Deposit WETH, lent against blue-chip ETH/BTC collateral only (wstETH/WBTC/weETH/cbBTC/LBTC) on SparkLend's Aave-fork machinery under Sky DAO 48h-timelock governance — the exotic LRT legs are frozen at LTV-0 and excluded; clean S1 FLAT, dinged 1 point for 81% utilization.
Risk profile
- ProtocolSparklendA⁺ (95)
- StrategySingle-asset lendingA⁺ (96)
- Collateralno collateral flagA (90)
- Liquidity18.8% withdrawable at snapshotB⁻ (69)
- Governanceno flags foundA (92)
- Concentrationtop-5 = 54.90%A⁻ (85)
- Exposureblue-chip ETH-LST + BTC drawable set
Profile shown. The grade is computed with hard caps, not an average of these axes. Risks
Utilization at 81.23% (just over the 80% line) means a large simultaneous withdrawal + new-borrow surge could thin the ~18.8% withdrawable buffer and lift exit slippage/wait, though IRM repricing and looper repayment normally free liquidity (Low).
Pooled bad-debt socialization
a liquidation shortfall on any drawable collateral (wstETH/WBTC/weETH/cbBTC/LBTC) is shared across WETH suppliers — currently unbacked=0 with conservative 74-83% LTVs and pristine blue-chip collateral, so the surface is small (Low).
Governance is Sky DAO via DSChief token-holder voting behind a 48h MCD_PAUSE timelock and SparkProxy/PauseProxy ACL
mature and timelocked, but a malicious-or-coerced governance majority could re-point oracles/params after the 48h delay (Low).
What makes the score
- AnchorS1 single-asset lending × P1 institutional96
- Adjustmentsutilization withdrawal liquidity −1−1
- Score / 100Composite grade A+95
- −1 · utilization_withdrawal_liquidity
Contract & governance
- Contract age
- —
- Audited
- No
- Verified
- —
- Depositor concentrationShare of the vault held by the top 5 wallets. Lower = more distributed. High concentration means one large depositor exiting can drain liquidity.
- —
- Depeg risk
- —
- Admin key
- —
