# Spark Curation Revenue Methodology

## 1. Overview

Revenue is measured as the portion of fees retained by Spark Curation from the performance fees of curated Morpho vaults. Earnings generated from curating outside deposits in these vaults are represented by this metric, while fees associated with Spark's own deposits (such as those from the Spark Liquidity Layer) are excluded. The tracking of this revenue is utilized to assess the financial performance and growth of Spark Curation. Performance fees are denominated in USD and are classified as the protocol's earnings before operating expenses.

## 2. Data sources

- **Blockchain events**: `CreateMetaMorpho` events from `MetaMorphoVaultFactory` contracts and `CreateVaultV2` events from `VaultV2Factory` contracts, covering Ethereum and Base
- **Off-chain reported data**: Daily reported curator fees from Spark's official accounting snapshots

## 3. Step-by-step calculation

### Component A: Vault metadata extraction

- **Purpose**: Curated Morpho vaults are identified and mapped to their underlying assets.
- **Logic**: `CreateMetaMorpho` events from `MetaMorphoVaultFactory` contracts and `CreateVaultV2` events from `VaultV2Factory` contracts are parsed to identify curated vaults. From these events, the vault address, owner address, and underlying asset address are extracted. This metadata is used to establish a mapping between each curated vault and its corresponding underlying asset.
- **Key fields**: `vault_address`, `underlying_asset_address`, `owner_address`

### Component B: Curator fee extraction

- **Purpose**: Daily performance fees earned by Spark Curation are captured.
- **Logic**: Daily curator fees are extracted from Spark's reported accounting snapshots. To ensure historical restatements are accurately captured, only the latest snapshot from the most recent execution is selected. The data is filtered to exclude ongoing accruals for the current day. The extracted fees are defined as the performance fees collected on outside deposits in the curated Morpho vaults, while fees on Spark's own deposits (such as those from the Spark Liquidity Layer) are excluded.
- **Key fields**: `vault_address`, `curator_fees_usd`, `timestamp`

### Component C: Normalization and aggregation

- **Purpose**: Curator fees are combined with vault metadata and formatted for final revenue reporting.
- **Logic**: The daily reported curator fees are joined with the vault metadata to map the underlying asset addresses. Since the curator fees are already reported in USD, they are flagged to bypass any further price conversion. The revenue values are aggregated by day, chain, and product identifier. Daily boundaries are defined using UTC timestamps, and missing days are filled with zeros to ensure a continuous time series.
- **Key fields**: `timestamp`, `chain_id`, `product_id`, `revenue`

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

Revenue

Risk curators

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).

Spark Curation

Revenue

Revenue

Chain breakdown