Spark vs Stream Finance

SparkLend is MakerDAO’s permissionless lending front‑end that pipes DAI liquidity directly from the Maker core vault into isolated lending markets. Because the backend uses D3M credit lines, borrowers enjoy below‑market rates that float with the DAI Savings Rate. Since launch on Ethereum mainnet in May 2023 Spark TVL has oscillated between 300‑600 million DAI and is governed by MKR Executive Votes.

Stream gives users exposure to market-making and delta-neutral strategies through decentralized infrastructure. Users pay up to 10% performance fees, with potential additional share if returns exceed projected APY. The strategies focus on DEX and DeFi-only trades, but when capacity is reached, Stream may partner with major market makers to continue generating yield. Any such positions are announced and shown in the transparency dashboard.