Discover our Spark Protocol Review 2025: Explore its $3.55B TVL, 5% APY yields, Spark Rewards, and MakerDAO integration. Learn about security, risks, and more. Read now!

Regulatory Compliance & Licensing

Spark Protocol, as a decentralized DeFi platform, operates without traditional licenses, relying on blockchain-specific compliance standards inherent to Ethereum and Base. It is not subject to centralized regulatory oversight but must navigate jurisdictional laws affecting its users. In 2025, Spark adheres to anti-money laundering (AML) and know-your-customer (KYC) standards through integrations with regulated exchanges, such as Coinbase or Kraken, ensuring compliance for users accessing USDS or other assets via these platforms. This approach allows Spark to maintain its decentralized ethos while facilitating user access in regulated markets.

The global regulatory landscape for DeFi and stablecoins remains complex, with the U.S. Securities and Exchange Commission (SEC) scrutinizing governance tokens like Sky (SKY) as potential securities, though no definitive ruling has been issued by Q1 2025. Europe’s Markets in Crypto-Assets (MiCA) framework, effective since 2024, imposes AML and KYC requirements on crypto-asset providers, indirectly impacting Spark users who interact through regulated on-ramps. To address these challenges, Spark’s governance, inherited from MakerDAO, implemented optional KYC checks for high-risk jurisdictions in 2024, balancing decentralization with compliance needs, a move that earned high user confidence in compliance efforts.

Spark’s open-source code, hosted on GitHub, is publicly auditable, enhancing transparency and aligning with blockchain governance standards. Bi-annual Proof-of-Reserves reports, verified by independent auditors, confirm the full collateral backing of USDS, fostering exceptionally high trust in the protocol’s integrity. Regular smart contract audits by firms like CertiK and Trail of Bits ensure technical compliance with Ethereum’s security standards, further bolstering user confidence.

While Spark avoids centralized licensing, its multi-chain operations on Ethereum and Base navigate diverse regulatory environments, requiring users to comply with local laws, which can complicate access in restrictive regions like China or India. MakerDAO’s proactive governance, exemplified by 2024 votes to integrate compliance tools for regulated exchanges, positions Spark to adapt to evolving standards without compromising its decentralized principles. However, regulatory uncertainties, particularly around stablecoins, remain a consideration for risk-averse users, potentially affecting adoption in heavily regulated markets.

Interest Rates & Earning Mechanics

Spark Protocol does not directly set interest rates but enables users to earn yields by supplying assets to its lending pools or participating in the Dai Savings Rate (DSR), a feature inherited from MakerDAO. In Q1 2025, DAI and USDS yields through the DSR typically range from 2-5% annual percentage yield (APY), driven by Sky’s protocol revenue and adjusted by community-driven governance. For example, supplying $1,000 in USDS to the DSR at a 4% APY could yield $40 annually, paid weekly in USDS, with no lock-up periods, making it highly flexible and appealing to the majority of users, according to 2024 surveys.

Users can also supply volatile assets like ETH, wstETH, rETH, weETH, and cbBTC to SparkLend’s pools, earning interest based on market demand, with APYs varying from 1-3% for ETH and up to 5% for stablecoins during high-demand periods. The “Spark Rewards” program, launched in 2024 with initiatives like the “Red Season,” boosts APYs, initially for cbBTC lending, offering additional incentives that can increase effective yields by 1-2%, with plans to expand rewards to all user actions, driving high adoption rates among active users (Spark Official Website).

Borrowing USDS against collateral incurs stability fees, typically 2-4% annual percentage rate (APR), paid in USDS when closing positions. These fees, set by Sky governance, adjust dynamically to balance supply and demand, ensuring market stability. For instance, borrowing 1,320 USDS against 1 ETH ($2,000) at a 3% APR incurs ~$39.60 in annual fees, transparent via the Oasis platform. Spark’s integration with layer-2 solutions like Base significantly reduces gas fees, with transactions costing ~$0.50 compared to $20-$50 on Ethereum, driving excelent adoption for cost-conscious users.

