The Business of Spark: How Sky's Largest Sub-DAO Is Earning $27.8M In A Bear Market | Revenue Meta

About this episode

Sam MacPherson discusses how Spark is generating $27.8M in revenue during a bear market.

Sam MacPherson is the CoFounder and CEO of Phoenix Labs, the core team behind Spark. Some DeFi protocols are burning through reserves, while others wait for the bull market to save them. Spark is doing neither. In a new episode of our Revenue Meta series, Sam breaks down the business behind Spark and how it's generating $27.8M in projected annual revenue (up from $23M since recording) across four business channels. We discuss what's being done with the $9.6M protocol surplus to better return value to SPK holders through programmatic buybacks and growth initiatives. We also cover the Spark Liquidity Layer managing over $2.3 billion in DeFi, CeFi, and TradFi. Sam has the latest on their upcoming CeDeFi prime brokerage called Spark Prime and what else is in store to get Spark back to earning a projected $80M in annual revenue. ------ 💎 THIS EPISODE'S SPONSORS 🔒 KPK | Best risk-adjusted yield through automated vaults 🏙 MAINSTREET | Bringing proven TradFi yield strategies to DeFi markets 🟠 APYX | The first dividend-backed stablecoin (DBS) 🏦 ALTURA | Bringing the yield institutions kept, to your wallet 🕛 NOON | The highest and safest stablecoin yield, built for the long term 👻…

People in this episode

Host: DeFi Dad

Guest: Sam MacPherson

Topics covered

• DeFi
• business strategy
• revenue generation
• protocol surplus
• liquidity management
• CeDeFi

Keywords

• Spark
• Phoenix Labs
• revenue
• DeFi
• protocol surplus
• liquidity layer
• CeDeFi
• business channels
• buybacks
• annual revenue

Sponsors

KPK, MAINSTREET, APYX, ALTURA, NOON, MANTLE, PUFFER INSTITUTIONAL, KATANA, GEARBOX PROTOCOL

Mentioned in this episode

Organizations: Phoenix Labs, Spark

More episodes of The Edge Podcast

• How Superstate Is Building The Bridge Between $700 Trillion In TradFi and DeFi · June 11, 2026 · 50 min
• 5 Revenue Streams Powering Jupiter's DeFi Super App | Revenue Meta · June 5, 2026 · 50 min
• Why Private Credit Is Moving Onchain — And What DeFi Gets Right and Wrong About It · May 30, 2026 · 1h 8m
• Strata: Why DeFi Is Finally Ready for Risk Tranching | DeFi Frontier · May 24, 2026 · 51 min
• Tori: Tokenizing 15% Yield From Institutional FX Markets, Uncorrelated With Crypto | DeFi Frontier · May 20, 2026 · 29 min
• The Next Battle In DeFi Lending Is What's Inside Your Vault | DeFi Frontier · May 6, 2026 · 59 min