Home / Business and Economy / DeFi Giant Sparks Halts Mobile App Plans
DeFi Giant Sparks Halts Mobile App Plans
20 Nov
Summary
- Spark Protocol, with $9 billion locked, paused its mobile app launch.
- CEO cites focus on DeFi-native crypto space and core strengths.
- Company prioritizes liquidity infrastructure over retail-focused apps.
Decentralized finance protocol Spark has decided to put its planned mobile application on hold. The company, Phoenix Labs, has opted to pause these consumer-facing efforts to concentrate more intensely on its established expertise within the DeFi sector. This strategic decision comes as the protocol has seen substantial growth, accumulating over $9 billion in total value locked.
Phoenix Labs CEO Sam MacPherson stated that the company views its primary advantage in the DeFi-native crypto space and is not primarily a builder of consumer applications. He highlighted a tendency for projects to become overextended, and Spark intends to "double down on what we do best," which is providing liquid infrastructure within DeFi.
Instead of pursuing retail-oriented solutions, Spark will prioritize what MacPherson described as "liquidity infrastructure and deals," citing a recent $1 billion investment into PayPal's PYUSD using its own balance sheet as an example of this renewed focus on institutional use cases. While the mobile app is currently paused, MacPherson indicated that future developments are market-dependent and opportunities are not presently ideal for such a launch.
