Spark’s Q3 financial report is out! Below please find the full breakdown of the protocol’s performance, with detailed analysis of revenues, costs, and treasury growth. Key highlights: • $53.01M gross revenue • $19.2M gross profit • $12.12M net profit Let’s dive in 🧵

Revenue Streams: • Spark Liquidity Layer (SLL): earns the spread between investment yields and its cost of capital. • SparkLend: collects a reserve factor on interest accrued by borrowers. • Market Curation: earns performance fees from curated Morpho vaults. • USDS Distribution: receives a 0.6% accessibility reward from Sky on distributed USDS. • Treasury Management: earns yield on Spark’s treasury balance through SKY’s savings rate and other operations.

Full detail of Spark's P&L:

Consolidated balance sheet:

Disclaimer: This information is provided for informational purposes only. Phoenix Labs makes no warranties or representations regarding its accuracy. It does not constitute financial, legal, or tax advice, nor an offer or solicitation. This material is not intended for residents of the UK or any sanctioned jurisdictions.