Spark

Spark spUSDC

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

$389.60m+62.46%

APY

3.86%-3.5%

BBRated Protocol

Updated Mar 9, 2026

Risk Rating

AAAAAABBBBBBCCCCCCD

This rating is based solely on publicly available information. 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.

SCS: Smart Contract Security

KMP: Key Management Permissions

M: Market

L: Liquidity

C: Collateral

PM: Protocol Mechanics

ICE: Infra Counterparty Exposures

PCE: Protocol Counterparty Exposures

G: Governance

FR: Financial Resilience

TLC: Team Legal Compliance

DT: Documentation Transparency

Potential Score

Provider risk assessed across Business, Operations, Reliability, and Security.

View the detailed scoring breakdown

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Contract Addresses

VaultContract

0x28B3...a43d

ALMProxy

0x1601...347E

ALMController

0xc9ff...eE32

ALMFreezerMultisig

0x90D8...3431

GovernanceExecutor

0x3300...f8c4

SparkFoundationMultisig

0x92e4...F5ec

Key Strengths

Extensive audit coverage with dual independent audits from ChainSecurity and Cantina across all core components, totaling over 22 audit reports
On-chain rate-limit architecture automatically bounds relayer compromise exposure per operation, providing stronger protection than traditional pause mechanisms
Permissionless ERC4626 withdrawals with no pause function, no address-level blocking, and no admin approval required
Full SPK token governance with Spark Risk Council review and multi-week upgrade process including mandatory voting periods
Fully organic yield from lending and savings rate income with no emission dependency or incentive-driven returns
Comprehensive threat model documenting attack scenarios, trust assumptions, and mitigations alongside a canonical address registry

Key Risks

Young operational history since September 2025 with the vault untested under severe market stress conditions
Operational multisig signer identities not publicly disclosed, making independence unverifiable
SPK voting power concentration unverified with top holder control unknown
No dedicated loss reserve or safety module with binding activation rules for spUSDC depositors
Broad counterparty exposure via the Spark Liquidity Layer deploying into venues without established tier ratings