I would say. On one side are traditional brokerages embracing crypto assets, accepting cryptocurrencies to purchase stocks;
On the other side are various CEX and DEX on-chain real assets in Web3, tokenizing US stocks, US bonds, commodities, real estate, power generation equipment, etc.
The recently trending project Spark.fi belongs to the latter.
💡What is Spark Protocol?
A key project in collaboration with Cookie.fun’s initial launch
Supported by the MakerDAO ecosystem
Built on Aave V3 fork
Developed by Phoenix Labs
Is one of the core components of MakerDAO’s 'Endgame Plan'.
In short, Spark Protocol is a decentralized finance (DeFi) lending protocol focused on optimizing on-chain capital allocation, providing high liquidity, high yield opportunities, and low-cost lending services.
Users can deposit DAI to convert it into sDAI, an interest-bearing stablecoin based on the ERC-4626 standard. sDAI holders can earn interest through MakerDAO ecosystem income while using it in other DeFi protocols for greater asset liquidity returns.
You can also use assets such as Ethereum (ETH), staked Ethereum (stETH), DAI, WBTC, GNO as collateral to borrow DAI at an annual interest rate as low as 1.1%.
💎What RWA assets does Spark have?
It is worth mentioning that Spark injects high-value traditional assets into the DeFi market through RWA configuration, compensating for the high volatility of the crypto market while building a bridge for traditional financial investors to enter DeFi.
As of May 2025, Spark manages over $2.4 billion in RWA assets, which is a major part of its total locked value (TVL, approximately $2.6 billion). Its RWA assets can be primarily categorized into four types:
Fixed income category
Tokenized bonds, loans, and accounts receivable, etc. Suitable for investors seeking stable returns.
Real estate category
Tokenized real estate assets, such as equity shares in commercial properties or residential real estate. These assets are split into tokens via blockchain, allowing small investors to participate.
Financial asset category
Tokenized invoice financing, supply chain financial assets, etc. These assets are usually related to small and medium-sized enterprises or international trade, characterized by short-term and high returns.
Other types
Such as tokenized private equity, carbon credits, or art investments. Typically provided by professional institutions (like asset management companies) and integrated with Spark's lending market through smart contracts.
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