# SparkLend Borrowing Climbs 73% as Spark Q3 Net Revenue Drops 30%

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/44866
Published: 2026-10-30T16:03:37.000Z
Updated: 2026-10-30T16:03:37.000Z
Section: Business

> Spark’s share of loans across four lending platforms reached 13.2%, while lower distribution rewards accounted for most of the decline in net revenue.

SparkLend borrowing reached $2.89 billion in Q3, increasing Spark’s portion of lending across four major platforms even as its net revenue after funding costs fell 30% to $4.41 million.

Spark’s share of loans across Aave, Morpho, Fluid and Spark rose to 13.2%, up from 10.4% in Q2 and 4.3% in Q1. Loans across the four platforms totaled $22 billion, a 37% increase from the previous quarter.

Interest paid by SparkLend borrowers increased 38% to $16.05 million. The distribution reward rate was cut to 0.2% from 0.5% on July 9, and the lower rate accounted for most of the net revenue decline.

Gross protocol returns fell 27% to $30 million. Net income after operating expenses was $2.54 million, compared with $3 million in Q2. Q4 is Spark’s first full quarter at the lower reward rate.