Spark's move is indeed solid. Hearing that Aave is experiencing liquidity tightness is concerning. If ETH truly reaches 100% utilization, it still can't be liquidated. Systemic risk is no joke.

Spark Protocol’s strategy lead monetsupply.eth said that in January, low-usage assets such as rsETH were removed and collateral and functional scope were reduced, which previously triggered dissatisfaction among ETH loop-leverage users. SparkLend maintains ample withdrawal liquidity in the ETH lending market, while Aave faces liquidity strain across multiple chains, even including liquidity lockups. It warns that ETH is the core collateral, and if market utilization reaches 100%, the liquidation/settlement process will be impossible, and liquidity depletion could bring systemic risk; if Aave’s liquidity is insufficient and ETH drops by 15%-20%, bad debt may accumulate.