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Solana DeFi TVL Reaches New All-Time High Amid Growing Institutional Adoptions

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Solana’s decentralized finance (DeFi) ecosystem has indeed hit a new all-time high (ATH) in Total Value Locked (TVL), marking a significant milestone for the blockchain.

As of September 9-10, 2025, the TVL has surged to approximately $12.2 billion, surpassing the previous record of nearly $12 billion set back on January 23, 2025. This represents a roughly 15% increase over the past 30 days, driven by heightened institutional interest, regulatory clarity on liquid staking tokens, and broad growth across key protocols.

Key Drivers Behind the Surge

Corporate treasuries are increasingly integrating Solana for its speed and low costs. For instance, the U.S. SEC’s August 5 statement clarified that liquid staking tokens are not securities by default, boosting confidence. Proposals like Canary’s Solana ETF (filed in May 2025 with Marinade) have further fueled inflows.

Solana’s DeFi TVL has more than doubled from $4.8 billion in early 2024 to the current levels, outpacing many competitors. While Ethereum still dominates overall DeFi with ~$96.86 billion TVL (up 50% in Q3 2025), Solana’s $12.2 billion now exceeds the combined TVL of Ethereum’s major Layer-2s like Base, Arbitrum, and Optimism.

Over the past week: +2.55% in stablecoin market cap, with daily DEX volumes around $4.6 billion and perpetuals at $2.1 billion. Over the past month: Double-digit gains in seven of the top eight protocols with >$1 billion TVL.

Stablecoin supply on Solana stands at ~$12 billion, providing a strong liquidity base. The news has generated significant buzz on X, with over 20 recent posts (from September 9-10) celebrating the ATH. Optimism about SOL price targets ($220–$300), tied to memecoin revivals and ETF approvals.

Users note Solana’s single-chain scalability (up to 100k TPS) outshines fragmented Layer-2s, with institutions adding $1.7B+ in Q3. Notably, while USD TVL is at ATH, SOL-denominated TVL remains ~16% below 2022 peaks (68M SOL), partly due to SOL’s price appreciation.

This ATH underscores Solana’s resurgence as a high-performance alternative to Ethereum, with DeFi now accounting for a larger share of on-chain activity. However, challenges like stagnant daily fees (~$2M) and historical September bearishness could temper short-term momentum.

If inflows continue—especially with potential ETF launches—Solana could solidify its position as the #2 DeFi chain. Solana’s TVL surpassing $12 billion cements its status as a top-tier DeFi chain, trailing only Ethereum (~$96.86B). Outpacing combined Ethereum Layer-2 TVLs highlights Solana’s single-chain scalability and efficiency.

The milestone signals growing trust in Solana’s infrastructure, drawing more institutional and retail capital. This could accelerate adoption in DeFi applications like lending (Kamino), trading (Jupiter, Raydium), and liquid staking (Jito, Sanctum).

The U.S. SEC’s August 2025 statement that liquid staking tokens are not securities by default reduces legal risks, encouraging institutional participation. This is critical for protocols like Jito and Marinade, which dominate Solana’s TVL.

Proposals like Canary’s Solana ETF could unlock billions in institutional inflows if approved, further boosting TVL and SOL’s price (currently ~$180, with X posts eyeing $220–$300). Double-digit TVL growth in major protocols (e.g., Raydium +32%, Jupiter +25%) reflects robust user activity and innovation.

High capital efficiency (e.g., Jupiter’s 14.7x utilization) makes Solana attractive for developers building high-throughput DeFi apps. Rising TVL fuels liquidity, attracting more projects and users. Stablecoin supply (~$12B) and high DEX volumes ($4.6B daily) create a virtuous cycle, fostering further protocol development.

The ATH has sparked optimism on X, with posts highlighting Solana’s scalability (up to 100k TPS) and memecoin-driven retail interest. This could drive speculative SOL price rallies, though SOL-denominated TVL (~68M SOL) remains below 2022 peaks, suggesting price growth hasn’t fully matched TVL gains.

Historical September bearishness and stagnant daily fees (~$2M) could temper short-term gains, especially if broader crypto markets correct. While Solana’s high throughput drives DeFi growth, past network outages (e.g., 2022) raise concerns about reliability under extreme demand.

