陈剑Jason|Nov 06, 2025 01:46
After the recent Defi theft and the resulting on-chain liquidity panic, Spark's stablecoins USDS+DAI have officially risen to rank 3, surpassing USDe, and now only trail behind USDT and USDC. During this period of heightened risk, the market has voted with its feet, returning to Spark's over-collateralized stablecoin model—the most traditional and safest approach. Meanwhile, Justin Sun's on-chain financial assets have grown by $100 million compared to last month, reaching $1.4 billion. In contrast, Aave has dropped from $560 million to $160 million, and Morpho has decreased from $300 million to $250 million. Spark is the only protocol showing growth. I've also moved my own on-chain investments to Spark for safety.
Spark's Q3 financial report looks great, with total revenue reaching $53 million. Since Spark and MakerDAO completely separated their financial settlements starting in July, all this revenue is retained by Spark without needing to be handed over, laying the groundwork for Spark's upcoming buybacks.
Share To
Timeline
HotFlash
APP
X
Telegram
CopyLink