[Ethereum] Spark Liquidity Layer - Onboard syrupUSDT - October 20, 2025

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:

Spark has allocated capital into Maple’s custodial lending infrastructure since earlier this year through the syrupUSDC token. While Spark is now also allocating USDT into defi opportunities, previously the size and liquidity of Maple’s syrupUSDT strategy was too small to justify integration. But with the recent Plasma predeposit and incentives campaigns live, the syrupUSDT pool has now grown to a significant size and healthy liquidity depth.

The overall backing composition of syrupUSDT is largely similar to syrupUSDC, comprising offchain collateralized lending with the underlying assets held in custodians. The unborrowed liquidity for USDT is currently deposited in Aave Core aUSDT, vs for USDC where it is usually deposited in Sky Savings Rate / sUSDS. In the future, Maple may be able to deposit unused USDT liquidity into SparkLend.

Refer to the risk assessment for syrupUSDC from initial onboarding for additional details about how Maple works.

Parameter summary:

• syrupUSDT address: 0x356B8d89c1e1239Cbbb9dE4815c39A1474d5BA7D
• Deposits
  • maxAmount: 50 million
  • slope: 10 million per day
• 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/85

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.