Derived from Bijié Wǎng, DeFi protocol Spark has suspended its mobile app development plans. CEO Sam MacPherson stated the company will focus on its core strength in 'DeFi internal liquidity infrastructure' rather than entering the consumer app market. Phoenix Labs, which operates Spark with a $9 billion TVL, will prioritize institutional use cases, such as its recent $10 billion investment in PayPal's PYUSD. Although rival Aave launched a retail yield app, MacPherson acknowledged it as 'exciting' but noted it is a 'highly competitive environment,' leading Spark to halt mobile app development.
DeFi Giant Spark Halts Crypto App Plans, Focuses on Institutional Infrastructure
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