⚠️ A major incident occurred with Aave a few days ago, caused by a technical misconfiguration that led to a price oracle failure, resulting in $27 million in liquidations.
I took a look, and in fact, Aave's oracle design itself is not the problem;
most assets use Chainlink directly, but for assets like wstETH, Aave adds an additional layer of CAPO on top of Chainlink, managing prices with methods such as upper and lower limits and parameter adjustments.
But the side effects are quite obvious—
as more assets are added, it becomes virtually unrealistic to rely solely on one original feed to manage everything. As long as manual parameters are introduced, there will always be configuration risks.
Looking at this incident in the context of DeFi's history, it has actually happened many times before; Compound also experienced abnormal liquidations due to oracle deviations in its early days.
It can be said that the safety boundary of lending protocols is essentially the oracle.
In contrast, Spark @sparkdotfi's design has some advantages:
It connects to three sets of oracle feeds—RedStone, Chainlink, and Chronicle—simultaneously, and this data will verify each other. If any feed shows significant deviation, the system can ignore it or pause the market.
For assets like wstETH, Spark doesn't even design an additional price logic; instead, it directly reads the exchange rate of stETH, combining it with the ETH price, to try to bring the price back to the asset itself.
Spark's approach in this matter is closer to the risk attitude of doing financial infrastructure: the pricing system should prioritize avoiding misjudgments before pursuing speed.
This is not the same logic that many lending protocols adopt, which prioritize rapid expansion from the get-go.
This might also be an important reason why many big players are shifting their positions towards Spark; in a market like DeFi that is closest to money, one word: stability, is more important than anything else!
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