This year, the stablecoin market is booming without a doubt. The giant Circle's stock surged upon listing, while yield-bearing stablecoins are the main battlefield. Currently, the market size of yield-bearing stablecoins has reached $7.19 billion, with Ethena's SUSDE and sUSDS accounting for 77% of the liquidity, holding $603 million. With robust trading, the leading players naturally won't miss out. MakerDAO's SparkFi has quickly risen, currently accumulating over $3 billion in TVL and generating over $160 million in revenue.

What makes SparkFi different?
SUSDE/sUSDS has built a high-yield, low-volatility stablecoin yield path through delta-neutral hedging + staking + perpetual funding strategies, but this strategy is complex and has a high operational threshold, making it more of a playground for professional players.

SparkFi has chosen another path, targeting 3-15% passive returns, requiring users to mine/hedge manually, with a lower threshold. It focuses more on the internal capital utilization of the DAI ecosystem, amplifying the MakerDAO flywheel, creating a 'yield shop' that both newcomers and veterans can engage with. Market validation has been preliminarily completed: over $3 billion in TVL is currently unlocking a large slice of DeFi yield.

How to build a low-threshold yield system? Aave + Unichain
Currently, SparkFi uses Aave V3 as its core base, with it providing core liquidity. Aave V3's advantages include: a mature lending model + risk control mechanisms, and the liquidity layer SLL injects stablecoin (like USDS) liquidity into SparkFi, allowing users to directly borrow USDS against their available collateral.

SparkFi uses Unichain to connect cross-chain liquidity, based on Uniswap Layer 2 + Optimism, allowing users to directly exchange assets within SparkFi without cumbersome cross-chain operations.

How is SparkFi doing now?
SparkFi now boasts over $3 billion in TVL and has generated over $160 million in revenue. As MakerDAO's 'favorite child', it has been thriving in the DAI ecosystem and is expanding into more chains and scenarios through SparkFi.

The USDS market = the scale continues to expand, with some flowing into Pendle to provide additional yield scenarios. Most importantly, yield-bearing stablecoins are no longer just for DeFi veterans; newcomers can also easily earn yields.

In terms of gameplay: cross-chain + yield + points, a multi-layer flywheel has already formed.

What SparkFi is doing is actually a revolution in the inclusive finance of DeFi yield-bearing stablecoins. It avoids complicated strategies and professional thresholds, creating a 'yield shop' that allows more people to earn real money. $3 billion TVL may just be the starting point.

Just go for it, the time window is crucial.

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