Earning Savings
Spark enables users to easily deposit stablecoins into Savings Vaults, and receive Savings Tokens, representing your share of deposits in the Savings Vaults. As savings accrue, Savings Tokens increases in value over time against the underlying deposit asset.
Note: sUSDS, sDAI, the Sky Savings Rate and DAI Savings Rate are non-custodial and permissionless smart contracts offered by Sky, and is not issued by Spark. Spark never has custody of funds deposited into savings or any control over sUSDS, sDAI, the Sky Savings Rate and DAI Savings Rate.
Savings Vaults
Spark currently supports the following Savings Vaults:
Savings USDS
The Savings USDS vault deposits user deposits of USDS into the Sky Savings Rate.
You can read more about sUSDS here.
Savings USDC
The Savings USDC vault deposits user deposits of USDC into the Sky Savings Rate.
You can read more about sUSDC here.
Savings DAI
The Savings DAI vault deposits user deposits of DAI into the DAI Savings Rate.
You can read more about sDAI here.
Tutorial
Deposit Savings
Make sure you are connected to the network you wish to use.
To earn yield on your stablecoins such as USDS, USDC, and DAI navigate to the Savings page, which is the front page of app.sparkoneth.vip.
To the left, you can see which Savings Vaults are available. To see more info or to deposit, you can click on the different Vaults. In this example we will use the USDS vault.
Below the general info it shows the current and historical Savings Rate (SSR) for the selected vault.
To deposit, for the selected vault, click on the Deposit button. You can also navigate to the Supported stablecoins section, which displays the stablecoin holdings in your wallet, and click on the deposit button for the asset you wish to deposit. Note that different Savings Vaults will support different stablecoins.
In the deposit window you specify the stablecoin (dropdown) and amount (input) you wish to deposit.
Note: If you deposit other stablecoins than USDS, it will be swapped for USDS before being deposited into Savings. For USDC there is no slippage or fees, since the Sky PSM is used. For USDT, you might incur a small slippage or fee, as the decentralized exchange Curve is used for the swap. The Spark Liquidity Layer provides liquidity to this pool, ensuring there is always ample liquidity to deposit and exit from Savings using USDT. You can select your slippage tolerance in the Deposit UI. The UI will also show the minimum Savings Balance you will receive after the swap. All swaps uses non-custodial smart contracts, and is not in any way custodied by Spark.
To finalize the deposit you must execute the transactions in the Actions section.
Once you have done all the necessary transactions, the specified amount of assets will be deposited and you will receive Savings USDS (sUSDS) tokens in return.
The sUSDS tokens represents your share of USDS deposited the Sky Savings Rate. You need the sUSDS tokens to withdraw accrued savings in the future, so keep the tokens safe.
After your deposit, you will see your Savings grow in real time. You can also see your projected earnings in the My Earnings section.
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