Spark Dashboard Release: What You Need to Know
Protocol Performance, Transparent Spark Analytics, & More
Spark commands one of the largest AUMs in DeFi, responsible for $2.7B+ in liquidity deployed. Spark operates as a Sky Star, part of the Sky ecosystem (MakerDAO).
Spark specializes in providing stablecoin yield via its internal savings rates and integrated stablecoin borrowing with SparkLend. The Spark Liquidity Layer helps facilitate the liquidity provision process across DeFi markets on various chains. Tapping into Sky’s liquidity and integrations with top DeFi protocols are keys to Spark’s success.
In today’s edition, we’ll analyze Spark’s performance using its recently released dashboard…
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Introducing the Spark Dashboard
Spark’s public dashboard provides more insights into protocol performance and user behavior. Metrics are split based on protocol functions.
Spark Liquidity Layer
The Spark Liquidity Layer (SLL) makes it easy for users to earn yield on stablecoins from Sky across chains and across DeFi protocols. Currently, the Spark Liquidity Layer has $2.7B+ in total allocated assets. Users can currently earn an APR of ~4.6% on their deposits, made up of $USDS, $USDC, and $DAI. This capital is provided by a mix of institutional clients and DeFi participants.
This sum is allocated across DeFi protocols like Morpho as well as institutional yield providers like BlackRock’s BUIDL Fund, Centrifuge, Maple, and more. This can be transparently tracked on the Spark dashboard as allocations are adjusted. All Spark dashboards allow users to filter asset allocations by protocol, network, and asset type.
Currently, ~23% ($632M) of the assets on Spark are allocated via SparkLend, while BlackRock’s BUIDL fund is the largest source of yield (29%). To date, Spark has generated ~$174.5M in revenue, with current annualised revenues coming out to ~$126.2M. This figure is 37% of Sky’s own annualised revenues ($345M).
Users can also track activity on the Spark platform with a GitHub-style heatmap tracker:
Savings
Users can deposit stablecoins on Spark and tap into sDAI, sUSDC, and sUSDS savings rates. sDAI has the lowest (2.5% APY), though Gnosis Chain grants a higher yield of 5.4% APY. sUSDC and sUSDS both earn 4.5% APY across Ethereum mainnet, Base, and Arbitrum.
sUSDS makes up the majority of savings deposits at ~55%. Users can actively monitor the composition and backing of $USDS as it fluctuates, backed by a mix of $ETH, $USDC, and RWA USD equivalents (treasury bills).
Users can also analyze Savings TVL in aggregate or segment based on network and stablecoin type.
SparkLend
SparkLend provides markets where users can lend and borrow, based on Aave v3’s codebase. ~99% of this activity takes place on Ethereum mainnet, with the total market on Gnosis chain coming out to $29M in TVL.
Users can also monitor SparkLend treasury accumulation. Currently, the SparkLend treasury holds ~$1.67M in TVL, with ~75% of this allocated in WETH.
Lenders can earn SPK airdrop points when depositing $ETH and $cbBTC or borrowing USDS or DAI against volatile assets. Points can be used to direct liquidity to create outcomes that are favorable for protocol health. There are also points available to earn on Aave for supplying USDS. As points are accumulated, users can see live updates on top farmers and how points are being distributed to SparkLend and Aave users.
This dashboard will be important to monitor heading into Spark’s TGE. Look out for additional coverage from us around that time, focusing on $SPK’s tokenomics and utility…
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Awesome, great info.... defi is so cool