[Ethereum] Spark Blue Chip USDT Morpho Vault v2 Adjustments - March 23, 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:

We propose to make the following changes to Spark Morpho vaults. Approved changes will be implemented by the vault curator, under authorization of Spark Artifact section A.6.1.1.1.3.9.

Note that these proposals assume passage of SAEP-13. In the case where SAEP-13 is not approved by governance, these polls will be rejected and disregarded by default.

[Ethereum] Spark Blue Chip USDT Morpho Vault v2

• sUSDS/USDT 96.5% LLTV pool
  • Pool ID: 0x3274643db77a064abd3bc851de77556a4ad2e2f502f4f0c80845fa8f909ecf0b
  • Absolute cap: Unlimited
  • Relative cap: 100%
• wstETH/USDT 86% LLTV pool
  • Pool ID: 0xe7e9694b754c4d4f7e21faf7223f6fa71abaeb10296a4c43a54a7977149687d2
  • Absolute cap: 250 million
  • Relative cap: 100%
• WBTC/USDT 86% LLTV pool
  • Pool ID: 0xa921ef34e2fc7a27ccc50ae7e4b154e16c9799d3387076c421423ef52ac4df99
  • Absolute cap: 100 million
  • Relative cap: 100%
• cbBTC/USDT 86% LLTV pool
  • Pool ID: 0x45671fb8d5dea1c4fbca0b8548ad742f6643300eeb8dbd34ad64a658b2b05bca
  • Absolute cap: 250 million
  • Relative cap: 100%

Note the per asset absolute caps will be set as the sum of any absolute pool caps using that collateral asset, and relative caps as the highest relative pool cap referencing the asset.

We propose that Spark Governance approve onboarding of the above pools to the Spark Blue Chip USDT Morpho vault. The pools above are already highly scaled, and will provide Spark with a useful venue for capital allocation of USDT reserves, helping to improve the financial performance of Spark’s USDT strategy and spUSDT backing. Additionally, because these markets already have high scale, Spark can potentially benefit from enhanced liquidity on small to moderate scale allocations into these markets (withdrawal capacity being partly underwritten by other users’ deposits).

We propose an unlimited absolute cap to the sUSDS pool, as this collateral asset is fully within the Sky ecosystem governance perimeter and Spark effectively has full, existential exposure to the solvency of this asset already, irrespective of any allocation into Morpho pools using it as collateral. For the other assets, wstETH, cbBTC, and WBTC, we propose moderate absolute exposure caps in line with expected usage over the near term. Each of these assets is highly liquid onchain and already accepted within SparkLend and deeply familiar to the Sky ecosystem.

The proposed Spark Artifact changes can be found in the following pull request: https://github.com/sky-ecosystem/next-gen-atlas/pull/210

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.