⚡️Uniswap has integrated Spark's PSM, now basically supporting 1:1 exchanges of USDS/USDC/DAI.

@sparkdotfi has set the fees on Uniswap extremely low, allowing for zero slippage exchanges for large amounts at the million level.

The main thing is that others may not necessarily be able to do this:

Because ordinary market makers/LPs must cover the opportunity cost of capital + impermanent loss + profit from fees in stablecoin pair pricing, they cannot reduce the fees;

But Spark acts like a "money-printing market maker," the cost of capital is internalized, the inventory is owned by the protocol, and the subsidizing funds are also its own.

With this yield engine, swap fees are merely a cost for customer acquisition and routing, not a profit-making tool.

In this view, the cooperation between Spark and Uniswap is indeed a textbook-level "borrowing a boat to go to sea," with clear division of labor:

Uniswap provides the entry and routing, Spark provides depth and hard pegs, aiming to turn $USDS into a strong transit hub.

This seems likely to have a significant impact on Curve, as Spark's PSM+Uniswap combination will completely divert its 3pool-style traffic.

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