Lido Staked Ether price

🚨 @Lakers just sold for $10B 🚨 There are 13 #Cryptocurrencies worth more than the #Lakers. That's wild. 🤯 Did your favorite make the list? 1. $BTC 2. $ETH 3. $USDT 4. $XRP 5. $BNB 6. $SOL 7. $USDC 8. $TRON 9. $DOGE 10. $STETH 11. $ADA 12. $WBTC 13. $HYPE - 14. $SUI ~ 9.6B

What is Spark? It is not only a lending protocol, but also a set of "on-chain capital operating system" In the DeFi market, the label "lending protocol" is no longer enough to accurately describe Spark. It's not so much a financial application as it is an operational idea - what Spark wants to do is an on-chain capital operating system that is composable, manageable, and has a long-term endogenous economic structure. This article will take you through a complete understanding of how Spark rearranges and combines "interest, assets, stablecoins, and liquidity" from four dimensions: product layer, capital flow layer, architecture layer, and governance layer to build a DeFi financial network with a high degree of freedom. First, it is not a "deposit and loan matching", but a restructuring of capital flow Traditional lending protocols mostly revolve around "deposit-to-borrow", but Spark is more of a three-tier structure: (1) Saving: Deposit stablecoins to earn DSR-driven interest; (2) Lending: Pledge blue-chip assets to mint Spark's own stablecoin USDS; (3) Liquidity Layer: The system can redeploy part of the funds to external protocols such as Aave to dynamically obtain the best returns. This structure emphasizes not "whether a single loan is cost-effective", but how all the funds in the system work together to continuously generate net income. 2. The core goal is to "build an on-chain spread bank" Spark is not designed to focus on explosive growth, but on the sustainability of financial logic. The core logic can be summarized in four steps: Users deposit USDC/DAI → to get a stable interest rate (currently around 4.5%); Users stake ETH, stETH, rETH, etc., → lend USDS; The system will send a part of the assets to Aave and other platforms to increase the utilization rate of funds; All liquidity and interest are returned to the Spark protocol, and some of them go to the treasury, which will be distributed through SPK governance in the future. This is an obvious "spread bank" structure: stablecoin + collateral + arbitrage path + protocol profit pool. 3. The embedded logic of modular architecture and "token incentive closed loop". Each module of Spark is pre-tied to the future tokenomics design: (1) The savings module → is linked to the DSR mechanism of Maker to strengthen the lock-up of stablecoins; (2) Lending module → build USDS on-chain liquidity and form a multi-asset backed pool; (3) Liquidity layer→ Establish cross-protocol scheduling capabilities to create an efficient and dynamic on-chain capital engine; (4) SPK token design → bind savings rights, governance rights, and liquidity scheduling rights. This means that instead of waiting for SPK to go live, Spark is deeply nesting the product logic and token functions early on. Fourth, the governance system is placed on top of the technical architecture: the experimental structure of Sky Protocol Spark is the first sub-protocol of Sky Protocol. Sky's philosophy is to disassemble MakerDAO's originally integrated governance and risk structure into multiple independent protocols for "governance modularization" experiments. In Spark, this is manifested as: (1) Most of the parameters are set by Sky → evolutionary governance path; (2) Multiple rounds of incentive airdrops are determined by governance; → Governance: User incentive mechanism; (3) In the future, SPK will give Spark DAO the right to govern budgets, policies, and parameters. This makes Spark a pilot field for governance experiments in the MakerDAO system, as well as a technical carrier for building a DAO operating system. 5. What is Spark? It is a governance-oriented financial product laboratory You can think of Spark as: A DeFi bank with a complete product feature set; A design concept of systematic capital operation engine; a protocol lab with pre-bound governance structures and asset models; A pivotal protocol that connects stablecoin, blue-chip assets, and interest rate markets. It's not for memes, and it's not for "big TVL fast". It's modeled for the long-term financial order of DeFi – and that makes it the most long-term "infrastructure asset" in the market in 2025. @sparkdotfi @cookiedotfun #Spark #SparkFinance #COOKIE

