Protocol Information

Spark is an onchain capital allocator that borrows from Sky’s $6.5B+ stablecoin reserves to deploy capital across DeFi, CeFi, and RWAs—delivering deep, scalable liquidity to the ecosystem. For users, Spark transforms this yield into accessible products like sUSDS and sUSDC, enabling seamless, fee-free access to onchain, diversified returns.

Methodology

TVL: Total value of all coins held in the smart contracts of the protocol

Fees:
SparkLend: Include borrow interest, flashloan fee, liquidation fee and penalty paid by borrowers.View code on GitHubSpark Liquidity Layer: Total interest earned on all loans.View code on GitHub

Revenue:
SparkLend: Amount of fees go to Spark treasury.View code on GitHubSpark Liquidity Layer: Fees collected minus the Sky Base Rate (vault stability fee) plus the monthly offchain rebate calculation for things like idle USDS.View code on GitHub

Incentives: Tokens allocated to users through liquidity mining or incentive schemes, typically as part of governance or reward mechanisms.

Earnings: Revenue of the protocol minus the incentives distributed to users

Yields