Lenders deposit funds into Spark and receive interest payments from borrowers (supply-side fees).

Spark is a non-custodial lending protocol built on Ethereum. Spark’s development team Phoenix Labs was founded in early 2023.

SPK tokenholders own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue).

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Spark

SparkLend | Data breakdown

# Spark Vault deposits Methodology

## 1. Overview

Vault deposits is measured as the total value of assets deposited in the protocol's vaults. The total liquidity locked within Spark Savings, including both V1 and V2 vaults, is represented by this metric. User adoption and capital efficiency for the protocol's savings products are indicated by these deposit balances. Deposited assets are tracked across multiple supported chains and converted to USD using end-of-day price feeds.

## 2. Data sources

- **Blockchain events**: Contract state balances representing total assets for Spark Savings V1 and V2 vaults are extracted, covering Ethereum, Avalanche, Arbitrum, Base, and 3 other chains
- **External data**: End-of-day price feeds for the underlying deposited assets and asset metadata are utilized for decimal normalization and USD conversion

## 3. Step-by-step calculation

### Component A: Spark Savings state balance extraction

- **Purpose**: The extraction of raw total asset balances from Spark Savings contracts.
- **Logic**: Raw state values representing total assets are extracted from the smart contracts of Spark Savings V1 and V2 vaults. Specific vaults for USDC, USDT, ETH, PYUSD, and USDG are included in these records. The state values are mapped to their respective vault addresses, asset addresses, and chains.
- **Key fields**: `account_address` (vault address), `token_address` (asset address), `state_value` (raw balance)

### Component B: Decimal normalization and daily delta calculation

- **Purpose**: The normalization of asset balances and calculation of daily changes.
- **Logic**: Raw asset balances are normalized by dividing the values by the asset's decimal precision. Daily delta values are calculated by taking the difference between the current day's balance and the previous day's balance for each unique combination of chain, vault address, and asset.
- **Key fields**: `vault_deposits` (normalized balance), `delta_vault_deposits` (daily change)

### Component C: Cumulative aggregation and timeline completion

- **Purpose**: The reconstruction of the continuous balance timeline.
- **Logic**: The daily delta values are aggregated by chain, product, and asset address. A running sum of these daily deltas is calculated over time to reconstruct the cumulative vault deposits. The timeline is completed by carrying forward the last known balance for days without activity.
- **Key fields**: `delta_vault_deposits` (daily change), `vault_deposits` (cumulative balance)

### Component D: USD conversion and finalization

- **Purpose**: The conversion of deposit values to USD and application of final filters.
- **Logic**: The cumulative asset balances are multiplied by end-of-day asset prices to convert the values to USD. The final dataset is filtered to ensure only valid chain and project identifiers are included, and chain availability filters are applied to align with data freshness standards.
- **Key fields**: `vault_deposits` (USD-denominated balance), `price_usd` (asset price)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total amount of deposits held in protocol vaults.

SparkSPK

Vault deposits

Vault deposits

Competitive landscape

Chain breakdown