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
$330m
Net APY
3.61%
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 Security88
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▼ 18.23%
$330m
Over the last 30 days, the total value of Spark spUSDC has dropped 18.23% with $73.50M in outflows.
Net APY · 30D▼ 1.10%
3.61%
Over the last 30 days, the APY has decreased from 3.65% to 3.61%.
Active Users · 30D▲ 0.18%
1k
Over the last 30 days, active users have increased by 0.18%, reaching 1.1K wallets.
Market Details
Component Ratings
Contract Addresses
Smart Contract0x28B3...96a43d
ALMProxy0x1601...18347E
ALMController0xc9ff...C8eE32
ALMFreezerMultisig0x90D8...513431
GovernanceExecutor0x3300...6af8c4
SparkFoundationMultisig0x92e4...9fF5ec
Key Strengths
S1Extensive audit coverage with dual independent audits from ChainSecurity and Cantina across all core components, totaling over 22 audit reports
S2On-chain rate-limit architecture automatically bounds relayer compromise exposure per operation, providing stronger protection than traditional pause mechanisms
S3Permissionless ERC4626 withdrawals with no pause function, no address-level blocking, and no admin approval required
S4Full SPK token governance with Spark Risk Council review and multi-week upgrade process including mandatory voting periods
Key Risks
R1Young operational history since September 2025 with the vault untested under severe market stress conditions
R2Operational multisig signer identities not publicly disclosed, making independence unverifiable
R3SPK voting power concentration unverified with top holder control unknown
R4No dedicated loss reserve or safety module with binding activation rules for spUSDC depositors
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