Market Cap w/ Sam MacPherson from Spark

🎥 Watch the video version: https://www.youtube.com/watch?v=38NdaGwj8Hs On this Market Cap episode our Director of Institutional Services, Stefano Sanabria, speaks with Sam MacPherson, CEO and Co-founder at Phoenix Labs, the core development team behind Spark. Spark is the lending protocol within the Sky ecosystem that enables users to supply assets, borrow the USDS stablecoin, and access onchain liquidity markets. It functions as the capital markets layer of Sky, directing stablecoin liquidity across DeFi while aligning borrowing demand, yield generation, and protocol revenue. On Market Cap we feature firms and funds to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. Chapters00:20 Introduction: Spark, Sky, and Phoenix Labs01:16 Sam's Background and Entry into Crypto04:14 Lessons from MakerDAO and DAO Governance07:28 The Sky Sub-DAO Model Explained10:27 What Spark Does in the Ecosystem13:26 Institutional Lending and DeFi Borrowers17:25 Spark Prime and the Funding Rate Opportunity23:10 Risk Frameworks and DAO Governance28:26 Misleading Metrics in DeFi33:07 A Decade in Crypto: Lessons from the Cycles41:32 Macro Outlook and the Future of Stablecoins44:38 What’s Next for Spark and Closing Linkshttps://spark.fi/https://sky.money/https://x.com/sparkdotfihttps://x.com/hexonaut