Monthly Open Book Reports detail pool performance, collateral ratios, and revenue distribution, ensuring transparency and earning great user satisfaction. The DSR’s non-custodial nature allows users to withdraw USDS into USDC, DAI, or USDS with zero slippage, enhancing flexibility. However, yield variability due to market conditions and governance decisions requires active monitoring, a concern for some users. Spark’s real-time data on supply, borrow, and rates empowers users to optimize strategies, with high trust in yield calculations.

Supported Assets

Spark Protocol supports a curated portfolio of over 10 assets for lending and borrowing, including Ethereum (ETH), Wrapped Staked ETH (wstETH), Rocket Pool ETH (rETH), Wrapped eETH (weETH), Coinbase Wrapped BTC (cbBTC), USD Coin (USDC), DAI, and USDS. By Q1 2025, Sky governance has expanded the list to include emerging tokens like Solana (SOL) and Cardano (ADA), responding to market demand and diversifying collateral options, covering more than half of user deposits.

Stablecoins like USDC, DAI, and USDS dominate due to their stability and high yields (up to 5% APY via DSR), making them ideal for risk-averse investors. For example, supplying $1,000 in USDS to Spark’s Savings product at 4% APY yields steady returns, while ETH and WBTC cater to users seeking exposure to volatile assets with potential capital appreciation. Governance adjusts collateral ratios, typically setting 66% LTV for ETH and 70% for WBTC, ensuring stability, with very high user satisfaction for asset diversity.

Spark’s multi-chain support, including Ethereum and Base, enhances asset accessibility, with Base offering lower transaction fees (~$0.50 vs. $20-$50 on Ethereum), driving high adoption rates among users. The Oasis platform facilitates seamless interactions, allowing users to supply, borrow, or trade assets, with integrations to decentralized exchanges (DEXs) like Uniswap ensuring liquidity, earningexceptional trust in asset availability. Compared to Aave’s 50+ assets or Crypto.com’s 250+, Spark’s portfolio is more focused, prioritizing stability and synergy with MakerDAO’s ecosystem, though less extensive than some competitors.

Governance proposals, voted on by SKY holders, regularly add new assets to maintain relevance, with very high user retention. The protocol’s emphasis on high-liquidity assets and transparent collateral management positions Spark as a reliable DeFi hub, though its asset range is narrower than some peers, a minor limitation for users seeking broader diversification.

Loan Terms & LTV Options

Spark Protocol’s lending model revolves around collateralized debt positions (CDPs), enabling users to lock up assets like ETH or WBTC to borrow USDS or other stablecoins. In Q1 2025, the Loan-to-Value (LTV) ratio for ETH is approximately 66%, allowing users to borrow up to 66% of their collateral’s value in USDS. For instance, depositing 1 ETH valued at $2,000 generates up to 1,320 USDS ($2,000 × 66%). Collateral must maintain a 150% collateralization ratio to avoid liquidation; if ETH’s value drops to $1,500, automated liquidation auctions sell collateral to repay the USDS debt, protecting the protocol’s stability.

Stablecoins like USDC and DAI have a 100% LTV due to their pegged value, while WBTC supports a 70% LTV, reflecting its volatility. Stability fees, functioning as borrowing interest, range from 2-4% APR, paid in USDS when closing CDPs, and are adjusted by Sky governance to balance supply and demand. For example, borrowing 1,320 USDS at a 3% APR incurs an annual fee of ~$39.60, transparent via the Oasis platform. Open-ended terms and no prepayment penalties provide flexibility, appealing to a large percent of borrowers.

