Spark Blue Chip USDT VaultV2
A Morpho V2 vault on Ethereum that lends out USDT deposits, curated by SparkDAO. Depositors earn 3.68% a year right now after a 10% performance fee.
Data from Morpho's API · updated
Net APY
3.68%
after fees, paid to depositors
30-day APY
3.03%
7-day 4.42%
Deposits
$277K
277.28K USDT
Withdrawable now
$277K
100% of deposits
Performance fee
10%
of the interest earned
Depositors
10
largest holds 90.9%
Spark Blue Chip USDT Vault APY history
Net APY earned each day, measured from the vault's share price
| Day | Deposits | Net APY |
|---|
Deposits over time
Where the money goes
The markets this vault lends to right now, largest first
| Market | Lent | Share |
|---|---|---|
| WBTC / USDTLLTV 86% | $277K | 100.0% |
The curator decides which markets the vault may use and how much it may put in each (the cap). Allocators then move money between those markets within the caps. How vaults work.
What the loans are backed by
Share of this vault's lending by the collateral borrowers put up
| WBTC | 100.0% |
|---|---|
| sUSDS | 0.0% |
| cbBTC | 0.0% |
| wstETH | 0.0% |
Returns over time
Net APY actually earned over each period, from the share price
| Last day | 3.73% |
|---|---|
| Last 7 days | 4.42% |
| Last 30 days | 3.03% |
| Since the vault started | 3.11% |
Who controls this vault
| Curator | SparkDAO |
|---|---|
| Owner | 0x3300…f8c4 |
| Timelock to raise a cap | 10 dayswait before more can go into a market |
| Timelock to add an adapter | 10 dayswait before a new kind of investment |
| Timelock to raise fees | 10 days |
| Allocators | 1addresses that move money between markets |
| Sentinels | 1can pull money back or cut caps in an emergency |
| Created | April 2, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDTprice $0.9998 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 4.09% |
| Vault contract | 0xb0c4…5B91 |
| USDT token | 0xdAC1…1ec7 |
| Network | Ethereum |
The curator's description: "Spark blue-chip USDT vault. Lending against the lowest risk crypto and real-world assets. Curated by Spark which allocates billions in assets across all of DeFi. See data.spark.fi for more details."
Largest depositors
10 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0xBd03…28C0 | $252K | 90.9% |
| 0x236c…6111 | $25.2K | 9.1% |
| 0xC84b…bF57 | $10.00 | <0.01% |
| 0xf922…6794 | $8.00 | <0.01% |
| 0xd74d…3Be3 | $1.00 | <0.01% |
| 0x0000…dEaD | $1.00 | <0.01% |
| 0x1121…0a11 | $0 | 0.0% |
| 0xC278…6904 | $0 | 0.0% |
| 0x1601…347E | $0 | 0.0% |
| 0x0000…8A90 | $0 | 0.0% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Spark Blue Chip USDT Vault
Spark Blue Chip USDT Vault is a Morpho V2 vault on Ethereum, created on April 2, 2026. It takes USDT deposits and lends them to borrowers in 1 Morpho market. The curator, SparkDAO, decides which markets it may use and how much can go into each.
It holds $277K (277.28K USDT) from 10 depositors and pays a net APY of 3.68% after its 10% performance fee. Over the last 30 days depositors actually earned 3.03% a year.
Its largest position is WBTC / USDT at 100% of what it lends. Counting every market, its loans are backed mainly by WBTC (100%). 100% of deposits could be withdrawn right now.
Risky changes, such as adding a market, wait behind a 10-day timelock on raising caps, which gives depositors time to leave first. Morpho's app shows no warnings for this vault.
Spark Blue Chip USDT Vault: quick answers
What is the APY of Spark Blue Chip USDT Vault on Ethereum?
Spark Blue Chip USDT Vault pays 3.68% net APY right now, after its fees. Measured from the growth of its share price, it paid 3.03% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Spark Blue Chip USDT Vault lend against?
It lends USDT through 1 Morpho market. The biggest is WBTC / USDT with 100% of its lending. Overall its loans are backed mainly by WBTC (100%).
Can I withdraw from Spark Blue Chip USDT Vault right now?
Yes: all of its $277K in deposits could be withdrawn immediately, because the markets it lends to have enough unborrowed USDT left. That can change quickly when borrowing picks up.
Who runs Spark Blue Chip USDT Vault and what does it charge?
SparkDAO curates it. It keeps 10% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Spark Blue Chip USDT Vault?
Like every Morpho vault, it can lose money if a borrower's collateral crashes faster than it can be liquidated, if a price oracle fails, or through a smart contract bug. Withdrawals can wait when its markets are fully borrowed. Changes to it wait behind a 10-day timelock on raising caps. This is not advice.
Other USDT vaults
The same deposit asset, other curators and networks