Spark WETH is the SparkLend WETH lending market on Ethereum where suppliers deposit WETH and receive an spWETH receipt token that accrues interest. Yield is generated from interest paid by overcollateralized borrowers under an Aave v3 forked codebase. The market is governed by the Sky/MakerDAO ecosystem with risk parameters managed by the Spark Risk Council and BA Labs.
AUM
$755m
Net APY
1.44%
Active Users
3k
Type
Lending
Network
Ethereum
BB+
Elevated RiskCeiling AA+
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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 AA+ reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.
SCSSmart Contract Security94
KMPKey Management Permissions81
MMarket83
LLiquidity85
CCollateral100
PMProtocol Mechanics100
ICEInfra Counterparty Exposures100
PCEProtocol Counterparty Exposures100
GGovernance78
FRFinancial Resilience73
TLCTeam Legal Compliance91
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▼ 28.58%
$755m
Over the last 30 days, the total value of Spark WETH has dropped 28.58% with $302.03M in outflows.
Supply APY · 30D▼ 13.25%
1.44%
Over the last 30 days, the APY has decreased from 1.66% to 1.44%.
Active Users · 30D▼ 0.58%
3k
Over the last 30 days, active users have decreased by 0.58%, reaching 3.4K wallets.
Market Details
ChainEthereum
Treasury$80.00M
Code AuditsChainSecurity (SparkLend Deployment Verification) ↗ChainSecurity (SparkLend Advanced) ↗ChainSecurity (SparkLend Cap Automator) ↗Cantina (Spark Liquidity Layer) ↗OpenZeppelin (Aave V3) ↗Trail of Bits (Aave V3) ↗Sigma Prime (Aave V3) ↗PeckShield (Aave V3) ↗ABDK (Aave V3) ↗Certora (Aave V3 Formal Verification) ↗
Protocol BaseAave v3
Stated Withdrawal TimeInstant
Component Ratings
Contract Addresses
Smart Contract0x59cD...cD71DB
Oracle0x8105...96cFD9
Treasury0xb137...46ECe5
ACLManager0xdA13...2b510C
LendingPool0xC13e...6BE987
UnderlyingWETH0xC02a...756Cc2
PoolConfigurator0x542D...0E0738
GovernanceExecutor0x3300...6af8c4
Key Strengths
S1Aave v3 forked codebase inherits multiple top-tier audits including OpenZeppelin, Trail of Bits, Sigma Prime, PeckShield, ABDK, and Certora formal verification, supplemented by ChainSecurity audits of SparkLend deployment, Cap Automator, and Advanced features
S2Active Immunefi bug bounty with top-tier maximum payout for critical vulnerabilities and hundreds of assets in scope, in place since November 2023
S3Three-oracle redundancy via Aggor aggregating Chronicle, Chainlink, and RedStone feeds for ETH/USD pricing, replacing more vulnerable Uniswap TWAP fallback
S4Demonstrated stress resilience: WETH withdrawals remained available during the April 2026 ecosystem stress event when comparable lending markets hit full utilization, with TVL growing materially as users sought safer venues
Key Risks
R1Freezer multisig signer identities, threshold, and signer count are not publicly documented, preventing independent verification of the emergency response chain
R2No dedicated safety module ring-fenced for SparkLend depositors; Sky Surplus Buffer provides implicit but non-binding backing without formal activation rules for market-specific losses
R3Spark DAO treasury is shared across all Spark products, with the liquid stablecoin portion representing only a low single-digit percentage of SparkLend TVL and a meaningful share held in the protocol's own governance token
R4No named third-party monitoring provider documented for SparkLend specifically and no published 24/7 on-call SLA or incident playbook for governance key compromise scenarios
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