BroadChain learned that at 14:00 on April 24, Spark recently attracted $1.3 billion in funds against the market turmoil caused by the rsETH cross-chain vulnerability, with its risk control system becoming the focus. Spark and Phoenix Labs co-founder Sam MacPherson wrote an article detailing the platform's multi-layer fund safety net mechanism.
Spark Savings, as a non-custodial savings vault, supports deposits of stablecoins such as USDT, USDC, and USDS to earn on-chain yields. All USD-denominated deposits are backed 1:1 by USDS and share the same priority as USDS, with the full financial strength of the Sky ecosystem supporting each deposit.
In terms of loss protection, Spark has built a six-layer capital structure. The first layer is internal primary risk capital, with Spark holding over $35 million in stablecoin equity capital as the first line of defense; the second layer is supplemented by external primary risk capital via Prime; the third layer plans to deploy the srUSDS smart contract to provide external senior risk capital; the fourth layer is the surplus buffer of the Sky protocol, accumulating stability fees and liquidation penalties to cover bad debts; the fifth layer is the comprehensive surplus buffer, which can call on other Prime's internal capital to address significant losses; the sixth layer replenishes the protocol through the issuance of additional SKY tokens. Only after all risk capital and token backing are exhausted will remaining losses be fairly distributed proportionally among all USDS holders (including Spark Savings vaults).
In terms of liquidity, the Spark Savings USDT vault maintains an instant redemption buffer of over $400 million USDT, while the USDC vault has a redemption capacity of billions of dollars through integration with Sky PSM. The vault contract retains a maximum liquidity buffer of $10 million, with large withdrawals processed via an asynchronous liquidity intent mechanism, typically completed within 1 minute (5 Ethereum blocks). The Spark Savings vault maintains industry-leading transparency in terms of backing assets and allocation strategies, with real-time data accessible through channels such as data.spark.fi, info.skyeco.com, and app.spark.fi.