Spark Isn’t A Bank, It’s So Much Bigger

Jun 13, 2025

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Sam MacPherson is CEO at Phoenix Labs, a service provider to Spark.

In this episode, we explore how one of the top 5 largest DeFi protocols scaled to billions in liquidity onchain without a token, and why its upcoming SPK launch, RWA strategy, and “not a bank” campaign prove it’s just getting started.

EDITOR'S NOTE: Since recording, liquidity deposited into Spark grew from $3.6B to $4B.

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Timestamps

0:00 - Intro
5:55 - Start at Maker
12:40 - Spark spinning out of Maker
17:07 - The Spark product suite
21:11 - Capacity to onramp another $20B
23:21 - Serious interest in yield from institutions
25:28 - Sponsor break
26:09 - Spark’s interest in lending to institutions like BlackRock
28:50 - Strategy for the stablecoin boom
31:19 - Web2 partners will offer access to Spark yields
32:26 - Spark’s interest in more RWAs
37:24 - Sponsor break
39:03 - Who decides where SLL will allocate capital?
44:25 - Spark is not a bank
49:11 - SPK TGE, Pendle campaign, and airdrop
51:46 - Rewarding legacy Spark users
52:44 - Sam’s vision for Spark
54:22 - Closing

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🔗 Guest Links 🔗

► Spark website: https://spark.fi/
► Spark Data Hub website: https://data.spark.fi/
► Spark on X: https://x.com/sparkdotfinance
► Sam on X: https://x.com/hexonaut

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All opinions expressed by hosts and podcast guests are solely their own opinions. Podcast guests and hosts may have positions in the assets or other matters discussed in this podcast. As of the recording, DeFi Dad and Nomatic are holding YT-USDS on Pendle, expiring August 13, 2025. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Do your own research. This is not a recommendation or endorsement to buy any token(s) related to any platform(s) discussed.