Credit · Lending · SPK
Spark is a lending system built mainly around stablecoin liquidity, borrowing and yield (SparkLend + Spark Savings), routing USDS/DAI liquidity from the Sky/Maker ecosystem at scale.
Stablecoin-native credit stack tied to the Sky/Maker ecosystem.
SPK price
$0.0140
-0.7% 24h
Latest data · 15 min delay
Curated asset listings joined to their typed risks, with oracles and parameters.
Spark is the Sky (formerly MakerDAO) lending arm and its coverage is two different things at once. SparkLend is a deliberately short Aave v3 style collateral list: 18 reserves on Ethereum, of which only WETH, wstETH, WBTC, cbBTC, LBTC and weETH carry a non zero loan to value, while the dollar assets (USDC, USDT, USDS, PYUSD) are configured as pure borrow assets with LTV and at zero and effectively unlimited caps. The SparkLend documentation is explicit that the list is short by design, that ETH collateral is limited to wstETH and rETH, and that BTC e-mode was removed entirely. The second and larger half of Spark's asset coverage is allocation driven rather than collateral driven: the Spark Liquidity Layer moves USDS, USDC and USDT into Sky's PSM, Aave v3 and SparkLend, Spark curated Morpho vaults, Curve and Uniswap stablecoin pools, Ethena USDe and sUSDe, EtherFi weETH, Lido wstETH, Maple redemptions, Superstate USTB and OTC desks across Ethereum, Base, Arbitrum, Optimism, Unichain, Avalanche and Robinhood Chain, all under keccak256 keyed rate limits with a max amount and a refill slope, and any unapproved venue reverts. Spark Savings adds ERC-4626 vaults (spUSDC, spUSDT, spPYUSD, spETH, spUSDG, plus Sky's sUSDS and stUSDS) whose exposure is again allocation rather than collateral, per the Spark Savings documentation. So a reader comparing Spark to Aave on collateral lists alone will badly understate its asset footprint. SparkLend Ethereum, Pool `0xC13e21B648A5Ee794902342038FF3aDAB66BE987` and AaveOracle `0x8105f69D9C41644c6A0803fDA7D03Aa70996cFD9`, both from the Spark address registry. All 18 reserves are shown. Market size context, for scale rather than parameters: the Spark app reported total market size $5.554B, TVL $3.722B and total borrows $1.832B on the Ethereum market, with wstETH at 1.025M supplied and ETH at 484.4K supplied (Spark markets app).
Share of curated asset listings by role (count, not value).
| Asset | Role | Max LTV | Liq. threshold | Oracle | ||
|---|---|---|---|---|---|---|
WETH Ethereum | both | 85% | 86% | "Aggregated price feed ETH/USD from Chronicle, Chainlink, and RedStone oracles" | MTCG | |
wstETHNo borrow Ethereum | both | 83% | 84% | WSTETHExchangeRateOracle `0xe98d...39` | MTCG | |
cbBTC Ethereum | both | 81% | 82% | "Aggregated price feed BTC/USD from Chronicle, Chainlink, and RedStone oracles" | MTCG | |
Ethereum | collateral | 79% | 80% | WEETHExchangeRateOracle `0xbe21...f1` | MTCG | |
WBTC Ethereum | collateral | 77% | 78% | CLSynchronicityPriceAdapterPegToBase `0x230e...6f` | MTCG | |
LBTC Ethereum | collateral | 74% | 75% | "Aggregated price feed BTC/USD from Chronicle, Chainlink, and RedStone oracles" | MTCG | |
sDAILTV withdrawn Ethereum | collateral | Withdrawn | 80% | SavingsDaiOracle `0x0c08...36` | MTCG | |
sUSDSLTV withdrawn Ethereum | collateral | Withdrawn | 80% | SavingsDaiOracle style contract `0x27f3...56` | MTCG |
Full narratives on the Risks tab.
Risk-linked assets with no row in this entity's asset table: All SparkLend collateral, PT-sUSDe, SKY, USDe, USTB, all Gnosis market assets, sUSDe, spETH, spUSDG. These are real dependencies that sit outside the curated top 20, so render them as text in the risk drill down rather than as a clickable asset row.
| Asset | Role | Borrow cap | Supply cap | Oracle | ||
|---|---|---|---|---|---|---|
WETH Ethereum | both | 425,942 WETH | 584,873 WETH | "Aggregated price feed ETH/USD from Chronicle, Chainlink, and RedStone oracles" | MTCG | |
Ethereum | both | Borrowing disabled | 1,074,703 wstETH | WSTETHExchangeRateOracle `0xe98d...39` | MTCG | |
cbBTC Ethereum | both | 155 cbBTC | 3,001 cbBTC | "Aggregated price feed BTC/USD from Chronicle, Chainlink, and RedStone oracles" | MTCG | |
Ethereum | loan | no cap set | no cap set | FixedPriceOracle `0x42a0...77` | MTCG Reg | |
USDC Ethereum | loan | effectively unlimited | effectively unlimited (68,719,476,735) | FixedPriceOracle `0x42a0...77` | MTCG Reg | |
USDT Ethereum | loan | effectively unlimited | effectively unlimited | FixedPriceOracle `0x42a0...77` | MTCG | |
PYUSD Ethereum | loan | effectively unlimited | effectively unlimited | FixedPriceOracle `0x42a0...77` | MTCG | |
DAIFlagged Ethereum | loan | no cap set | no cap set | FixedPriceOracle `0x42a0...77` | MTCG |
Full narratives on the Risks tab.
