lending protocol review
Spark
Sky-aligned lending markets connected to DAI/USDS liquidity, governance, collateral onboarding, and oracle policy.
partialmedium
TVL
$4.90B
Protocol reported or analyst-entered value.
Exposure
$2.80B
Mapped collateral and market exposure.
Dependencies
15
0 critical dependencies.
Markets
2
3 monitor signals configured.
Protocol facts
Static fields from the typed research record.
ProductsSparkLend, Savings products, Sky liquidity modules
ChainsEthereum, Base
Categorylending
Review statuspartial
Markets
Collateral, oracle, cap, and liquidation parameters by market.
| Market | Chain | Collateral | Oracles | LTV | Liquidation | Supply cap | Borrow cap | Utilization |
|---|---|---|---|---|---|---|---|---|
| Ethereum SparkLend | Ethereum | oracle:ethereum:chainlink:eth-usd, oracle:ethereum:sky:stable-module | 76% | 81% | $2.90B | $1.90B | 71.0% | |
| Base stable markets | Base | oracle:base:chainlink:stablecoins, oracle:base:chainlink:eth-usd | 75% | 80% | $780.0M | $450.0M | 58.0% |
Risk findings
Findings separate the observed evidence from the analyst outcome.
| Severity | Dimension | Finding | Outcome | Evidence | Sources |
|---|---|---|---|---|---|
| medium | governance admin | Sky governance dependency | Governance can change market rules before users exit. | Spark is tightly connected to Sky governance and stablecoin modules. |
Dependency edges
Inbound and outbound trust assumptions touching this protocol.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| high | outbound | accepts collateral | Spark -> weETH | Spark Ethereum SparkLend accepts weETH as collateral or core liquidity |
| high | outbound | governed by | Spark -> Sky / Maker | Spark parameters and stablecoin exposure are connected to Sky governance |
| medium | outbound | accepts collateral | Spark -> wstETH | Spark Ethereum SparkLend accepts wstETH as collateral or core liquidity |
| medium | outbound | accepts collateral | Spark -> USDC | Spark Base stable markets accepts USDC as collateral or core liquidity |
| low | outbound | settles on | Spark -> Ethereum | Spark deployment inherits Ethereum settlement risk |
| low | outbound | accepts collateral | Spark -> DAI | Spark Ethereum SparkLend accepts DAI as collateral or core liquidity |
| low | outbound | accepts collateral | Spark -> USDS | Spark Ethereum SparkLend accepts USDS as collateral or core liquidity |
| low | outbound | accepts collateral | Spark -> WETH | Spark Ethereum SparkLend accepts WETH as collateral or core liquidity |
| low | outbound | accepts collateral | Spark -> USDS | Spark Base stable markets accepts USDS as collateral or core liquidity |
| low | outbound | accepts collateral | Spark -> WETH | Spark Base stable markets accepts WETH as collateral or core liquidity |
Blast radius
Highest-severity paths that could transmit risk into or out of this protocol.
| Severity | Direction | Edge type | Dependency path | Analyst label |
|---|---|---|---|---|
| high | outbound | accepts collateral | Spark -> weETH | Spark Ethereum SparkLend accepts weETH as collateral or core liquidity |
| high | outbound | governed by | Spark -> Sky / Maker | Spark parameters and stablecoin exposure are connected to Sky governance |
| medium | outbound | accepts collateral | Spark -> wstETH | Spark Ethereum SparkLend accepts wstETH as collateral or core liquidity |
| medium | outbound | accepts collateral | Spark -> USDC | Spark Base stable markets accepts USDC as collateral or core liquidity |
| low | outbound | settles on | Spark -> Ethereum | Spark deployment inherits Ethereum settlement risk |
| low | outbound | accepts collateral | Spark -> DAI | Spark Ethereum SparkLend accepts DAI as collateral or core liquidity |
| low | outbound | accepts collateral | Spark -> USDS | Spark Ethereum SparkLend accepts USDS as collateral or core liquidity |
| low | outbound | accepts collateral | Spark -> WETH | Spark Ethereum SparkLend accepts WETH as collateral or core liquidity |
| low | outbound | accepts collateral | Spark -> USDS | Spark Base stable markets accepts USDS as collateral or core liquidity |
| low | outbound | accepts collateral | Spark -> WETH | Spark Base stable markets accepts WETH as collateral or core liquidity |