Spark Finance recently faced the latter, with $633 million in spUSDT redemption pressure putting its liquidity infrastructure under real scrutiny. On August 11, 2026, WalleDAO, an on-chain data analyst working within the Spark Finance ecosystem, published a detailed breakdown of how the protocol performed during that window. The analysis drew on public on-chain frameworks developed by @MonetSupply and focused on three core variables: yield, liquidity conditions, and borrowing rates. Spark Finance, part of the Sky ecosystem formerly known as MakerDAO, had already established itself as a significant on-chain capital allocator before this redemption pressure emerged. What the analysis means for DeFi lending broadlyWalleDAO’s findings carry implications that extend beyond Spark Finance itself.