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Summary
The most critical subjects covered in our audit are functional correctness, asset security, and implementation integrity. Security regarding all the aforementioned subjects is high, however there are some informational issues and notes to consider in the report, for example Asset Solvency or Circular Reinvesting.
The general subjects covered are operational considerations, code complexity and documentation. ERC-4626 preview functions may revert during low liquidity conditions, which follows standard interpretation but requires integrator awareness, see ERC-4626 Preview Functions Liquidity Check.
In summary, we find that the codebase provides a high level of security.
It is important to note that security audits are time-boxed and cannot uncover all vulnerabilities. They complement but don't replace other vital measures to secure a project.
About Spark Vaults V2
SparkDAO implements SparkVault V2, a tokenized vault (ERC-4626) where interest is distributed based on a manually set Vault Savings Rate (VSR). Whitelisted takers, intended to be the Spark ALM Controller, can draw on the vault’s funds to invest.