Sustaining performance is critical to maintaining TVL momentum. Ethereum’s dominance and emerging chains like Aptos or Sui could challenge Solana’s growth if they offer better incentives or innovation.

Low transaction fees are a strength but limit revenue for validators, potentially constraining network security or development funding compared to Ethereum’s higher fee model. Solana’s ATH reinforces its role as a leading Layer-1 alternative to Ethereum, emphasizing single-chain scalability over fragmented Layer-2 solutions.

The surge signals growing mainstream DeFi adoption, with Solana’s low-cost, high-speed infrastructure appealing to both retail and institutional users. This could push competitors to innovate faster. High TVL in protocols like Kamino and Meteora offers users diverse ways to earn returns, though risks like impermanent loss or smart contract vulnerabilities remain.

Rising TVL and ETF prospects make SOL and Solana-based tokens attractive for investors, but they should monitor market volatility and protocol-specific risks. Solana’s DeFi TVL ATH underscores its growing dominance, driven by institutional adoption, regulatory clarity, and ecosystem efficiency.

It positions Solana as a formidable Ethereum rival, with potential for further growth if ETF approvals materialize and scalability holds. However, challenges like low fees and competition require ongoing innovation.

Klarna Finally Makes IPO Debut After Two Decades, Raising $1.4bn At $40 Per Share

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It’s been a long road for Klarna. The Swedish fintech that set out in 2005 with a simple ambition—making online shopping smoother—finally arrived on the New York Stock Exchange on Wednesday, capping a 20-year journey with one of the most closely watched public debuts of 2025.

The listing raised $1.4 billion, though the proceeds largely went to existing investors rather than the company itself. Klarna priced shares at $40, above its announced range of $35 to $37, giving it a $15 billion valuation at the open. Investor appetite was evident when the stock popped to $52 at the opening bell before settling back to around $46 mid-day.

In total, 34.3 million shares were sold, but only 5 million came directly from Klarna. The rest were offered by long-time backers such as Sequoia Capital, the company’s largest shareholder, along with entities tied to Dutch billionaire Anders Holch Povlsen, private equity firm Silver Lake, and asset manager BlackRock. All of them cashed out only a fraction of their holdings and continue to retain significant stakes.

That decision mirrors what happened with Figma’s IPO. Venture capitalists often float additional shares to meet market demand, helping to draw in large institutional investors who prefer bigger allocations. By widening the pool, Klarna was able to secure stronger price discovery and a higher valuation out of the gate.

Chief Executive and co-founder Sebastian Siemiatkowski was among those who chose not to sell. His 7.5% stake, worth $1.02 billion at the IPO price, underlines his decision to bet on Klarna’s long-term prospects. By contrast, co-founder Victor Jacobsson, who stepped down from the company in 2012, cashed in 1.1 million shares but still holds more than 8%. A third co-founder, Niklas Adalberth, retains just under 3 million shares.

Sequoia Capital remains the dominant force on Klarna’s cap table, controlling nearly 23% of the company. The venture firm first invested in 2010 when famed partner Michael Moritz wrote Klarna’s first check, later serving as board chair for years. Moritz stepped away in 2023, sparking some drama as Sequoia sought to rebalance its board representation, but the episode was resolved with partner Andrew Reed taking a seat in 2024.

For Siemiatkowski, the IPO is the culmination of a vision that began as a student project. “This moment feels surreal,” he said in remarks published on Wednesday. “When we started Klarna back in 2005, it was just a wild idea — me, Niklas, and Victor, fumbling around, trying to make shopping and payments smoother for people. We got rejected left and right, laughed at more times than I can count. But we kept going.”

He added that going public in New York was more than just a financial milestone. “It’s not just a milestone; it’s a statement. It’s proof that a bunch of stubborn dreamers from Stockholm can take on the world — and win.”

Interestingly, though, $1.4 billion is not the record for the biggest IPO of 2025. That title remains with AI cloud firm CoreWeave, which raised $1.5 billion in June. Yet for the BNPL pioneer, finally securing its listing after years of speculation—and after shelving earlier attempts during periods of market turmoil—the debut represents both vindication and a fresh test of its business model under the glare of public markets.

Looking Ahead: The Scenarios for Klarna

Analysts say Klarna’s Wall Street debut could play out in sharply different ways over the next two years.

