EP-36 Spark's Pivot: From DeFi Lending to RWA Deployment
In this episode of WuBlockchain Podcast, Sam MacPherson, co-founder of Phoenix Labs, shares how Spark has evolved from a DeFi lending protocol into a capital allocator managing nearly $4B across DeFi, CeFi, and RWA. He explains the Spark Liquidity Layer's role in optimizing yield--especially through tokenized U.S. Treasuries--while maintaining a 25% cash reserve to ensure stability. Sam discusses the platform's modular governance via the Sky-Star system, its push into the APAC market, and the upcoming SPK token launch for staking and governance. Transparency and on-chain auditability remain Spark's core strengths over traditional finance.Timeline:00:00 Opening & Brief Intro 01:40 Transition from Lending Protocol to Diversified Capital Allocator 03:26 Strategic Logic Behind the $1 Billion Tokenized Treasury Deployment 04:36 Market Conditions That Informed Timing of RWA Investment 06:06 Reconciling DeFi Decentralization with Centralized Custodians 07:48 Target Return Profile and Outperforming Treasury Yields 08:55 Reinvesting in Existing Treasury Partners and Negotiated Fees 09:30 Partner Selection Via Tokenization Grant Competition 10:28 Role of Tokenized Treasuries in Yield Stabilization 11:11 Competitive Advantage: Trust, Scale, and On-Chain Transparency 12:47 Liquidity Layer's Operation and Ecosystem Integrations 14:58 Managing Risk and Maintaining Yield Stability with High Cash Reserves 16:39 Protocol Resilience During Historical Market Crashes 17:38 Regulatory Compliance in RWA Interface and Protocol Design 18:51 Next RWA Target: Investment-Grade Corporate Debt 20:03 Community Outreach and Expansion Strategy in APAC 20:55 Modular Star System for Fast Governance and Scaling 22:23 Adapting to Macro Trends Like U.S. Interest Rate Shifts 23:47 Upcoming SPK Token Launch and Governance Utility
Canada - english