[Ethereum] Spark Liquidity Layer - Onboard Morpho v2 USDT Vault - February 16, 2026

Spark's Operational Facilitator has placed a proposal into the voting system on behalf of nested contributor Phoenix Labs.

Review

The Spark community can hereby express support or opposition to the following changes, as described by the author of the proposal:

Onboarding a Morpho v2 USDT vault will give SLL an additional venue for allocating USDT liquidity. This is particularly valuable in the short term as it will allow Spark to lend USDT against RWAs, tokenized strategy vaults, and other assets that are more appropriate for isolated collateral mechanisms rather than pooled collateral/cross margin like SparkLend.

The Morpho vault will adhere to our standard permissions and admin structure, with allocator role held by SLL, curator held by a Spark multisig, Sentinel (Guardian / veto role) held by external oversight bodies affiliated with Sky, and owner held by governance (the Spark SubDAO Proxy). Because the vault will operate under the same Spark and Sky governance root authority as SparkLend, it is safe to implement relatively high SLL rate limits, which will give the SLL better flexibility to accommodate potential high deposit and withdrawal flows in the Spark Savings USDT vault.

Parameter summary:

• Morpho vault configuration
  • Address: to be provided before executive vote
  • Allocator: 0x1601843c5E9bC251A3272907010AFa41Fa18347E (ALM Proxy)
  • Curator: 0x0f963A8A8c01042B69054e787E5763ABbB0646A3
  • Sentinel (Guardian): 0xf5748bBeFa17505b2F7222B23ae11584932C908B
  • Owner: 0x3300f198988e4C9C63F75dF86De36421f06af8c4 (SubDAO Proxy)
• SLL configuration
  • Deposits
    • maxAmount: 50 million
    • slope: 1 billion
  • Withdrawals
    • maxAmount: Unlimited

The proposed Spark Artifact changes can be found in the following pull request: https://github.com/sky-ecosystem/next-gen-atlas/pull/184

Outcomes

• If "For" receives the most votes, the proposal will be approved. The associated pull request will be merged into Spark's artifact. When required, the listed changes will proceed to implementation by the relevant actors.
• If "Against" receives the most votes, the proposal will be rejected. No changes will be implemented.