[Ethereum] Spark Treasury - Transfer USDS to Grove for Remaining Share of Ethena Revenue - February 2, 2026

Spark's Operational Facilitator has placed a proposal into the voting system on behalf of nested contributor Phoenix Labs.

Review

The Spark community can hereby express support or opposition to the following changes, as described by the author of the proposal:

Earlier in 2025, Spark and Grove split financial responsibility and underwriting for allocation into Ethena USDe and sUSDe, with the allocation taking place in the Spark Liquidity Layer and net revenue being conveyed to Grove manually. This proposal item will transfer the remaining net revenue to Grove.

Parameter summary:

• Recipient address: Grove SubProxy (0x1369f7b2b38c76B6478c0f0E66D94923421891Ba)
• Amount: 78,394 USDS

Outcomes

• If "For" receives the most votes, the proposal will be approved. The transfer will be executed as described above through an upcoming executive vote.
• If "Against" receives the most votes, the proposal will be rejected. No changes will be implemented.