sUSDS (SUSDS)
Unlock Schedule
sUSDS (SUSDS) Token Unlock & Vesting Schedule
The unlock chart above provides a clear visual overview of the sUSDS (SUSDS) token release schedule, showing when and how tokens enter circulation across investor, team, treasury, and community allocations. Understanding these tokenomics dynamics is critical for evaluating potential supply pressure, inflation impact, and market liquidity over time — key factors that can influence SUSDS price performance.
Each color segment in the chart corresponds to a specific allocation group described in the Allocations section below. Underlying assumptions and data models used to reconstruct this schedule are explained in detail under Assumptions, while broader utility insights and token use cases are covered in Tokenomics & Utility.
Tokenomics & Utility
sUSDS tokenomics
- Asset type: Savings token representing USDS deposited in the Sky Savings Rate (SSR).
- Supply dynamics: sUSDS is minted when users deposit USDS into SSR and burned when they redeem; there is no fixed max supply. The token’s unit price rises over time as yield accrues.
- Accrual model: Accumulating (non‑rebasing). Holders keep the same token count while the exchange rate versus USDS increases.
- Governance link: The SSR is determined by Sky governance, which can update parameters as market conditions change. (docs.spark.fi)
Utility in practice
- Portable savings: Keep exposure to a dollar‑denominated asset while earning SSR, even when moving across chains via SLL.
- DeFi collateral and liquidity: Use sUSDS in lending markets or provide liquidity against other stablecoins to earn fees and rewards.
- Treasury and operations: DAOs, NFT treasuries, and gaming studios can park working capital in sUSDS to maintain stability while capturing passive onchain yield.
- Programmability: As a standard token, sUSDS can be integrated into smart contracts for payments, streaming, subscriptions, and automated strategies. (docs.spark.fi)
These mechanics are often summarized as “sUSDS tokenomics”: predictable accrual, flexible mint/redeem, and broad composability across EVM chains through the Spark Liquidity Layer. (docs.spark.fi)
Assumptions
- sUSDS supply is uncapped and entirely demand-driven by user deposits/withdrawals.
sUSDS is an ERC-4626 vault share for the Sky Savings Rate; tokens are minted on deposit and burned on redeem/withdraw. There is no fixed cap or predefined emission schedule.
- Yield does not mint more sUSDS; it increases the asset-per-share (USDS per sUSDS).
Sky Savings Rate adds USDS to the pool; the sUSDS token tracks shares, so value accrues via share price rather than supply growth.
- Genesis date set to 2024-09-18 as the public launch window for Sky tokens/products including sUSDS.
Maker/Sky governance launch proposal scheduled token/product launch around Sept 17–18, 2024; the sUSDS proxy was created earlier in September, but launch aligns with governance timing.
- Allocation totals reflect Ethereum mainnet sUSDS supply only as of 2025-10-09.
sUSDS also exists on Base via SkyLink bridge with tokens minted on L2 against L1 escrow. To avoid double counting in a global series, this chart excludes L2 representations and models only the L1 vault share supply.
- 1. https://developers.sky.money/core-protocol/susds/
- 2. https://developers.sky.money/deployments/deployment-tracker
- 3. https://developers.sky.money/guides/skylink/base-eth-native-bridge/
- 4. https://etherscan.io/token/0xa3931d71877C0E7a3148CB7Eb4463524FEc27fbD
- 5. https://basescan.org/token/0x5875eEE11Cf8398102FdAd704C9E96607675467a
- 6. https://vote.makerdao.com/polling/QmTySKwi
- 7. https://sky.money/
Allocations
Description
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sUSDS is a tokenized representation of USDS deposited in the Sky Savings Rate (SSR) offered by Sky. It allows users to receive returns on their SSR deposits while still being able to transfer, stake, lend, and use it in any way they want.
| Sector: | RWA |
| Blockchain: | Ethereum |