Simple Summary

sUSDS is Spark's Savings USDS, which is an ERC-4626 representation of USDS in the Sky Savings Rate Module (SSR). sUSDS is redeemable 1:1 for USDC via the Spark Peg Stability Module (PSM), which is currently integrated into 1inch on Base.

Information on sUSDS and the Spark PSM can be found here and here, respectively.

This SCCP proposes to add sUSDS as margin to Perps V3 on Base with the following implementation parameters:

Margin	Discount Lower	Discount Upper	Max Collateral Amount	SkewScale
sUSDS	TBD	TBD	TBD	TBD

sUSDS

• the discountScalar would be set to 1 for all margins
• the collateral liquidation penalty is 3 bp (collateralLiquidateRewardRatioD18).
• The caps would be set to allow for 3 simultaneous margins and 10 positions in any given account
• The synth representation of the above margins would have a atomic swap fee of 30%, as a disincentive on swapping until SIP is implemented

Motivation

The main motivation is to add the first yield-bearing stablecoin option as margin on Perps v3 Base, so that users can earn yield, both while they trade and while they have no open positions.

Copyright

Copyright and related rights waived via CC0.