SPARK
Sky's lending and savings stack, distributing the Sky Savings Rate and deepening USDS liquidity onchain.
Spark is a Sky (formerly MakerDAO) subDAO that runs three connected products: sUSDS savings vaults that pass through the governance-set Sky Savings Rate, SparkLend (an Aave V3-derived money market focused on USDS, DAI, ETH, and wstETH), and the Spark Liquidity Layer that rebalances liquidity across chains via Chainlink CCIP. The SSR is funded by real Sky protocol revenue (RWA yields, Spark borrow interest, and other collateral), not inflationary incentives.
- Combined Spark TVL around $12.6B at end of May 2026: $6.4B in Savings, $3.6B in SparkLend, and $2.6B in the Spark Liquidity Layer.
- Live on Ethereum, Gnosis Chain, and Base, with SLL routing USDS liquidity across chains.
- Sky Savings Rate at 3.75% APY through mid-2026, set by Sky governance and funded from RWA (Treasury-bill) yield plus Spark borrow interest.
- SparkLend is a fork of Aave V3 contracts under a governance-approved license fee arrangement, with USDS-focused rate setting and tighter parameters than base Aave.
- SPK token has a 10B supply and is used for governance, staking, and ecosystem farming; audits inherited from Aave V3 plus additional Spark-specific reviews.
Frequently asked questions
How does the Sky Savings Rate work?
You deposit USDS and mint sUSDS, an ERC-4626 vault token whose exchange rate accrues at the SSR set by Sky governance. Yield is funded by real Sky protocol revenue — RWA Treasury-bill returns, Spark borrow interest, and other collateral flows — rather than by token emissions. As of Q2 2026 the rate is 3.75%, down from peaks above 8% in 2024.
How is SparkLend different from Aave?
SparkLend uses Aave V3's contracts under a license fee arrangement, so the mechanics are similar, but its risk parameters, asset set, and rate setting are governed by Sky and biased toward USDS/DAI liquidity depth. USDS supply rates on SparkLend anchor to the SSR plus a demand premium, so the two protocols produce different rates for the same underlying asset.
What is the Spark Liquidity Layer?
SLL is Spark's cross-chain liquidity rebalancer, built on Chainlink CCIP, that moves USDS and DAI between Spark's Ethereum, Gnosis, and Base deployments and other integrated venues to keep utilization roughly balanced. It is what lets Sky's stablecoin liquidity feel like a single pool despite living on multiple chains.