In the best-case scenario, Klarna capitalizes on its global footprint and the steadily rising popularity of buy-now, pay-later (BNPL) services. With 111 million consumers already using its platform, the company could see transaction volumes grow, particularly if shoppers lean more heavily on installment financing to manage household budgets in an era of sticky inflation and slowing wage growth. Public market visibility may also give Klarna a lower cost of capital, enabling faster product innovation and expansion in the U.S.—its most competitive battleground.

In the worst-case path, BNPL remains under scrutiny from regulators in Europe and the United States, with concerns about consumer debt and transparency in repayment terms. Profitability pressures could re-emerge, particularly if interest rates stay higher for longer, driving up Klarna’s own funding costs. Competition is fierce, with U.S.-based Affirm commanding a $29 billion market valuation, nearly double Klarna’s, and focusing on big-ticket financing with longer zero-interest periods. A sluggish aftermarket for Klarna shares could also cool investor appetite for other fintech IPOs, dragging down valuations across the sector.

For now, Klarna’s leadership appears focused on resilience rather than breakneck expansion. “Right now, we’re more focusing on bringing additional value to our existing user base than the growth of the user base, because the growth has been very, very consistent,” Siemiatkowski told Reuters.

That strategy, some analysts suggest, could help the company weather regulatory challenges and stabilize earnings in its first quarters as a listed company.

Whether Klarna’s IPO will be remembered as the spark that reignited fintech listings—or as a high point before tougher scrutiny sets in—may depend less on its first-day pop than on how it navigates the next two years of life as a public company.

Meta, TikTok Win Legal Challenge Against EU’s Digital Services Act Fee Calculation, But No Refund for Now

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Meta Platforms and TikTok have won a significant legal challenge against the European Commission over how Brussels calculated supervisory fees under the Digital Services Act (DSA), the bloc’s landmark content-moderation and platform regulation law.

The Luxembourg-based General Court ruled on Wednesday that EU regulators had employed the incorrect legal mechanism to establish the methodology for the annual supervisory fee imposed on large tech platforms. The court gave the Commission 12 months to reformulate the levy using a delegated act instead of the implementing decisions it had relied on.

Meta and TikTok filed their lawsuits after they were hit with a fee equivalent to 0.05% of their annual worldwide net income. The levy was designed to cover the Commission’s costs of monitoring their compliance with the DSA, which requires “very large online platforms” to take stronger action against illegal and harmful content or risk fines of up to 6% of their global turnover.

Dispute Over Fee Methodology

The supervisory fee is calculated based on two factors: a company’s average monthly active users in the EU and whether it reported a profit or loss in the preceding financial year. Meta and ByteDance’s TikTok argued the system unfairly penalized profitable firms while allowing loss-making rivals with similarly massive user bases to avoid paying altogether, leaving compliant firms shouldering a disproportionate share of the costs.

The General Court agreed that the Commission had erred procedurally.

“That methodology… should have been adopted not in the context of implementing decisions but in a delegated act, in accordance with the rules laid down in the DSA,” the judges wrote.

However, the ruling stopped short of requiring regulators to refund the 2023 fees already paid by Meta and TikTok. The money will remain with the Commission while it drafts a new legal basis for calculating the fee.

The Commission sought to downplay the outcome, emphasizing that the principle of charging supervisory fees — and the amounts involved — remain intact.

“The Court’s ruling requires a purely formal correction on the procedure. We now have 12 months to adopt a delegated act to formalize the fee calculation and adopt new implementing decisions,” a Commission spokesperson said.

TikTok welcomed the judgment.

“We’ll closely follow the development of the delegated act,” a TikTok spokesperson noted.

Meta also issued a measured endorsement, underscoring what it sees as inequities in the current system.

“Currently, companies that record a loss don’t have to pay, even if they have a large user base or represent a greater regulatory burden, leaving others to pay a larger and disproportionate amount of the total. We look forward to the flaws in the methodology being addressed,” a Meta spokesperson said.

Backstory: Why the DSA Introduced Supervisory Fees

The Digital Services Act, which entered into force in November 2022, was one of the EU’s most ambitious regulatory projects since the General Data Protection Regulation (GDPR) of 2018. It was designed to rein in the power of Big Tech platforms and address concerns over illegal trade, hate speech, disinformation, and harmful content circulating online.

