EPISODE · May 25, 2026 · 3 MIN
Aave Lost Millions to KelpDAO. Spark Lost Zero. Here's Why
from alpha un# podcast · host Sri Misra
Spark Protocol Co-founder Sam MacPherson explains why his team offboarded rsETH as collateral in January months before the $292M KelpDAO exploit drained Aave's lending markets. The takeaway: a minimalist collateral set, ruthless risk-return reviews, and a philosophy of shrinking the attack surface kept Spark depositors whole while the rest of DeFi absorbed the blow. A masterclass in why disciplined governance beats yield chasing.
What this episode covers
Spark Protocol Co-founder Sam MacPherson explains why his team offboarded rsETH as collateral in January months before the $292M KelpDAO exploit drained Aave's lending markets. The takeaway: a minimalist collateral set, ruthless risk-return reviews, and a philosophy of shrinking the attack surface kept Spark depositors whole while the rest of DeFi absorbed the blow. A masterclass in why disciplined governance beats yield chasing.
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Aave Lost Millions to KelpDAO. Spark Lost Zero. Here's Why
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