Real-time alerts through email, app integrations, or DeFi dashboards like DeFi Saver significantly reduce liquidation risks, with very high user satisfaction. Spark’s v3 risk parameters, updated in 2024, incorporate isolated collateral pools, limiting systemic risks by ensuring one asset’s failure does not impact others, earning strong trust in loan processes. Governance votes fine-tune LTV ratios and liquidation thresholds, balancing risk and accessibility, with proposals often discussed on the Sky forum.

Market volatility remains a concern, as a notable price drop in ETH could trigger liquidation, affecting a small portion of borrowers. Users must actively monitor collateral ratios, particularly for volatile assets, to avoid losses. Spark’s transparent loan terms and governance-driven adjustments make it a reliable borrowing platform, though the need for vigilance slightly tempers its appeal for less experienced users.

Fees & Cost Structure

Spark Protocol operates with a no-fee model for generating USDS or managing CDPs, relying solely on stability fees, typically 2-4% APR, paid in USDS when closing positions. These fees are transparently displayed on the Oasis platform, earning very high user satisfaction for clarity, per 2024 surveys. Users incur blockchain gas fees, which vary by network: Ethereum transactions during congestion can cost $20-$50, while Base transactions average $0.50-$1, driving widespread adoption of layer-2 solutions. For example, opening a $1,000 ETH CDP on Base costs ~$0.75, compared to $25 on Ethereum, making layer-2 ideal for frequent or smaller transactions.

The absence of deposit, withdrawal, or trading fees enhances Spark’s cost-effectiveness, with monthly Open Book Reports detailing fee structures and protocol revenue, ensuring predictability and fostering exceptionally high user retention. Compared to centralized platforms like Nexo, which may charge origination or withdrawal fees, Spark’s model is highly competitive, aligning with DeFi’s ethos of minimizing user costs. The protocol’s integration with DEXs like Uniswap for zero-slippage withdrawals (e.g., USDS to USDC) further reduces costs, with strong trust in the cost structure.

The primary drawback is Ethereum’s high gas fees during peak network activity, which can deter users with smaller portfolios, though layer-2 solutions like Base mitigate this issue significantly. Governance votes to expand layer-2 support, planned for 2025, aim to further reduce costs, with high user optimism. Spark’s transparent and low-cost fee model positions it as a leader in DeFi affordability, with minor limitations tied to Ethereum’s network constraints.

Security Architecture & Custody

Spark Protocol’s decentralized architecture ensures assets are held in audited smart contracts, eliminating centralized custody risks and aligning with DeFi’s trustless ethos. The protocol undergoes bi-annual smart contract audits by leading firms like CertiK and Trail of Bits, with no major breaches reported since its 2023 launch, earning exceptionally high user confidence in security. A $5 million bug bounty program, one of the largest in DeFi, incentivizes white-hat hackers to identify vulnerabilities, further strengthening the codebase (Spark Official Website).

Multi-signature wallets govern administrative functions, requiring community approval via Sky governance, reducing the risk of unauthorized changes. Bi-annual Proof-of-Reserves reports, independently verified, confirm the full collateral backing of USDS, achieving nearly complete trust in custody arrangements. Over-collateralization, typically 150% for ETH, protects against market volatility, with automated liquidation auctions triggered at 80% LTV to safeguard the protocol’s stability.

Users secure their funds using hardware wallets (e.g., Ledger) and two-factor authentication (2FA), with Spark’s interface providing clear instructions for safe wallet management. Smart contract risks, such as undetected bugs, persist as a minor concern, affecting a small portion of users. These risks are mitigated by v3’s isolated collateral pools, introduced in 2024, which limit the impact of any single asset’s failure, and by ongoing governance oversight, with very high user satisfaction.

Spark’s multi-chain operations, including Ethereum and Base, enhance transaction security, with Base’s lower fees reducing exposure to network congestion risks. The protocol’s commitment to security, transparency, and community-driven risk management positions it as a benchmark for DeFi platforms in 2025, with layer-2 solutions further bolstering its resilience against technical vulnerabilities.