To enforce these sweeping obligations, the European Commission needed new financial resources to hire investigators, legal experts, and technical staff. Lawmakers decided that very large online platforms should help fund the system that regulates them, creating the annual supervisory fee as a dedicated revenue stream.

The formula, however, quickly sparked debate. By tying the fee to net global income, the regulation ensured that profitable firms like Meta or TikTok paid more, while loss-making platforms with comparable or even larger user bases — such as X (formerly Twitter) during its turbulent restructuring under Elon Musk — could avoid paying altogether.

That imbalance was precisely what Meta and TikTok challenged in court, arguing that the methodology lacked fairness and transparency.

Wider Implications for Big Tech

The ruling matters not just for Meta and TikTok but for every major online platform falling under the DSA’s scope. Companies required to pay the supervisory fee include Amazon, Apple, Booking.com, Google, Microsoft, X, Snapchat, and Pinterest.

These platforms, classified as “very large online platforms” because of their enormous reach across Europe, face stricter obligations to combat disinformation, monitor illegal transactions, and implement better protections for users. The supervisory fees are meant to fund Brussels’ oversight capacity, ensuring regulators can keep pace with global tech giants.

The cases, filed as T-55/24 (Meta Platforms Ireland v Commission) and T-58/24 (TikTok Technology v Commission), now force the EU executive into a technical rewrite of its fee system. Regulators will need to address not only the legal procedural error identified by the court but also the fairness concerns raised by companies over how costs are distributed.

While Meta and TikTok may have won on legal grounds, the financial impact is limited for now. Both must still shoulder their 2023 fees, and the Commission retains the ability to reimpose similar charges once it reworks its methodology.

Binance Partners Ethena to Integrate and List USDe Stablecoin, as Black Mirror IP Token Launches on Base, Solana

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Ethena Labs announced a major partnership with Binance, the world’s largest cryptocurrency exchange by trading volume, to integrate its synthetic stablecoin USDe across the platform.

This collaboration embeds USDe into Binance’s ecosystem, making it accessible to over 280 million users and $190 billion in managed assets. The integration marks a significant step for Ethena, positioning USDe as a yield-generating alternative to dominant stablecoins like USDT and USDC in centralized exchange (CEX) trading.

Binance listed USDe for spot trading starting September 9, 2025, at 12:00 UTC (8:00 PM Beijing Time). Initial pairs include USDe/USDC and USDe/USDT, with deposits already open and a zero BNB listing fee to encourage adoption. Withdrawals are scheduled to begin on September 10, 2025, at 8:00 PM UTC.

For the first time on Binance, USDe will serve as reward-bearing collateral for futures and perpetuals trading. Users can hold USDe in portfolio margin accounts and earn weekly dollar-denominated rewards from Binance, paid out simply for holding the asset anywhere on the exchange.

USDe is directly integrated with Binance Earn, allowing users to stake it for yields. Eligible holders (minimum 0.01 USDe) will receive a one-time September distribution followed by ongoing weekly rewards. Note that rewards are subject to regional restrictions, excluding areas like the U.S. and EU.

Additional USDe trading pairs and features are expected in the coming weeks, further deepening the integration. Ethena described this as “one of our most important integrations to date,” highlighting USDe’s role in transforming stablecoin utility on CEXs.

Similar to its 2024 deployment on Bybit—where USDe captured 12% of USD balances—Ethena aims to disrupt Binance’s $40 billion stablecoin market share, currently led by USDT and USDC.

USDe is Ethena’s flagship synthetic dollar, a non-fiat-backed stablecoin pegged 1:1 to the USD. It generates yield through delta-hedged positions on staked ETH (stETH), BTC, and other stablecoins, offering around 6.5% annualized returns—higher than many traditional options like USDC lending on Aave. Launched in late 2023, USDe has grown rapidly:

Over $12-13 billion in circulating supply, making it the third-largest USD-pegged asset behind USDT and USDC. Ethena’s total value locked (TVL) exceeds $14 billion. Generated $54 million in revenue last month and over $480 million since inception. It’s the largest non-fiat-backed digital dollar, backed by crypto assets rather than traditional reserves.

