Lend USDT into SparkLend's pooled reserve, borrowed only against a 100% blue-chip ETH/LST + BTC drawable set (every exotic/credit leg reads frozen at LTV-0) under Sky DAO's 48h-timelocked governance — a true S1-FLAT institutional pooled lender; A+ 94, shaded off 96 solely by the 94.76% first-party ALMProxy supplier concentration.
Risk profile
- ProtocolSparklendA⁺ (95)
- StrategySingle-asset lendingA⁺ (96)
- Collateralno collateral flagA (90)
- Liquidity24.7% withdrawable at snapshotB (76)
- Governanceno flags foundA (92)
- Concentrationtop-5 = 99.11%D (15)
- Exposure100% blue-chip ETH/LST + BTC drawable set
Profile shown. The grade is computed with hard caps, not an average of these axes. Risks
- Medium
Single-supplier liquidity concentration
Spark ALMProxy holds 94.76% of the reserve (top-5 = 99.11%) — a Sky governance/SLL decision to withdraw drives the reserve's available liquidity; mitigated by it being aligned first-party treasury (not a mercenary whale) and a $152.6M (24.7%) withdrawable buffer at 75% utilization
- Low
Pooled-lending socialized bad-debt risk
a liquidation shortfall on any drawable collateral (blue-chip ETH/LST or BTC at 74-85% LTV) is socialized across USDT suppliers — bounded by market-priced oracles, correlation-appropriate LTVs, and Sky/SparkLend liquidation machinery
- Low
USDT issuer/centralization risk
deposit is centralized fiat-reserve USDT (freeze-list authority, attestation-not-full-audit reserve transparency) — the standard blue-chip stablecoin counterparty risk, no active depeg
What makes the score
- AnchorS1 single-asset lending × P1 institutional96
- Adjustmentsdepositor concentration −2−2
- Score / 100Composite grade A+94
- −2 · depositor_concentration
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
- known-safe
- Stablecoin safety (Pharos)Pharos.watch grades major stablecoins; this token isn't in their coverage. Shown verbatim from Pharos — not a Yeelds score.
- Not graded by Pharos
- Admin key
- —
