SparkLend Sees Surge in Deposits Following Kelp Bridge Exploit

SparkLend experienced a significant increase in deposits, totaling over $1.4 billion, in the aftermath of the $290 million Kelp bridge exploit. According to NS3.AI, DefiLlama data indicates that SparkLend's total value locked (TVL) increased from approximately $1.89 billion to $3.3 billion by April 22. During the same timeframe, Aave's TVL decreased from over $26 billion to just above $16 billion. SparkLend's active loans grew by around $500 million, while Aave's exploit-related bad debt is estimated to be between $124 million and $230 million.