Spark USDC Vault
Risk reportBase0x7bfa…f34a
Risk
Depositing into Spark USDC Vault means underwriting risks you usually can't see: how much you could lose, whether you'd get out in time, and what would cover it.
Left to right, a deeper collateral crash. Hover any point for the scenarios that drive the loss — only a smart-contract bug reaches a total loss.
Collateral and oracle exposure
Each token you're exposed to, and the market it backs. If that market breaks, this is how much the vault loses, in dollars and as a share of the vault. Open a row for the price feed, stress curve, and supply-cap detail. Below, the oracles those prices depend on and what is at stake if one is compromised.
Driven by WETH $1.02m · cbBTC $107,991 · −100% $6.04m modeled all-to-zero bad-debt ceiling
WETHMarketChainlink$5.46m81% of vault · bad debtOracle exposure $633,824$6.09m90% of vault$5.46m81% of vault$633,824separate path
WETHMarketChainlink$5.46m81% of vault · bad debtOracle exposure $633,824What it's made of
WETH is priced via ETH / USD, quoted in USDC / USD — 2-hop market-rate feeds (Chainlink).
- → USDC86% LLTV0xfea2…afe4Chainlink
If it breaks
vault −30%cbBTCMarketChainlink$580,4509% of vault · bad debtOracle exposure $67,244$647,69410% of vault$580,4509% of vault$67,244separate path
cbBTCMarketChainlink$580,4509% of vault · bad debtOracle exposure $67,244What it's made of
cbBTC is priced via BTC / USD — market-rate feed (Chainlink).
- → USDC86% LLTV0x663b…39b9Chainlink
If it breaks
vault −30%Oracle dependencies
1 feed · 1 control pointUp to$701,068drainable if these feeds are mispriced · 10% of vault
Each price traces to a feed and the on-chain admin that can move it. Compromise either to misprice the collateral and borrow against it. Per-row amounts overlap and are not summed.
- Chainlink·a 4/9 Safe multisigprices WETH, cbBTC0xf0db…5b1b$701,068 · 10% of vaultdrainable if it is compromised
Loss scenarios
Each row is a distinct failure. Possible loss is the share of your deposit at the selected collateral drop; Worst case is the ceiling if everything goes wrong — a conditional loss if it happens, not a likelihood. Price-scaling rows move with the drop selector; the rest are fixed. Enter a deposit to see the dollar figures as your own. Open a row for conditions, mitigations, and the math.
| Full-deposit & protocol-level(2) | |||||
| 100% | $6.74m | Full deposit | Instant | ||
| 17% | $1.12m | up to $6.04m | Instant | ||
| Price-driven collateral stress(1) | |||||
| 17% | $1.12m | up to $6.04m | Instant | ||
| Oracle & liquidation failures(4) | |||||
| 17% | $1.12m | up to $6.04m | Instant | ||
| 17% | $1.12m | up to $6.04m | Instant | ||
| 17% | $1.12m | up to $6.04m | Instant | ||
| — | — | up to $701,068 | Instant | ||
| Vault role & allocator(4) | |||||
| — | — | Full deposit | 10 days | ||
| — | — | Full deposit | Instant | ||
| — | — | up to $3.37m | 10 days | ||
| — | — | $0 | Instant | ||
Trust and control
The people and processes that can change this protocol under you.
Vault operators
The roles that can actually move your deposit — the real principal-loss path.
Role timelock 10 days to exit before owner/curator actions land
Allocators1 · 1 contractReaches deposit · instant
Moves funds between markets the curator has ALREADY approved — instantly, with NO timelock and no exit window. Cannot reach a brand-new market, but can concentrate you into an approved-but-stressed market or order withdrawals so you hit weak liquidity first.
- contract0x92d7…ddf9
Audits
- Certora· 15 Dec, 2025report
- Blackthorn· 4 Dec, 2025report
- Spearbit· 4 Dec, 2025report
- Blackthorn· 15 Sep, 2025report
Governance & control
Protocol-wide governance: bounded context, not the path to your deposit.
MORPHO0x58D9…c2B2Dependencies that can affect your deposit
10 things this pool relies on but doesn't control. Select one for its story.
Every Morpho Blue market chooses an immutable oracle contract at creation; implementations can be Chainlink-like, exchange-rate, fixed-price, or custom. Failure modes: attacker-favourable price feed (covered in market-oracle-compromise) or price() revert / staleness blocking liquidations (covered in oracle-liveness-or-malfunction).
No quantified loss scenario references this dependency directly.