SparkDAO review
SparkDAO runs Spark, the Sky (formerly MakerDAO) ecosystem's lending brand, and curates two very large USDC vaults on Morpho. It posted the fastest growth in the field off a small 90-day base, but its assets sit in a single dominant market, the most concentrated book of any ranked curator.
The numbers
| Metric | Value | Score | Source |
|---|---|---|---|
| Assets under curatorship29% | $311.7M | 9.5/10 | Morpho 2026-09-22 |
| 90-day growth18% | +3349.3% | 10.0/10 | Morpho 2026-09-22 |
| Concentration24% | 99.7% | 3.0/10 | Morpho 2026-09-22 |
| Utilisation12% | 90.1% | 8.0/10 | Morpho 2026-09-22 |
| Fee17% | 9.71% | 7.0/10 | Morpho 2026-09-22 |
Concentration and utilisation are AUM-weighted across the firm’s listed vaults. Each metric is scored 0–10 on fixed open-data thresholds (see the methodology). Active depositor counts have no reliable open feed, so that metric is left out of the rubric rather than estimated.
- 90-day growth: +3349.3% (10.0/10)
- Assets under curatorship: $311.7M (9.5/10)
- Utilisation: 90.1% (8.0/10)
- Concentration: 99.7% (3.0/10)
Who it’s for
Depositors who want the deepest, most battle-tested book in this field and will trade a little transparency for scale.
Anyone who wants diversification: almost all of the book sits in one market, so its fate rides on that single position.
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