Spark Protocol

Spark is a lending system built mainly around stablecoin liquidity, borrowing and yield (SparkLend + Spark Savings), routing USDS/DAI liquidity from the Sky/Maker ecosystem at scale.

Not just general lending — its edge is the Sky/Maker connection (DAI/USDS): how it creates, routes, lends and manages stablecoin liquidity.

- SparkLend: Lending market forked from Aave V3 architecture, optimized for Sky/Maker stablecoin liquidity. - Spark Savings: Yield product routing USDS/DAI liquidity from the Sky ecosystem at scale. - USDS / DAI liquidity: Primary stablecoin rails connecting Spark to the broader Sky/Maker credit stack.

- Spark Protocol (SPK) — Token, Governance token - SKY (SKY) — Token, Sky ecosystem governance (MKR successor) - USDS (USDS) — Stablecoin, Primary stablecoin liquidity (Sky) - Spark (no native token) (—) — Token, No native token - sDAI (Savings DAI) (sDAI) — Receipt, Savings DAI; governed by Sky - spUSDC, spWETH (and other spTokens) (spUSDC) — Receipt, LendingReceipt

- Smart Contract: Upgradeable or complex lending logic can fail under edge-case liquidations or parameter misconfiguration. - Oracle: Stale or manipulated price feeds impair collateral valuation and liquidations. - Collateral: Correlated collateral drawdowns or listing errors can create bad debt in money markets. - Liquidity: Thin borrow/supply depth impairs exits and liquidations during market stress. - Governance: Parameter changes, listings, and emissions are controlled by token holders or delegates. - Stablecoin: Heavy reliance on USDS/DAI peg and Sky governance for core liquidity rails.

- Treasury / liquidity-management desk: similar — The Spark Liquidity Layer mints, bridges and allocates a large stablecoin reserve across markets to manage deployment and rates, like a treasury desk allocating a balance sheet.; differs — Rules-based and on-chain via governance, deploying fully-collateralized stablecoins (USDS/DAI) into DeFi and RWA rather than managing fiat reserves. - High-yield savings account: similar — Spark Savings (sUSDS/sDAI) pays a governance-set yield on stablecoin deposits, comparable to a savings account passing through a policy rate.; differs — Non-custodial yield-bearing receipt tokens whose yield is sourced from Sky ecosystem collateral/RWA revenue, not a bank deposit.