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
Typed risks scored by severity, likelihood and impact, with the incident record behind them.
38
severity-weighted points across 16 typed risks · no critical risks
assessed Jul 2026Market
9· 4 risks
Technological
9· 4 risks
Counterparty
8· 3 risks
Governance
10· 4 risks
Regulatory
2· 1 risk
Every score is recomputed at render time from the typed risks below; nothing is hand-assigned. Each risk contributes its severity weight (critical 4 · high 3 · medium 2 · low 1) to its category; the headline number is the sum across all categories. Bars scale to this entity's highest category score. Scores are not comparable across tags because a permissionless-market protocol concentrates technological risk while an institutional-credit protocol concentrates counterparty and regulatory risk, and a single league table would misrepresent both.
Market 4 × → 9
Technological 4 × → 9
Counterparty 3 × → 8
Governance 4 × → 10
Regulatory 1 × → 2
Spark's posture is deliberately conservative on the lending side and aggressive on the balance sheet side, and the two must be assessed separately. SparkLend itself is a hardened Aave v3 fork with a three-oracle median across RedStone, Chainlink and Chronicle, a killswitch peg-ratio oracle, rate-limited caps and a tight collateral set that excludes BTC entirely (SparkLend docs). That conservatism paid off when the January 2026 deprecation spell froze rsETH three months before the Kelp exploit, leaving Spark with no direct exposure and attracting 1.4 billion USD of fleeing Aave deposits (Sky executive vote, Streetbrief). The real risk sits in the Spark Liquidity Layer, which allocates up to 1.1 billion USD directly to Ethena's USDe and sUSDe plus 200 million DAI to Pendle markets (Spark mirror post) and routes capital across CCTP, LayerZero, Maple and Superstate via a relayer whose own threat model assumes it can be fully compromised (SLL docs). Loss absorption is unusually deep, six layers ending in SKY token issuance and equal socialisation across USDS holders (Spark Savings docs), but that final layer means Spark depositors are ultimately Sky creditors. Net posture: low protocol risk, concentrated issuer and operational risk on the treasury side, with the strongest incident record of the five.
Market4
Technological4
Counterparty3
Governance4
Regulatory1
2 documented incidents · 29 Jan 2026 to 8 Jun 2026 · how the protocol behaved under stress, with sources.
29 Jan 2026
A Sky executive vote began Phase 1 deprecation of rsETH, ezETH and tBTC on SparkLend mainnet and of the entire SparkLend Gnosis market, setting all four to frozen.
DetailsA Sky executive vote began Phase 1 deprecation of rsETH, ezETH and tBTC on SparkLend mainnet and of the entire SparkLend Gnosis market, setting all four to frozen.
Outcome: tBTC's reserve factor was raised to 99 percent and Gnosis reserve factors to 50 percent; SparkLend then held no active rsETH exposure when the Kelp bridge was exploited on 18 April 2026.
Source8 Jun 2026
BTC e-mode was fully removed from SparkLend, executed in the June 2026 spell, with remaining positions force-liquidated.
DetailsBTC e-mode was fully removed from SparkLend, executed in the June 2026 spell, with remaining positions force-liquidated.
Outcome: Positions still open in BTC e-mode on 8 June 2026 were force-liquidated and the e-mode category was retired.
SourceEvent-type chips are categorised by event type against the risk taxonomy (a documented presentation mapping, not a dataset assessment). Amounts are the dataset's published figures; missing values were never published.
