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 for USDC via the Spark Peg Stability Module (PSM), which is currently integrated into 1inch on Base.

Abstract

Information on sUSDS and the Spark PSM can be found here and here, respectively. stataUSDC is a non-rebasing wrapper for Aave's USDC lending market. stataUSDC holders earn yield from Aave based on the USDC market's variable lending rate.

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

Margin	Discount Lower	Discount Upper	Max Collateral Amount	SkewScale
sUSDS	50 bp	51 bp	2m	1 wei
stataUSDC	50 bp	51 bp	10m	1 wei

• the discountScalar would be set to 1 for all margins
• the collateral liquidation penalty is 3 bp (collateralLiquidateRewardRatioD18).
• 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 options 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.