This listing fulfills a key milestone for Ethena’s governance token, ENA, activating the “fee switch” mechanism. This shares protocol profits with ENA holders and unlocks up to $500 million in potential buybacks, as noted by BitMEX co-founder Arthur Hayes. ENA surged 8% to around $0.84—its highest since January—following the announcement, driven by buyback speculation and increased DeFi yield demand.

ENA’s rally reflects optimism about Ethena’s growth, with analysts targeting $0.85-$1.00 short-term. USDe’s peg remains stable at ~$0.998, with low volatility post-listing. Ethena is expanding aggressively:

Partnership with Based on Hyperliquid for USDH stablecoin. Launch of USDm with MegaETH to subsidize sequencer fees. $530 million treasury raise by Stablecoin X to accumulate ENA. Indirect backing from BlackRock’s tokenized BUIDL fund via USDtb.

Stablecoins captured 25% of Q3 2025 crypto fundraising, underscoring their dominance in payments and DeFi. USDe’s CEX push challenges incumbents by offering native yields, potentially boosting on-chain activity and institutional interest.

This partnership enhances capital efficiency for Binance traders while accelerating Ethena’s adoption in both CEX and DeFi. As of September 10, 2025, trading is live, and users can explore USDe on Binance for rewards and liquidity.

Black Mirror IP Token Launches on Base and Solana

Official Black Mirror IP Goes Onchain

The $MIRROR token, the first-ever officially licensed franchise token tied to the Black Mirror intellectual property (IP), has launched on both Base (an Ethereum Layer 2 blockchain) and Solana.

This marks a significant milestone in blending mainstream entertainment with Web3, allowing fans to participate in the ecosystem through tokenized access, rewards, and community governance. The project is built on KOR Protocol and backed by major players including Animoca Brands, Avalanche (AVAX), Solana, and Republic Crypto.

The $MIRROR token is the official utility token for the “Black Mirror Experience,” an officially licensed Web3 expansion of Netflix’s iconic dystopian series Black Mirror.

Launched on September 8, 2025, via a Token Generation Event (TGE) on the Base network (Coinbase’s Ethereum Layer 2), it transforms passive viewership into an interactive, community-owned ecosystem.

Fans can now participate in shaping the franchise’s narrative, earn rewards through on-chain activities, and access real-world perks like animated episodes, NFTs, and events.

It’s fully licensed by Banijay (the IP holder for Black Mirror, produced in partnership with Netflix). Primary Token Generation Event (TGE) on September 8, 2025, on Base, where it went live and started trading immediately.

Expanded to Solana as part of its multi-chain strategy, leveraging Solana’s high-speed infrastructure for broader accessibility. Over 500,000 users registered pre-launch via the Black Mirror Club platform, qualifying for airdrops.

58% of the total supply is allocated to the community through airdrops, incentives, and rewards. This includes confirmed partner airdrops from entities like Meebits NFTs. The token powers an AI-driven ecosystem for reputation scores, privacy-focused identity, and interactive storytelling, where holders can influence Black Mirror narratives and access exclusive content.

Immediately listed on Binance Alpha and Aerodrome Finance (on Base) for trading. Also available on Kraken. As of early post-launch reports (September 8-9, 2025), the market cap hovered around $6 million, with strong initial engagement: thousands of likes, reposts, and replies on announcement posts.

Black Mirror, known for its dystopian tech explorations, is transitioning from TV to an “onchain universe.” $MIRROR enables fans to “build the next chapter” through decentralized tools, merging culture with blockchain. The launch video and announcements emphasize “Black Mirror is based” (a nod to Base chain and internet slang for authenticity), positioning it as a cultural experiment on Base, which is emerging as a hub for IP-backed projects.

CEO Inder Phull discussed the vision in a live session on September 3, 2025, highlighting onchain media’s future. This isn’t just a meme coin or fan token—it’s a pioneering “franchise token” that could redefine how entertainment IPs engage audiences onchain.

Users claim a dynamic “Social ID” NFT that evolves based on on-chain and social behavior. Tracked by AI assistant “Iris,” your reputation score influences airdrop allocations, access to exclusive content, and influence over story arcs.

While the token launches on Base for scalability and low fees, users can connect Ethereum (EVM) or Solana wallets during registration. This enables cross-chain participation.

