Lending · SPK · $6.3B TVL. Screen grades as of November 12, 2026: Solvency A, Legitimacy A, Growth BB. Sky subDAO; inherits Maker risk framework.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $3.7B | $6.3B |
| 12-month TVL change | -15% | -21% |
| Worst 90-day drawdown | 30% | 16% |
| Drawdown scored | 30% (90-day only, v1.0) | 21% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | A · 74 | A · 79 |
| Growth | BB · 54.8 | BB · 47.8 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates.
Solvency screens at A (79 / 100), unchanged from the July 27, 2026 screen. The worst 90-day TVL drawdown is 16% and 12-month TVL change is -21%. TVL stability is scored on the 12-month decline of 21%, because it is worse than the latest 90 days. Sustainability ratio (3x), unlock pressure (5%) and risk quality (8 / 10) are carried over from July 27, 2026.
Legitimacy screens at A (71 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026.
Growth screens at BB (47.8 / 100), unchanged from the July 27, 2026 screen. TVL is $6.3B, -21% over twelve months (it was -15% at the previous screen). Category share (15%) and momentum (6 / 10) are carried over from July 27, 2026.
The credit grade is Solvency A. Legitimacy is A and the Growth outlook is BB; the weakest axis is Growth. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can Spark survive stress and pay its users back. Legitimacy (A) and the Growth outlook (BB) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| Spark (this page) | A | A | BB |
| Aave | A | AA | BB |
| Morpho | A | AA | A |
| JustLend | A | BB | BBB |
| Kamino | BBB | BBB | B |
| Compound | BBB | A | B |
| Venus | A | BB | CCC |
| Suilend | BB | BB | CCC |
| Euler | BB | A | B |
| Benqi | BB | BBB | CCC |
| NAVI | B | BB | CCC |
| Moonwell | BB | BBB | CCC |
Spark is Sky's lending subDAO — an Aave-lineage money market wired directly into the USDS ecosystem, deploying Sky's balance sheet as deep, protocol-owned liquidity. At $3.7B TVL it functions less like a startup lender and more like the credit arm of an established stablecoin issuer.
Solvency screens at A. The ~3x sustainability ratio benefits from Sky's direct liquidity provision, drawdown has been moderate, and the risk framework is inherited from the most battle-tested collateral operation in DeFi. Unlock pressure around 5% is the only middling input as SPK distribution proceeds.
Legitimacy screens at A: audits are solid, the team executes within Sky's published roadmap, and delivery has been consistent. Governance scores 5/10 — as a subDAO, Spark's autonomy is real but bounded, and accountability routes through Sky's layered Endgame structure.
Growth screens at BB. A comparatively shallow TVL decline (~15%) and decent momentum from the Sky ecosystem integration are offset by 15% category share in lending's crowded field. Its growth is structurally tied to USDS adoption.
Composite BB. Effectively a leveraged bet on Sky's ecosystem executed with strong engineering. A full rating would analyze it jointly with Sky, since its credit profile cannot be separated from its parent's.
