Spark is on a mission to simplify DeFi. Savings V2 is the next step in achieving this goal by providing the Spark Universal Savings Rate (SUSR) to all major stablecoins across all major chains.

Initially launching with support for USDC, USDT and ETH on Ethereum mainnet, Savings V2 will be progressively rolled out to more chains and stablecoins over the coming months.

Spark Savings takes a conservative approach to collateral composition. Exposure to riskier collateral, such as perpetual futures, is deliberately minimized to insulate from market stress. The October 10th Auto-Deleveraging (ADL) event underscores the importance of this issue more than ever.

Despite this conservative stance, the Savings Rate is often able to deliver better performance due to integrations with RWAs. Currently anchored at the Sky Savings Rate (SSR) of 4.75%, this rate outperforms Aave USDC/USDT by ~75bps.

While this rate was already available for USDC in Savings V1, there was friction in moving between USDT and USDS. Savings V2 will leverage the massive liquidity of Spark Liquidity Layer to reduce swapping frictions and provide 1:1 liquidity with the underlying asset. This is especially valuable for institutions where swapping $100 million at a time can be costly and inefficient.

In addition to USD stablecoins, Savings V2 is expanding access to cover ETH. This enables users to earn a low-risk yield on their ETH. Initially, this yield will be sourced from the SparkLend ETH market and will be expanded to include blue-chip LSTs, such as Lido stETH, in the coming weeks.

The rate for Savings ETH will start at 1.35% APY + 50k Spark Points per ETH. This rate is expected to increase as market efficiencies improve.

Initial supply caps are limited to 50m for USDC/USDT and 10k for ETH.

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