DeFi protocol Spark shelves crypto application plans to focus on institutional-grade infrastructure development

Jinse Finance reported that the DeFi protocol Spark has suspended its plans to launch a mobile application, citing its focus on the core competitiveness of DeFi-native cryptocurrencies and the highly competitive market. The protocol will instead focus on "liquidity infrastructure and trading," such as the recent $1 billion investment in PayPal's PYUSD, targeting institutional use cases. It is reported that the protocol will focus on "liquidity infrastructure and transactions similar to our recent $1 billion investment in PYUSD and PayPal using our own balance sheet," indicating its attention is on institutional user scenarios rather than creating solutions more suitable for retail investors. When asked whether the mobile app was canceled or just postponed, Phoenix Labs CEO Sam MacPherson stated, "Development is currently suspended. Things may change, but the key is the market; you have to see the opportunity, and for us, there is no opportunity right now."