Spark's lending market share across Aave, Morpho, Fluid, and Spark platforms climbed to 13.2% in Q3, up from 10.4% in Q2, marking its second consecutive quarter of growth from a 4.3% baseline at the end of Q1. Total outstanding loans across the four platforms expanded 37% to $22 billion during the same period, while Spark's own borrow volume surged 73% to $2.89 billion and borrower interest payments rose 38% to $16.05 million. Despite the lending growth, Spark's Q3 net income dropped 30% quarter-on-quarter to $4.41 million after the rewards distribution rate was cut from 0.5% to 0.2% on July 9. Total protocol revenue fell 27% to $30 million over the same period. The stablecoin swap layer co-built by Spark with Uniswap and Sky processed $13.9 billion in cumulative trading volume since its June 25 launch through quarter-end, spanning USDT, PYUSD, and RLUSD markets on Uniswap v4.