SparkLend crosses 600,000 ETH in deposits, setting a new all-time high

SparkLend now holds 600,000 ETH in deposits, a new all-time high for the lending protocol as of mid-September 2026. The numbers behind the milestone The climb has been steady. SparkLend held 380,000 ETH in deposits in late April 2026. By mid-May, that figure had reached 516,000 ETH. Four months later, it crossed the 600,000 ETH line. The broader balance sheet has grown alongside it. Total market size, meaning the value of all assets supplied to the platform, stands at $7.39 billion as of mid-September 2026. Total value locked, or TVL, is nearing $4.96 billion. TVL is the standard DeFi yardstick: think of it as the money actually sitting in the vault rather than the money that has walked out the door as loans. On that front, active loans total roughly $2.4 billion. Whales have been a big part of the story. Large holders funneled approximately 88,320 ETH into SparkLend over the six months leading up to September 2026. USDS borrowing and the Sky connection SparkLend is the flagship lending protocol inside the Spark ecosystem. Spark is tied to Sky, the protocol formerly known as MakerDAO, one of DeFi’s original heavyweights. Borrowing of USDS on SparkLend has hit new highs, reaching be...