UNI (UNI)

⚡️Uniswap has integrated Spark's PSM and now essentially supports 1:1 swaps of USDS/USDC/DAI.

@sparkdotfi has set the rates on Uniswap extremely low, enabling zero‑slippage swaps for tens of millions of dollars.

The main thing is that others might not be able to do this:

Because regular market makers/LPs quoting stable‑coin pairs must cover capital opportunity cost + impermanent loss + fee profit, the rates cannot be pushed down;

But Spark behaves like a “money‑printing market maker”; its capital cost is internalized, the inventory belongs to the protocol, and the subsidy funds are also its own.

With this profit engine, swap rates are merely a customer‑acquisition and routing cost for it, not a source of profit.

From this perspective, the Spark‑Uniswap partnership is truly a textbook “borrow a ship to go to sea”, with clear division of labor:

Uniswap provides the entry point and routing, Spark provides depth and a hard anchor, aiming to turn $USDS into a strong hub.

It seems it will have a very large impact on Curve; Spark’s PSM + Uniswap combo will completely siphon off its 3‑pool‑style traffic.