How awesome is Spark's PSM stablecoin swap? After directly integrating Spark's PSM into Uniswap's routing, USDS trading pairs have taken over the top two pools, becoming the core asset of Uniswap V4. The main reason is that PSM allows users to swap USDS for other stablecoins with absolutely zero slippage or wear and tear. This makes USDS a relay for seamless stablecoin swaps across pools, without requiring high fees to compensate LPs for impermanent loss. As a result, the fee tier for USDS trading pairs is now 0.0005%, almost negligible, attracting large-scale capital, high-frequency traders, slippage-sensitive whales, institutions, bots, and aggregators. The reason PSM can achieve zero-cost stablecoin swaps is primarily due to its massive reserves. As shown in the image below, over $4.3 billion USDC has been directly injected into PSM. This eliminates the need for DEX AMM mechanisms or CEX order book systems, enabling rigid 1:1 swaps. Additionally, most DEXs and CEXs rely on trading fees and slippage for revenue, but Spark doesn't profit from this. Instead, Spark generates sufficient protocol income through liquidity provision and lending. That's why PSM has been designed as public infrastructure.