With Black Mirror’s billions of global views and cultural resonance, $MIRROR has potential to onboard mainstream users to Web3 via familiar storytelling. Early buzz suggests it’s one of 2025’s most anticipated launches, though as with all crypto projects, it’s high-risk and speculative.

Best Crypto Casino Affiliate Programs 2025: Spartans vs Stake.com & Betfair Compared

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Affiliate networks remain central to digital marketing in online betting. For creators, streamers, and content publishers, the right deal can turn audiences into a steady income. Yet, the programs vary widely. Some reduce commission levels, others trap partners in strict terms, and many overlook smaller creators by failing to provide real tools to grow.

With competition intensifying in 2025, a rewarding and adaptable crypto casino affiliate program has become critical. This review focuses on Spartans, Stake.com, and Betfair to identify where creators can build a stable income and unlock higher returns.

Spartans: Flexible Models with Strong Support

Spartans positions itself as a leading affiliate choice in 2025. Its program lets creators select from three structures: CPA, Revenue Share, or a Hybrid combining both. This choice helps affiliates align with their audience strategy. For instance, paid advertisers may prefer CPA for instant payouts, while community builders can earn through steady revenue share.

Support is a clear strength. Spartans equips affiliates with branded resources, tracking dashboards, and responsive support teams. Rather than leaving partners unsupported, Spartans actively ensures campaigns succeed. Affiliates can promote campaigns such as the Lamborghini Giveaway, 300% sportsbook bonuses, reload rewards, and popular crash games. These provide versatile content angles that appeal to casual bettors and serious users.

Payment flexibility also sets Spartans apart. Both crypto and fiat withdrawals are available, making it practical for markets like Latin America, where banking rules complicate transfers. Commissions scale with volume, rewarding creators as they expand. Because the Spartans’ program is newer than platforms like Stake, there is less market saturation, creating high earning potential for early entrants. For those who want a program that treats creators as partners, Spartans stands out on all counts.

Stake.com: Market Leader with Challenges for Smaller Creators

Stake.com is one of the most recognized gambling brands globally, and its affiliate program reflects that influence. It benefits from wide visibility, sports sponsorships, and entertainment ties, which help convert users efficiently. Affiliates who join gain access to strong revenue share offers and the stability of a proven platform.

Yet, the size of Stake.com also creates entry issues. Smaller creators often face rejection or receive less favorable terms. Stake tends to prioritize affiliates with big audiences, making it difficult for new streamers to secure meaningful agreements. While established partners can earn significantly, those starting out may find progress slow.

The program remains a powerful option, but its exclusivity limits access. For creators with established reach, it can be profitable, but for others, the barriers outweigh the benefits.

Betfair: Reliable but Limited on Crypto Options

Betfair remains one of the most trusted names in betting, and its affiliate program reflects long-term credibility. It offers dependable B2B support, detailed analytics, and guaranteed payouts, making it attractive for affiliates promoting established brands. Betfair’s reputation ensures partners can market a platform known for fairness and trust.

The drawback is its absence of crypto features. Unlike Spartans and Stake, Betfair does not provide crypto deposit or withdrawal options, which is a significant limitation in 2025. As users increasingly expect instant crypto transactions, affiliates risk losing potential traffic by promoting Betfair. In addition, its affiliate structures are less versatile, often fixed rather than offering CPA, Revenue Share, or Hybrid models.

Betfair works best for affiliates serving traditional betting audiences. However, compared with crypto-driven programs like Spartans, it does not capture the full growth potential.

To Sum Up

For streamers and creators, 2025 presents fresh opportunities, but choosing the right partner is key. Spartans leads with flexible structures, branded support, and crypto payout options, making it one of the top affiliate programs today. Stake.com delivers reach and strong conversions, but its exclusivity makes it harder for smaller affiliates. Betfair offers reliability and trust in traditional betting but lacks crypto adaptability.

For creators aiming to build revenue from their audience, Spartans offers the strongest mix of flexibility, accessibility, and growth. In an industry where programs often tilt in favor of platforms, Spartans shows that a creator-first approach can redefine affiliate marketing.

Find Out More About Spartans:

Website: https://spartans.com/

Instagram: https://www.instagram.com/spartans/

Twitter/X: https://x.com/SpartansBet

YouTube: https://www.youtube.com/@SpartansBet