Transfer Share of Ethena Net Profit to Grove - November 3, 2025

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:

Spark previously held a portion of USDe and sUSDe exposure that was underwritten by and attributable to Grove. We plan to transfer Grove’s share of net revenue for September to their SubProxy in the upcoming spell. The remaining residual net-revenue for October will be transferred to Grove after the October monthly settlement cycle is complete.

Parameter summary:

• Transfer amount: 625,069 USDS
• Source: Spark SubProxy
• Recipient: Grove SubProxy (0x1369f7b2b38c76b6478c0f0e66d94923421891ba)

Outcomes

• If "For" receives the most votes, the proposal will be approved.
• If "Against" receives the most votes, the proposal will be rejected. No changes will be implemented.