# Why Ketju rejected Spark Savings (sUSDS)

- URL: https://riadefi.com/rejections/spark-savings/
- Exposure: stable lending
- Memo version: v1
- Reviewed: 2026-08-01
- Next review: 2026-11-01

## The memo

REJECTED AS A DUPLICATE RECORD, NOT AS A REJECTION OF sUSDS. The prior description was factually wrong: Spark's own documentation says sUSDS is a Sky product earning the Sky Savings Rate, not a Spark Savings V2 wrapper routed through the Spark Liquidity Layer. This slug and the approved-with-limits sky-lending memo name the same symbols and economic claim. Maintaining two verdicts for one instrument would double-count exposure and create contradictory monitoring. Keep this record rejected as an alias and use sky-lending as the canonical sUSDS decision. A distinct Spark V2 product such as spUSDC requires its own symbol, slug and underwriting.

## What would reopen the file

- Keep allocation at exactly 0% while the live slug maps to the Ethereum USDS and sUSDS contracts already governed by sky-lending; reopen within 5 business days only if a symbol or contract changes
- Any recommendation, watchlist row or exposure report counting this alias above 0% fails the duplicate-allocation control
- A replacement product reopens only after distinct symbols and contracts, a mapped yield source and control set, six months of production history, and three proposed-size entry and exit tests

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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