Spark vaults
About Spark
Spark is a Sky ecosystem capital allocator whose Spark Savings vaults pay a governance-set rate on USDC, USDT, PYUSD, USDG and ETH deposits on Ethereum and other chains.
The current listing contains $1.1B TVL in 6 vaults with a TVL-weighted average APY of 3.5% (annualised, last 30 days).
Spark is part of the Sky ecosystem, formerly MakerDAO. It borrows from Sky's stablecoin reserves and deploys the capital across DeFi, centralised venues and real-world assets. Its three products are Spark Savings, the SparkLend money market and the Spark Liquidity Layer, which has operated since November 2024 and can only move funds between governance-approved venues, within set rate limits.
Savings vaults. Spark Savings vaults accept USDC, USDT, PYUSD, USDG or ETH on Ethereum, Avalanche, Arbitrum, X Layer and Robinhood Chain. Deposits are deployed through the Spark Liquidity Layer, while share values grow at a rate that Spark governance sets, regardless of where the funds sit. The USDC, USDT and PYUSD vaults are fully backed by USDS, so they share the same underlying USDS exposure whichever of these stablecoins is deposited. The legacy Savings USDC (sUSDC) vault instead earns the Sky Savings Rate.
Withdrawals. There are no lock-ups. Each vault keeps an idle buffer of up to $10 million for instant withdrawals, and larger withdrawals from the Ethereum USDC and USDT vaults can be requested and are usually filled within minutes. If a potential loss affects the vaults, Spark can put them into recovery mode and temporarily halt withdrawals.
Risks and fees. Losses from Spark's allocations are absorbed first by Spark's own risk capital, then by Sky's surplus buffer and other risk capital and, as a last resort, by newly minted SKY; only after that would remaining losses be shared among all USDS holders, including savings depositors. Deposits and withdrawals carry no fees, and depositing a token into its matching vault has no slippage. Spark lists its security audits.
CORE3 risk rating
BB View more View less
Risk rating by CORE3 for Spark. The rating applies to all vaults on this protocol.
Xerberus risk rating
79 View more View less
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| 3M price | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Spark Savings USDC Spark | 3.6%* | 3.6%* | 3.7%* | 63.8 | 0.1% | 0.0% | USDC | $319.19M $961.19M | 1.0 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Spark USDC Vault Spark | 3.6%* | 3.6%* | 6.6%* | 56.6 | 0.1% | 0.0% | USDC | $178.29M $1.39B | 1.6 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Spark Savings USDC Spark | 3.6%* | 3.6%* | 3.1%* | 29.2 | 0.1% | 0.0% | USDC | $4.54M $225.14M | 0.8 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Spark Savings PYUSD Spark | 3.6%* | 3.6%* | 3.0%* | 7.5 | 0.5% | 0.0% | PYUSD | $24.45K $2.37M | 0.8 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Spark Savings USDG Spark | 3.5%* | 3.5%* | 1.0%* | 26.9 | 0.1% | 0.0% | USDG | $14.77M $43.69M | 0.3 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Spark Savings USDT Spark | 3.5%* | 3.1%* | 3.3%* | 42.2 | 0.1% | 0.0% | USDT | $605.48M $1.49B | 1.0 | 0.0%/ 0.0% | Instant | Negligible |  |
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