SparkLend
Best for independently tracked protocol
How it rates
- Audit report linked from a public dataset
- TVL of $3,751m recorded independently
- No accounting methodology published at this check
Each indicator scores 2, 1 or 0. A pillar is the points earned over the points available; the overall score is the weighted sum. Every source below is public — check any of them yourself.
- MetIndependent audit report linked publicly
Audit report linked from the public protocol dataset.
devs.spark.fi/security/security-and-audits - Met
- MetTracked by an independent analytics platform
Listed with published TVL and history.
defillama.com/protocol/sparklend - Not metAccounting methodology published in the dataset
No methodology published at this check.
defillama.com/protocol/sparklend - Met
- Met
- MetProtocol economics published independently
TVL and change history published.
defillama.com/protocol/sparklend - Not met
- PartialFee or reward model documented publicly
Application reachable for review; specific rates not captured at this check.
spark.finance/ - MetNo account required to reach the application
Reachable without an account at this check.
spark.finance/
- MetTotal value locked published independently
TVL $3,751m at this check.
defillama.com/protocol/sparklend - Met
- Met
- Met
- MetListed on the dataset for over a year
Listing date recorded in the dataset.
defillama.com/protocol/sparklend
- MetIndependent analytics page published
Public protocol page with history.
defillama.com/protocol/sparklend - Met
- Met
- Met
- Not met
- Met
- Met
- Met
- Not met
- Met
A lending market holding $3.75bn across two chains, closely integrated with the Sky stablecoin ecosystem and its liquidity provisioning.
Our assessment
SparkLend holds $3.75bn across two chains with two audits and reports linked. It functions as the lending arm of the Sky ecosystem, with deep integration into that system's stablecoin and its allocation of capital.
Integrated liquidity changes the rate dynamics
Where a lending market can draw liquidity directly from an affiliated stablecoin issuer, borrow rates behave differently from a purely market-driven pool: the issuer can supply at scale to anchor rates rather than letting utilisation set them. That produces more stable borrowing costs and it means rates reflect a governance decision as much as supply and demand.
Dependency runs both ways
The lending market's health matters to the stablecoin's backing, and the stablecoin's stability matters to the lending market's collateral. That interdependence is the core structural fact here. It has worked well through several cycles, and it means the two should be assessed together rather than as independent products.
Evidence position
Two audits with linked reports and substantial scale are strong. The indicators that hold it below the top group are in transparency and documentation — parameter and incident documentation at stable public addresses, which for a protocol of this size would be straightforward to publish.
Who it suits
SparkLend fits users already within the Sky ecosystem who want deep, rate-stable borrowing. Users wanting a lending market independent of a stablecoin issuer should use Aave or Compound.
How rivals compare
Frequently asked
Does this score mean SparkLend is safe?
No. It measures what an outsider can verify: linked audits, published methodology and independently recorded market data. Contract risk is not tested by us.
Where do the TVL and audit figures come from?
A public analytics dataset queried at the verification date, plus the audit reports it links. Both are re-runnable by anyone.
Why do some protocols score zero on audits?
Because no audit report is linked in the public record. The indicator records what a user can reach, not a claim that no audit exists.