Risk-linked assets with no row in this entity's asset table: All SparkLend collateral, PT-sUSDe, SKY, USDe, USTB, all Gnosis market assets, sUSDe, spETH, spUSDG. These are real dependencies that sit outside the curated top 20, so render them as text in the risk drill down rather than as a clickable asset row.
Chronicle, Chainlink and RedStone, median of three
Three oracle median, average of two when one is stale, single feed fallback; the on chain feed literally describes itself as an aggregated Chronicle, Chainlink and RedStone price
Chainlink synchronicity adapter
BTC pegged adapter over Chainlink
Protocol internal exchange rate oracles
Contract names WSTETHExchangeRateOracle, RETHExchangeRateOracle, WEETHExchangeRateOracle, EZETHExchangeRateOracle, RSETHExchangeRateOracle, SavingsDaiOracle
SparkLend AaveOracleKillswitch peg ratio oracle
Compares market price to the underlying peg ratio and halts new borrowing on deviation
SparkLend docsLiq. bonus 5%Supply cap 584,873 WETHBorrow cap 425,942 WETHE-Mode category 1 (ETH)
Liq. bonus 7%Supply cap 1,074,703 wstETHE-Mode category 1
Liq. bonus 8%Supply cap 3,001 cbBTCBorrow cap 155 cbBTCe-mode removed in June 2026
Liq. bonus 8%Supply cap 38,372 weETHBorrow cap 0not in an e-mode category
Liq. bonus 7%Supply cap 3,054 WBTCBorrow cap 104 WBTCe-mode removed
Liq. bonus 8%Supply cap 3,390 LBTCBorrow cap 0e-mode category set to 0 in the June 2026 spell
Liq. bonus 5%Supply cap 1 (supply closed)Borrow cap 0E-Mode category 2
Liq. bonus 5%Supply cap 1 (supply closed)Borrow cap 0E-Mode category 2
Liq. bonus 7%Supply cap 18,514 rETHE-Mode category 1
Liq. bonus 8%Supply cap 177 tBTCBorrow cap 32 tBTCnone
Liq. bonus 10%Supply cap 5,001 ezETHBorrow cap 0none
Liq. bonus 10%Supply cap 5,015 rsETHBorrow cap 0none
Liq. bonus 10%Supply cap no cap setBorrow cap 0isolation mode, debt ceiling 5,000,000
Liq. bonus 0%Supply cap no cap setBorrow cap no cap setborrowable in isolation
Liq. bonus 0%Supply cap effectively unlimited (68,719,476,735)Borrow cap effectively unlimitedE-Mode category 2
Liq. bonus 0%Supply cap effectively unlimitedBorrow cap effectively unlimitedE-Mode category 2
Liq. bonus 0%Supply cap effectively unlimitedBorrow cap effectively unlimitedE-Mode category 2
Liq. bonus 4.5%Supply cap no cap setBorrow cap no cap setborrowable in isolation
BTC efficiency mode was deprecated on 4 June 2026 and any remaining BTC e-mode borrow positions were force liquidated on 8 June 2026, after a publicly telegraphed notice; the spell removed e-mode category 3 (label BTC, 85 percent LTV, 90 percent threshold, 2 percent bonus) from both assets
LTV cut from 75 to 0 and liquidation threshold from 76 to 70 in the June 2026 spell, and the reserve now reads frozen, consistent with the April 2026 Kelp bridge exploit
Same June 2026 treatment as rsETH, LTV 75 to 0 and threshold 76 to 70
LTV cut from 74 to 0 and threshold from 75 to 70 in June 2026; the 99 percent reserve factor pushes borrowers out
Reserve reads frozen with LTV 0, and the liquidation threshold was cut from 80 to 70 in June 2026, even though the docs still describe rETH as one of two ETH e-mode collaterals
Isolation mode with a 5,000,000 debt ceiling, a 25 percent liquidation threshold, LTV 0 and flash loans disabled, a leftover from the Gnosis era
Both read a supply cap of 1, so no new collateral can enter; sUSDS exposure now runs through Spark Savings rather than SparkLend
Liquidation threshold of 0.01 percent with LTV 0, a wind down configuration for the legacy Maker dollar
Governed via Spark + Sky governance (USDS/DAI risk and savings rate).
Spark + Sky governance coordinate USDS/DAI risk and savings rate.
Part of the Sky/Maker ecosystem; EVM-oriented (IQ.wiki).
Audit / exploit history
Forked from audited Aave V3 code with additional Spark-specific audits.
Curated list ranked by size and strategic importance; not the exhaustive on-chain asset universe. Data as of 2026-07-26.