Insurance & Risk Mitigation

Spark Protocol does not offer traditional insurance, relying instead on over-collateralization and decentralized governance to mitigate risks. A 150% collateralization ratio for assets like ETH ensures USDS’s stability, with liquidation at 80% LTV protecting lenders from borrower defaults, earning substantial user confidence. Governance adjusts risk parameters, such as stability fees (2-4% APR), to balance supply and demand, maintaining protocol stability, with high user satisfaction.

Bi-annual stress tests simulate market crashes, ensuring the protocol’s resilience against extreme volatility, with strong trust in its risk management framework. Smart contract risks, such as potential bugs, remain a concern for a small portion of users, though mitigated by regular audits and v3’s isolated collateral pools, which prevent systemic failures. Governance votes, conducted via Snapshot, fine-tune liquidation thresholds and collateral ratios, ensuring adaptability, with strong trust.

Users are advised to diversify collateral (e.g., mixing ETH and USDC) and monitor market conditions, as a 20% price drop in ETH could trigger liquidation, impacting an estimated 15% of borrowers. The absence of insurance, common in DeFi, requires users to exercise caution, particularly during volatile market periods. Spark’s risk mitigation, enhanced by MakerDAO’s proven stability and governance-driven oversight, positions it as a secure DeFi platform, though the lack of insurance slightly tempers its appeal for risk-averse users.

User Experience (Web & Mobile)

Spark Protocol’s user interface, accessible via the Oasis platform (Spark Official Website), is designed for ease of use, allowing users to open CDPs, generate USDS, and manage collateral through wallets like MetaMask or Ledger. Real-time updates on collateral ratios, stability fees, and USDS balances provide clarity, earning very high user satisfaction. The interface’s clean design, with intuitive tabs for Markets, Governance, and Portfolio, streamlines navigation, even for users new to DeFi.

Multi-chain support, including Ethereum and Base, enhances accessibility, with Base’s low gas fees (~$0.50 vs. $20-$50 on Ethereum) driving widespread adoption among users. For example, supplying $1,000 in USDS on Base incurs minimal transaction costs, making it ideal for frequent interactions. Educational tooltips, a comprehensive help center, and integrations with DeFi aggregators like 1inch provide robust support, with exceptionally high user engagement with these resources.

While Spark lacks a dedicated mobile app, wallet apps like MetaMask and Trust Wallet enable mobile access, allowing users to manage positions on the go. This indirect mobile experience requires some technical knowledge, with strong navigation trust. Governance voting via Snapshot is streamlined, with clear instructions for SKY holders, earning high user satisfaction. The platform’s reliance on wallet-based access and DeFi familiarity may pose a slight barrier for novices, but its educational resources and community support mitigate this, ensuring broad usability.

Customer Support & Community

Spark Protocol operates without a centralized support team, relying on a vibrant community for assistance, a hallmark of its decentralized model. Support channels include Discord (over 50,000 members), Telegram, X, and the Sky forum (Sky Forum), where moderators and experienced users provide prompt guidance, earning high satisfaction, per 2024 surveys. Monthly Ask-Me-Anything (AMA) sessions with developers and governance discussions on Snapshot foster transparency and engagement, with substantial user participation.

The Sky governance model, powered by SKY tokens, encourages active community involvement, allowing users to propose and vote on protocol changes, such as new asset integrations or reward structures. This participatory approach builds trust, with most users confident in community support. Comprehensive documentation, user guides, and blog posts on the Spark Documentation Portal (Spark Docs) aid self-reliance, covering topics from CDP management to governance voting, with exceptionally high retention.

While the lack of centralized support may challenge users accustomed to traditional platforms like Nexo, Spark’s community-driven model aligns with DeFi’s ethos, offering robust assistance through peer-to-peer channels. Some users, a small portion, prefer centralized support for immediate resolutions, but the active Discord and forum communities mitigate this gap. In 2025, Spark’s community, bolstered by Sky token adoption and governance engagement, positions it as a model for decentralized support, driving user loyalty and innovation.

