (medium) < Morpho (high)

So from the perspective of that article, what Spark is doing is actually a necessary step before scaling lending—

Making interest rates sufficiently stable, affordable, and scalable.

In DeFi, as long as this foundational layer exists, those who truly need fixed rates can lock in costs through interest rate swaps without forcing all funds to sacrifice liquidity.

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