Term	Definition
SLL gross investment return	Total returns generated by the Spark Liquidity Layer (SLL) before deducting any costs of capital. Includes interest, fees, and incentive yields from SLL deployments.
Ethena	Returns generated from Ethena allocations.
Maple	Returns generated from Maple allocations.
Morpho vaults	Returns generated from Morpho vaults allocations.
Morpho USDC vault	Returns specifically from the USDC-denominated vault on Morpho.
Morpho DAI vault	Returns specifically from the DAI-denominated vault on Morpho.
SparkLend USDS/DAI/pyUSD/USDT/USDC	Returns generated from SparkLend market activity involving USDS, DAI, pyUSD, USDT, USDC.
Curve	Returns generated from Curve liquidity provision.
Tri-party loans	Returns generated from tri-party loans
Superstate	Returns generated from Superstate.
Stablecoins	Returns generated from holding stablecoins.
Others	Minor or miscellaneous sources of returns within the SLL.
SparkLend revenue	Protocol income from SparkLend, derived primarily from the reserve factor (portion of interest paid by borrowers that accrues to the protocol).
Financial gain	Positive returns from treasury management and financial operations, including SKY savings rate yield and realized treasury gains.
Distribution rewards	Revenues earned for distributing USDS across multiple chains, calculated as a 0.6% annualized “accessibility reward” on the distributed supply.
Curator fees	Protocol income from curator fees of Morpho vaults
Grants	Grants received by the SparkDAO
Cost of capital expense	Funding costs Spark pays to access deployable capital.
Net SLL revenue	SLL gross investment return minus cost of capital expense; the net spread Spark earns on its liquidity layer.
Total operational expense	Expenses related to running Spark’s operations (contributors, service providers, overhead).
Total token expense	Protocol expenses associated with SPK-based incentives.
Total expenses	The sum of operational and token expenses, plus any other non-capital costs.
Total protocol returns	Aggregate inflows from all business lines (SLL returns, SparkLend revenue, financial gains, distribution rewards) before expenses.
Total protocol expenses	Aggregate outflows, including cost of capital, operational expenses, and SPK token incentives.
Net protocol surplus	Final bottom-line profit after deducting all expenses from total protocol earnings. Represents Spark’s net earnings for the quarter.