Spark Q2 Revenue Jumps 29% to $40.6M, Net Surplus Drops 79%

Spark reports $40.6M Q2 revenue driven by $4.53M distribution fees, while net surplus falls 79% amid SLL spread compression and rising USDT financing costs.

Woofun AI data shows that Spark protocol generated $40.6 million in total revenue for the second quarter of 2026, marking a 29% quarterly increase. Distribution services contributed $4.53 million, becoming the largest revenue source, while net protocol surplus declined 79% to $710,000 due to narrowing spreads in the liquidity layer and higher USDT financing costs.

The protocol’s treasury held $48.5 million at quarter-end, with $1.31 million in SPK tokens repurchased. Although SparkLend deployed approximately $1.2 billion via SLL on Ethereum, with USDT balances reaching $528 million, net revenue from this segment turned negative at -$810,000 as spreads fell from 0.64% to -0.13%. Spark maintained monthly profitability throughout the quarter, citing distribution growth as a hedge against lending margin pressure.