spUSDG (Spark Savings USDG) is a yield-bearing savings token issued by Spark, the DeFi arm of the Sky ecosystem, representing Global Dollar (USDG) deposited into Spark's savings module and accruing yield through an increasing exchange rate [S1][S2].

Each spUSDG is an ERC-4626 vault share: depositing USDG mints spUSDG at the current rate, and the spUSDG-to-USDG conversion rate grows over time as savings yield accrues, with no rebasing [S1]. The savings rate is variable and set through Spark/Sky governance, so it can change over time [S1][S2].

spUSDG is issued by permissionless, non-custodial smart contracts rather than a corporate issuer; USDG backing is held in the Spark savings module and redeemable for USDG at the prevailing exchange rate [S1]. The token's value depends on the Spark savings rate, the health of the Spark/Sky architecture it derives from, and the peg and issuer (Paxos) risk of the underlying USDG [S1][S2].

<Sources
  retrievedAt="2026-07-02"
  items={[
    { id: "S1", url: "https://spark.finance/" },
    { id: "S2", url: "https://docs.spark.finance/" },
  ]}
/>


# Asset TVL methodology

## 1. Overview

Asset TVL is calculated as the total value of a specific asset deposited into onchain applications, broken out by the protocol and product (venue) where it is deposited. This metric is utilized as a leading indicator of an asset's utility as productive collateral or liquidity across decentralized finance (DeFi). Currently integrated venues are comprised of lending markets such as Aave, Spark, Morpho, Venus, Kamino, and Flux, as well as DEX liquidity and vault products on Uniswap, Aerodrome, Orca, Raydium, xSwap, Mamo, Meteora, Instadapp, PancakeSwap, and Pendle. Coverage is expanded continuously as additional protocols and venues are integrated into the data pipeline.

## 2. Data sources

- **EVM chain events**: Protocol-specific TVL delta records, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Protocol-specific TVL delta records, covering Solana
- **Asset metadata**: Token addresses, symbols, and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract daily TVL deltas

- **Purpose**: Retrieve the daily change in deposited asset quantities across integrated protocols and products.
- **Logic**: On EVM-compatible chains, daily net changes in asset balances are extracted from protocol-specific TVL pipelines. On Solana, daily net changes are similarly extracted from protocol-specific instruction pipelines. These changes are derived from the net result of deposits, withdrawals, mints, burns, and other balance-altering actions within each venue. The extracted records are grouped by timestamp, protocol, chain, product, token symbol, and token address.
- **Key fields**: `timestamp` (date of the record) `amount` (daily net change in asset quantity) `token_address` (onchain address of the asset) `product` (specific product or pool within the protocol) `protocol` (identifier of the protocol)

### Component B: Calculate cumulative TVL and fill missing days

- **Purpose**: Compute the running balance of each asset and ensure continuous daily coverage.
- **Logic**: The daily net changes are aggregated chronologically using a cumulative sum partitioned by protocol, chain, product, and asset to determine the total balance of the asset held in each venue over time. For days where no balance-altering events are recorded, the last known cumulative balance is carried forward to ensure a continuous daily time series.
- **Key fields**: `timestamp` (date of the record) `tvl` (cumulative asset balance)

### Component C: Map assets and convert to USD

- **Purpose**: Map token addresses to unique asset identifiers and convert the cumulative balances to USD.
- **Logic**: Token addresses are mapped to unique asset identifiers using a deduplicated asset registry to prevent data duplication. The cumulative asset quantities are normalized by decimal precision retrieved from asset metadata. The normalized balances are then multiplied by end-of-day price feeds to calculate the final USD value.
- **Key fields**: `timestamp` (date of the record) `tvl` (final cumulative asset balance in USD) `price_usd` (end-of-day price of the asset)

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

DeFi total value locked (TVL)

Value of the asset deposited into onchain venues (lending markets, DEX pools, vaults), broken out per venue.

DeFi TVL

Tokenized funds

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).

governance

github

twitter

discord

website

linkedin

Lending

Spark

SparkLend | Data breakdown

Spark Savings USDG (spUSDG) is a tokenized fund share issued by Spark.

The fund is open-ended, invests in multi-asset, and locks up subscriptions for 0 months.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can subscribe and redeem in USDG and instant subscription settlement, and holders have a right to redeem at net asset value with instant settlement.

spUSDG has been issued on Robinhood Chain as an ERC-4626 token since June 2026.

Spark Savings USDGspUSDG