DeFi lending had a brutal Q2. The rsETH exploit shook a lot of confidence in DeFi in general. Borrowing demand was weak. Spreads were tight. Revenue fell. Some numbers: Aave's interest income dropped 23% & Ethena's fees dropped 21%. In that same window, Spark more than doubled its share of the lending market & stayed profitable. As a defi maximalist, this headline caught my attention. Here's my takeaway's from the latest Blockworks report on their Q2. First, what is Spark? It's a capit
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