# Spark Savings Total value locked Methodology

## 1. Overview

Total value locked (TVL) is measured as the total value of assets deposited into Spark Savings. It is utilized as a key indicator of user adoption and capital efficiency for the savings product. For Spark Savings V1, TVL is represented by the total assets held in the savings vaults. For Spark Savings V2, TVL is calculated as the idle capital remaining in the vaults, where any assets deployed into the Spark Liquidity Layer are explicitly excluded, whereby double-counting across the broader Spark ecosystem is prevented.

## 2. Data sources

- **Blockchain events**: State-tracking records of total assets and deployed assets for Spark Savings vaults, covering Ethereum, Arbitrum, Base, Optimism, and 3 other chains
- **External data**: End-of-day price feeds and asset metadata for deposited assets

## 3. Step-by-step calculation

### Component A: Spark Savings V1 total assets tracking

- **Purpose**: Capture the total assets deposited in Spark Savings V1 vaults.
- **Logic**: Total asset balances are extracted from state-tracking records for Spark Savings V1 vaults. These records are captured for `sUSDC` vaults on Ethereum, Arbitrum, Base, Optimism, and Unichain. The total value of assets held within the V1 contracts is represented by these balances.
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, `amount`

### Component B: Spark Savings V2 idle assets calculation

- **Purpose**: Calculate the idle capital remaining in Spark Savings V2 vaults.
- **Logic**: Total asset balances are extracted from state-tracking records for Spark Savings V2 vaults, which are comprised of `spUSDC`, `spUSDT`, `spETH`, `spPYUSD`, and `Spark Savings USDG`. Deployed asset balances, which are defined as capital routed to the Spark Liquidity Layer, are also extracted from deployed asset state records. Idle assets are calculated by subtracting the deployed assets from the total assets for each vault, whereby double-counting of capital deployed elsewhere in the Spark ecosystem is prevented.
- **Key fields**: `timestamp`, `chain_id`, `account_address`, `token_address`, `amount`

### Component C: Normalization and USD conversion

- **Purpose**: Normalize asset amounts and convert them to USD.
- **Logic**: Asset balances from V1 total assets and V2 idle assets are combined. The raw amounts are normalized by decimal precision using asset metadata. The normalized balances are then multiplied by end-of-day asset prices, whereby the USD value is determined. A forward-fill strategy is applied to handle any missing daily records, whereby continuous daily TVL values are ensured.
- **Key fields**: `timestamp`, `chain_id`, `token_address`, `tvl`

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Total value locked

Asset management

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 Savings

Total value locked

Total value locked

Chain breakdown