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DeFi is no longer in its infancy. We’ve moved past the chaotic Cambrian explosion of experimentation and hype, into what might be best described as the “Silver Age”, a period of growing maturity, structural refinement, and focus on practical economics. Just as TradFi evolved over centuries, from barter trade to banks, money markets, and eventually interest rate derivatives, DeFi is now undergoing a similar process. Token-to-token swaps which heralded DeFi Summer marked our barter era. Lending protocols like Aave, Compound, Morpho, and Euler formed the bedrock of crypto’s banking layer. And now, the next great leap is underway: the emergence of a yield curve and a functioning market for interest rate pricing and hedging. At the center of this shift is Pendle, which has pioneered and popularized DeFi fixed yield as well as yield trading, providing the tools for the price discovery of yield. Price discovery is a cornerstone of financial maturity. It enables capital to flow where it’s most productive, creates the conditions for informed decision-making, and allows both individuals and institutions to manage risk effectively. Without a functioning pricing mechanism, any market remains speculative and inefficient. Not so long ago in the early days of “Points” meta, ETH and stablecoin fixed yields regularly spiked past 100% APY. But today, yields on Pendle have stabilized into a much more sustainable 3-15% Fixed APY, a shift that reflects a maturing market underpinned by stable, reliable flows and real demand. Thus, Pendle facilitates yield price discovery on both a microeconomic and macroeconomic level. 1. Microeconomic Level: Democratized Access to Emerging Protocols With the rise of points and airdrop farming, Pendle has evolved into more than just a yield venue, effectively functioning as a platform for protocols to bootstrap liquidity. Through YTs, users can speculate on future protocol rewards such as airdrops or points, while PTs offer predictable, fixed yields. This dual-token system allows the market to price yield components separately, offering a rich set of signals to both investors and protocols. In certain cases, users have chosen YT as a form of democratized access to protocol tokens, as it could offer a similar exposure as those heavily gated private rounds only available to venture capital firms or insiders. With YT, Pendle users can: - Enter positions at any point in time before maturity, often without lockups or vesting schedules - Observe and gauge the protocol in action for a prolonged “DYOR” period before deciding to commit - Buy-in later at a discount as YTs decay toward maturity, allowing latecomers to “catch up” even if they missed the boat the first time, second time, third time… The result is a dynamic, open marketplace that actively facilitates pricing of project TGEs, unlocking early access to potential upside while enabling hedging and capital efficiency. In TradFi, the yield curve is considered a leading economic indicator. It helps assess inflation expectations, recession risks, and future monetary conditions. It also serves as the benchmark for pricing everything from bonds to structured debt products. Now, DeFi has the building blocks to replicate that onchain, providing a new layer of market intelligence far beyond what price charts or funding rates can offer. 2. Macroeconomic: Building the Yield Curve of Crypto The DeFi yield market is still in its nascent stage compared to its traditional counterpart,but it's a critical piece in nurturing a mature and sustainable financial ecosystem. At a macro level, Pendle is in the process of establishing something DeFi has lacked: a yield curve. Currently, the most commonly viewed aspects in crypto are: a) Token prices b) Funding rates c) Fear and greed index In TradFi, the yield curve is considered a leading economic indicator. It helps assess inflation expectations, recession risks, and future monetary conditions. It also serves as the benchmark for pricing everything from bonds to structured debt products. Now, DeFi has the building blocks to replicate this infrastructure. Pendle’s yield markets enable participants to: - Lock in yields across various maturities (e.g., 3-month, 6-month, etc.) - Observe how short-term vs long-term rates evolve - Infer macro signals like future liquidity tightening or easing The curve provides a layer of market intelligence beyond what price charts can offer. More interestingly, with the upcoming launch of Boros, DeFi will see the creation of the world’s first funding rate curve, another first for the crypto economy. This curve will chart market expectations of perp funding rates over time, opening the door to a richer, more dynamic layer of yield analytics, strategy construction, and market interpretation. In TradFi, yield curves shape everything from debt issuance to equity valuations. For crypto to reach its “Golden Age,” it needs similar tooling to support its own growing economy. Importance of Yield Curve in Crypto An upward-sloping yield curve of ETH staking APY plotted with Pendle’s stETH markets. The longer-dated maturity pools have higher yields due to greater uncertainty of yield changes over longer periods, which is how a “normal” yield curve would look like. With the funding rate curve, deeper insights can be gathered on: 1. How the market is pricing various durations of funding rates and how this plays into short and long term market sentiment. 2. Liquidity health across tenures and where demand is greatest during times of market stress. 3. Brand new dynamics which form as more transparency and efficiency is created in the Funding markets In my previous piece, I argued that stablecoin-denominated fixed yields will form the backbone for onboarding TradFi institutions into DeFi. These institutions are already searching for uncorrelated, attractive returns, and stablecoin fixed yields offer exactly that. But to participate meaningfully, they need more than just raw return figures. They require infrastructure that mirrors the analytical rigor and risk frameworks of traditional fixed income markets. That’s where Pendle comes in. Pendle enables the construction of yield curves, the discovery of interest rates, and the tools for institutional-grade risk management. This combination lowers the barrier for TradFi to enter, offering familiar frameworks in a novel, blockchain-native economy. By establishing yield pricing at scale, Pendle is laying the rails for institutional adoption, ushering in the next “Golden Age” of DeFi, where yield becomes not just an opportunity, but a cornerstone of the new global financial system. Job’s not done.