陈剑Jason|Mar 12, 2026 06:54
AAVE has truly entered a turbulent period, having just experienced DAO's tearing up of a large number of core contribution teams and the erroneous liquidation of $27 million due to a oracle bug. On the contrary, Spark, which forked from AAVE, outperforms others in DAO governance and protocol mechanism design, taking on the outflow of funds from AAVE. For example, Sun Yuchen and other giant whales recently withdrew $1 billion from AAVE and deposited it into Sky and Spark.
Spark benefits from Sky's subDAO design, which has a relatively balanced distribution of benefits among different roles and is prone to tearing and splitting plots. In addition to governance, the protocol design itself, although forked, has undergone a lot of optimization, such as the oracle bug issue this time.
Firstly, whether it is AAVE or Spark, most lending protocols will support wrapper coins such as wstETH and cbBTC. The biggest risk faced by wrapper coin collateralized lending is the possibility of large-scale liquidation due to abnormal detachment from the anchor, or the creation of false collateral value due to malicious manipulation, thereby lending out more excess funds and running away.
So in order to prevent packaging coins from becoming unanchored, the most crude way is to completely write the price 1:1 or add an insurance restriction mechanism for abnormal price fluctuations.
AAVE uses a mechanism called CAPO to prevent oracle manipulation attacks on these packaging coins. It directly sets the maximum range of exchange rate fluctuations to prevent drastic fluctuations. After the underlying oracle reads the real price, CAPO needs to intervene to determine whether the exchange rate is reasonable.
But if the update time of CAPO itself cannot keep up with the latest price read in real-time by the oracle, there may be judgment errors. This time, the actual real exchange rate has risen to 1.228, but the system update is slow and forced to return 1.193. Therefore, the value of wstETH was artificially lowered by 2.85%, leading to the bursting of highly leveraged positions.
Spark directly reads the underlying native oracle prices of issuers using these packaging coins, rather than prices from the market, naturally without the influence of external noise, and without the need for additional CAPO complex protection layers like AAVE to bring more risks. For example, this wstETH is issued by Lido, so the corresponding exchange rate in Lido's contract will be synchronized daily. As long as Lido can ensure a rigid 1:1 redemption of wstETH and ETH, this exchange rate is safe and reliable. However, if there is a problem with the underlying assets, Spark governance will quickly intervene, such as suspending the swtETH market.
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