Spark Liquidity Layer (SLL)

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Spark's PSM3 extends Sky’s Ethereum PSM liquidity to L2s, enabling USDC holders to mint sUSDS and earn yield. Sky reimburses Spark for idle liquidity, so reported borrow excludes idle cash.

Net borrow from Sky & Spark Savings V2, excluding idle cash in PSM3 and L2s

Spark: Liabilities

SLL borrows from both Sky's Allocator Vault in USDS and Spark's own Savings V2 Vault (spUSDC/spUSDT/spETH/spPYUSD on Ethereum, spUSDC on Avalanche C-Chain) for its yield strategies. This chart shows the funding cost for capital borrowed. Note that the borrow from Sky showed here is the net borrowed which excludes idle cash (USDS/USDC/sUSDS) in PSM3 and ALM Proxy balances on L2s. 

Cost of Capital for Spark's Liquidity Layer by Fund Source

Spark: Funding Cost

Total distribution rewards received by Spark for growing demand for USDS/sUSDS

Spark: Sky Distribution Rewards

Borrowing rate paid to Sky and Savings V2 depositors

Spark: Spark Liquidity Layer Borrowing Rate

Deposits attributed to Spark referrals that qualify for reward distribution

Spark: Spark-Referred Deposits Eligible for Distribution Rewards

All assets including idle cash in PSM3 and L2s

Spark: Spark Liquidity Layer Assets

Spark Peg Stability Module (PSM3) extends Sky's PSM on Ethereum to other L2 chains like Base, Unichain, Optimism and Arbitrum.

This also enables depositors to earn Sky Savings Rate using USDC

Total liquidity in Spark PSM3 across all chains

Spark: Peg Stability Module PSM3

Net Interest Income: Portion of yield generated through Spark Liquidity Layer after subtracting cost of funding.

Net Interest Margin: Net Interest Income from Spark Liquidity Layer divided by SLL's total value locked excluding idle cash from PSM3 and L2 ALM Proxies.

Total revenue and net interest margin from Spark Liquidity Layer yield strategies

Spark: Spark Liquidity Layer Revenue

Assets exclude idle cash in PSM3 or L2s

Spark: Spark Liquidity Layer Allocated Assets

Interest rates generated across strategies, by chain, category, and asset

Spark: Spark Liquidity Layer Yield on Deployed Capital

Spark Peg Stability Module (PSM3) extends Sky's PSM on Ethereum to other L2 chains like Base, Unichain, Optimism and Arbitrum.



Spark: PSM3 Swap Volume by Token Pair

This would include deposits into the Spark Savings V1 (sUSDC) vaults.

When users deposits into the vaults, they swap USDC for sUSDC. sUSDC is a receipt token which represents the same amount of sUSDS sitting inside the sUSDC contract

Swap volume on PSM3 referred by Spark

Spark: PSM3 Spark Referred Swap Volume 

Executed swap prices by PSM3 between USDC and USDS/sUSDS

Spark: PSM3 USDS/sUSDS Prices

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