Spark spUSDC DeFi Yield & Risk Rating
Spark spUSDC is an ERC4626 savings vault on Ethereum where users deposit USDC and earn yield via the Spark Liquidity Layer. Yield is generated from the Sky Savings Rate and diversified lending deployments across Aave, Morpho, Fluid, and other venues.
AUM
$309m
Net APY
3.57%
Active Users
1k
Type
Vault
Network
Ethereum
BB
Elevated RiskCeiling AAA
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CurrentPotential
This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. The range from BB to AAA reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.
SCSSmart Contract Security94
KMPKey Management Permissions83
MMarket73
LLiquidity85
CCollateral78
PMProtocol Mechanics100
ICEInfra Counterparty Exposures89
PCEProtocol Counterparty Exposures87
GGovernance83
FRFinancial Resilience60
TLCTeam Legal Compliance91
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▲ 13.28%
$309m
Over the last 30 days, the total value of Spark spUSDC has grown 13.28% with $36.23M in inflows.
Net APY · 30D▲ 1.42%
3.57%
Over the last 30 days, the APY has increased from 3.52% to 3.57%.
Active Users · 30D▲ 0.19%
1k
Over the last 30 days, active users have increased by 0.19%, reaching 1.1K wallets.
Market Details
ChainEthereum
Treasury$61.00M
Code AuditsChainSecurity (SparkLend Deployment Verification) ↗Cantina (Spark Liquidity Layer) ↗OpenZeppelin (Aave V3) ↗Trail of Bits (Aave V3) ↗Certora (Aave V3) ↗
Protocol BaseSky sUSDS
Stated Withdrawal TimeInstant
Component Ratings
Contract Addresses (6)
Key Strengths
S1All core contracts dual-audited by ChainSecurity and Cantina across more than 20 audit reports, alongside an active Immunefi bug bounty with a top-tier maximum payout and hundreds of assets in scope
S2On-chain rate limits act as both whitelist and circuit breaker; the relayer is explicitly assumed compromisable in the published threat model, with a FREEZER role enabling rapid halt and per-integration caps bounding losses
S3Permissionless ERC4626 withdrawals with no pause function and no address-level blocking; an idle liquidity buffer supports instant exits
S4Full SPK token governance with Risk Council review and a multi-week effective upgrade process, backed by the Sky/MakerDAO ecosystem and its long operational history
Key Risks
R1Young operational history of around five months; multiple resilience-sensitive questions are scored Mid because the vault has not yet been tested through severe market stress
R2Operational multisig signer identities are not publicly disclosed, preventing independent verification of signer independence
R3SPK voting power concentration is unverified; top-holder control cannot be established from public Snapshot data
R4No dedicated loss reserve or safety module ring-fenced for spUSDC depositors; the Spark DAO treasury is shared across all Spark products and is small relative to total protocol TVL
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