[Ethereum] Spark Savings - Launch Spark Savings spPYUSD - December 1, 2025

Spark's Operational Facilitator has placed a proposal into the voting system on behalf of nested contributor Phoenix Labs.

Review

The Spark community can hereby express support or opposition to the following changes, as described by the author of the proposal:

We propose to launch Spark Savings pyUSD to give end users a highly liquid savings vault option to deploy capital. Currently, PayPal pyUSD is primarily driven by incentives on venues including Aave Core or Kamino lend (on Solana). Offering a composable savings vault with native yield may be attractive to certain users, and can also plug in as collateral on external venues like Morpho or Euler. This will also help deepen Spark’s partnership with PayPal.

As part of this product launch, the Spark Artifact should be updated to reflect spPYUSD on Ethereum conforming to the rate, liquidity, and parameter management policies in place for other stablecoins (rate tracking the SSR, and maintaining a 10% target liquidity buffer).

Parameter Summary:

• Spark Savings PYUSD (spPYUSD)
  • spPYUSD address: 0x80128DbB9f07b93DDE62A6daeadb69ED14a7D354
  • Roles
    • Default admin: 0x3300f198988e4C9C63F75dF86De36421f06af8c4 (Spark Subdao Proxy)
    • Setter: 0x9Ad87668d49ab69EEa0AF091de970EF52b0D5178 (ALM Proxy Freezable)
    • Taker: 0x1601843c5E9bC251A3272907010AFa41Fa18347E (ALM Proxy)
  • Yield
    • Max yield: 10%
    • Current yield (at launch): 0%
  • Supply cap: 250 million PYUSD
  • SLL rate limits
    • take
      • maxAmount: unlimited
    • transferAssets
      • maxAmount: unlimited

The proposed Spark Artifact changes can be found in the following pull request: https://github.com/sky-ecosystem/next-gen-atlas/pull/131

Outcomes

• If "For" receives the most votes, the proposal will be approved. The associated pull request will be merged into Spark's artifact. When required, the listed changes will proceed to implementation by the relevant actors.
• If "Against" receives the most votes, the proposal will be rejected. No changes will be implemented.