TechFlow reports that on April 27, the DeFi protocol Spark released its Q1 2026 financial report. During the quarter, the protocol generated $31.5 million in total protocol-level revenue, $6.91 million in net protocol revenue, and a net surplus of $3.46 million. The treasury balance stood at $46.1 million at quarter-end, and approximately $986,000 worth of SPK tokens were repurchased. According to the report, distribution rewards revenue surpassed the Spark Liquidity Layer (SLL) for the first time, becoming the largest source of net revenue: USDS-related savings vault distribution revenue totaled approximately $3.31 million; the SLL generated $27.62 million in total revenue and $3.05 million in net protocol revenue on an average deployed capital of $1.93 billion; SparkLend’s quarterly reserve factor revenue amounted to $156,000. The report notes that, amid narrowing DeFi yield spreads, the protocol maintained monthly profitability while upholding prudent risk parameters.
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