英文描述

Spark is an at-scale stablecoin allocation engine capturing yield and providing liquidity across networks, DeFi protocols, RWAs and exchanges. Spark consists of a few product groups: Savings: Enables stablecoin holders to earn the best risk-adjusted rate in DeFi, at large scale, with minimal liquidity constraints. Spark Liquidity Layer: Direct liquidity provision of USDS, sUSDS and USDC across networks and DeFi markets. SparkLend: A lending market focused on USDS borrowing, sourcing liquidity directly from Sky to provide best borrow rates for USDS. What is Spark Savings? Spark enables users to easily deposit stablecoins such as USDS and USDC into savings, and receive Savings USDS (sUSDS) tokens in return. The sUSDS tokens represents your share of USDS in the Sky Savings Rate. As savings accrue, sUSDS increases in value over time. The Sky Savings Rate is set by Sky Governance. A key benefit of Savings USDS is the fact that it offers attractive risk adjusted yield at scale, meaning it supports billions in deposits, and also instant exit liquidity in the size of billions, at no slippage or fees beyond network fees, by using the Sky PSM. What is sUSDS? Savings USDS (sUSDS) is the upgraded version of sDAI, which offers higher yield than sDAI. sUSDS is a tokenized representation of USDS deposited in the Sky Savings Rate (SSR) offered by Sky. The sUSDS token enables users to receive returns on their SSR deposits while still being able to transfer, stake, lend and use it in any way they want. sUSDS increases in value according to the SSR, as its USDS denominated value gradually increases over time. sUSDS is an accumulating token, not a rebasing token. Each sUSDS is fungible and always instantly redeemable for USDS. Deposited USDS is never locked, as it can always be withdrawn instantly. There are no liquidity constraints when withdrawing USDS from sUSDS or the SSR. What is the Sky Savings Rate? Sky Savings Rate (SSR) is a feature of the Sky Protocol that enables any USDS holder to earn a savings rate on their USDS. The SSR is paid out in USDS. The Sky Savings Rate is funded by the borrowing fees accrued by the Sky Protocol. You can always find the current Sky Savings Rate on the Savings page in the Spark App. The Sky Savings Rate offers higher yield than the Dai Savings Rate. The Sky Savings Rate is set by Sky Governance and is subject to change. What is the Spark Liquidity Layer? The Spark Liquidity Layer (SLL) automates liquidity provision of USDS, sUSDS, and USDC directly from Sky across various blockchain networks and DeFi protocols. This enables users to easily earn the Sky Savings Rate on their preferred network using sUSDS. Additionally, it allows Spark to automate liquidity provision into DeFi markets to optimize yield. Easy access to yield on any chain A key benefit of the SLL is its automation of sUSDS liquidity provision to other networks, allowing users on those networks to earn yield on stablecoins. Previously, acquiring sUSDS on networks other than Ethereum mainnet was challenging due to low liquidity. The SLL addresses this by providing sUSDS liquidity against major stablecoins directly from Sky to supported networks. The aim is to offer users on any network access to the best risk-adjusted yield on stablecoins in DeFi. Deploying liquidity into DeFi markets The SLL also enables Spark to provide liquidity directly into risk-adjusted yield strategies on other chains and protocols. For example, it can supply stablecoin liquidity to lending markets to earn interest, similar to current practices on Ethereum mainnet with Aave and Morpho. The yield earned from these strategies contributes to funding the Sky Savings Rate and the APY of sUSDS, which aims to provide the best risk-adjusted yield for users. Overview of the Spark Liquidity Layer How does the Spark Liquidity Layer work? The SLL utilizes the Sky Allocation System to provide liquidity in USDS, sUSDS, and USDC across various networks and DeFi markets. It does this by minting USDS and sUSDS through the Sky Allocator Vaults and bridging them to other networks using SkyLink. For L2s specifically, this means using canonical bridges. Minted USDS is also used to swap for USDC through the Sky Peg Stability Module and then bridged to other networks using the Circle Cross-chain Transfer Protocol (CCTP). The bridged USDS, sUSDS, and USDC can then be deposited into liquidity pools, DeFi protocols, lending markets, or other yield strategies on the destination chain. Sky aims to keep 25% of USDS backing in cash reserves, primarily USDC, to ensure USDS liquidity and stability. The SLL brings this liquidity from Ethereum mainnet to any supported chain. As a result, users can easily access ample liquidity, enabling them to move into sUSDS using USDC and vice versa. This brings the stability of USDS, the yield of sUSDS, and the liquidity of the Sky PSM to all of DeFi on any supported network. Cross-chain Liquidity using Spark PSM A key use case for the SLL is providing liquidity to the cross-chain Spark PSM. The Spark PSM enables swapping between USDS, sUSDS, and USDC with no slippage or fee beyond network fees. It uses a hardcoded 1.00 USD price for USDS and USDC, and an exchange rate oracle for the sUSDS price. Thus, the Spark PSM is not affected by deviating market prices or slippage. The Spark PSM brings the liquidity of the Sky PSM on Ethereum mainnet to other chains such as Base, enabling users to easily swap between these assets. As a result, users can readily swap non-yielding stablecoins to sUSDS to earn the Sky Savings Rate. Conversely, the Spark PSM will always have ample liquidity, allowing users to exit from sUSDS to stablecoins. Automated Liquidity Management The system uses off-chain monitoring software to determine when and where to deploy stablecoin liquidity. For instance, it monitors the liquidity levels of the Spark PSM across different networks to ensure sufficient USDS and sUSDS liquidity to meet the demand. It also monitors whether USDC reserves need to be bridged back to Ethereum mainnet. When action is required, transactions are automatically submitted to rebalance funds. The system leverages smart contract enforced guardrails and rate limits that specify exactly what protocols are enabled for liquidity provision, and how much liquidity can be provided. These parameters are set by Sky Governance. Controlled By Sky Sky Governance controls the SLL, and no other parties have custody or access to any funds in the system. The system is hardwired to only allow deployment of funds into use cases approved by Sky Governance. What is SparkLend? SparkLend is a decentralized non-custodial liquidity market protocol where users can participate as lenders or borrowers. Lenders provide liquidity to the market to earn a passive income, as their assets are lent out, while borrowers are able to borrow in an overcollateralized and perpetual fashion.

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