Spark TVL Falls 15.3% in a Week to a 30-Day Low

Spark's dollar total value locked fell 15.3% in the week through Nov. 14 to $5.70 billion, its lowest daily reading in 30 days, according to DefiLlama's daily series. The decline measures a smaller dollar value of assets in the protocol, not necessarily money withdrawn by users.

The Nov. 14, 2026, reading was down from $6.73 billion on Nov. 7—a decrease of about $1.03 billion. It was below all 29 preceding daily observations and the period's peak of $7.33 billion on Nov. 5. These comparisons use the provider's daily UTC snapshots, rather than its changing live headline figure.

Spark connects lending and savings products with stablecoin capital from Sky. Its documentation describes SparkLend as a money market supplied with stablecoin liquidity directly from Sky, while its Liquidity Layer allocates capital across other markets. DefiLlama tracks Spark as a parent protocol encompassing SparkLend, the Liquidity Layer and Spark Savings; the headline figure is not solely a measure of collateral deposited in SparkLend.

That distinction matters for borrowers. A fall in the dollar value of collateral can reduce borrowing power even if the number of tokens stays unchanged. A withdrawal of assets available for lending is a different change, affecting the liquidity available to borrowers and withdrawing suppliers. The aggregate TVL series does not separate those effects.

Lower Dollar Values Are Not Necessarily Withdrawals

Spark's own dashboard illustrates the distinction. Its wstETH market page, updated at 7:50 p.m. ET on Nov. 14, showed about 1.24 million tokens supplied, with a positive token-balance change alongside a negative dollar-value change. The page did not identify the comparison period for those changes, so they cannot establish the price-versus-balance breakdown for the Nov. 7–14 week.

The same reporting distinction applies to lending capacity. Spark's documentation says collateral prices determine borrowing power and whether positions become eligible for liquidation. It also says the Liquidity Layer moves assets into and out of SparkLend in response to borrowing rates, utilization and available inventory elsewhere. A decline in aggregate TVL alone therefore does not establish an equivalent reduction in credit available to users.

The SparkLend dashboard, updated at 7:50 p.m. ET on Nov. 14, showed about $6.39 billion supplied and $2.35 billion borrowed. Those are separate measures from the parent protocol's TVL. DefiLlama's SparkLend methodology excludes borrowed coins from TVL to avoid inflating the figure through repeated lending and borrowing.

Spark was not alone in recording a lower dollar footprint. Over the identical Nov. 7–14 daily-snapshot window, Sky fell from about $4.37 billion to $3.85 billion, a decline of 12.0%, while Ether.fi fell from $4.66 billion to $3.72 billion, down 20.3%. These are comparisons of dollar TVL, not evidence that the protocols experienced the same withdrawal behavior or that capital moved between them.