Unique Features & Differentiators

Spark Protocol sets itself apart in the competitive DeFi lending landscape through a suite of innovative features that enhance user experience, yield opportunities, and protocol stability. As a product of MakerDAO, Spark leverages the established infrastructure and reputation of one of DeFi’s pioneers, ensuring a seamless and trustworthy platform for lending and borrowing. Below are the key features that differentiate Spark from its peers:

Deep Integration with MakerDAO Ecosystem: Spark’s connection to MakerDAO provides access to a robust ecosystem, including the DAI stablecoin and governance mechanisms. This integration allows users to interact with DAI, USDS, and other MakerDAO products within a cohesive framework, offering a unified DeFi experience. For example, users can supply DAI to Spark’s lending pools and seamlessly transition to MakerDAO’s Oasis platform for additional financial strategies, enhancing flexibility and efficiency.

Savings USDS: A flagship feature, Savings USDS is a yield-bearing version of the USDS stablecoin, enabling users to earn interest on their holdings without active management. This passive income stream, typically yielding 2-5% APY through the Dai Savings Rate (DSR), is ideal for risk-averse investors seeking stable returns in volatile crypto markets. The non-custodial nature of Savings USDS allows users to retain control of their funds, with high adoption among Spark users.

Spark Rewards Program: Launched in Q1 2024, the Spark Rewards program incentivizes user participation by offering boosted yields on specific assets. The initial “Red Season” campaign targeted cbBTC lending, increasing APYs by 1-2%, and subsequent expansions have broadened rewards to include actions like supplying ETH or USDC. This program encourages liquidity provision in high-demand markets, with a large portion of active users participating, driving engagement and protocol growth.

Multi-Chain Support: Spark operates on Ethereum and Base, a layer-2 solution, reducing transaction costs and improving accessibility. Base’s low gas fees (~$0.50 vs. $20-$50 on Ethereum) make it ideal for frequent or smaller transactions, with most users opting for Base. Plans to expand to additional layer-2 networks like Polygon and Optimism in 2025 further enhance scalability, positioning Spark as a versatile platform for diverse user needs.

Governance via Sky Token: The Sky governance token (SKY) empowers users to vote on critical protocol parameters, such as interest rates, collateral types, and reward structures. This decentralized governance model ensures community-driven evolution, with proposals discussed on the Sky Forum and voted on via Snapshot. The large majority of SKY holders engage in governance, fostering transparency and user ownership.

Zero-Slippage Withdrawals: Spark’s integration with decentralized exchanges (DEXs) like Uniswap allows users to withdraw earnings into other stablecoins (e.g., USDS to USDC or DAI) with zero slippage, a feature that enhances user flexibility and minimizes costs. This seamless withdrawal process, supported by deep liquidity pools, earns very high user satisfaction, setting Spark apart from platforms with higher withdrawal friction.

Advanced Security Framework: Backed by MakerDAO’s rigorous security standards, Spark employs multiple smart contract audits by firms like CertiK and Trail of Bits, a $5 million bug bounty program—one of the largest in DeFi—and bi-annual Proof-of-Reserves reports. These measures ensure robust protection, with no major breaches reported since launch, achieving xceptional user confidence.

Compared to competitors like Aave, known for flash loans, or Compound, with broad asset support, Spark’s unique value lies in its stablecoin-centric lending, governance-driven risk management, and deep integration with MakerDAO’s ecosystem. The Spark Rewards program and zero-slippage withdrawals further differentiate it, offering user-centric features that prioritize stability and efficiency. While Aave’s 50+ assets provide greater diversity, Spark’s curated portfolio and focus on USDS ensure reliability, making it a preferred choice for users seeking secure, stable DeFi lending solutions.

Historical Performance & Market Events

Since its launch in May 2023, Spark Protocol has demonstrated impressive growth and resilience in the DeFi lending sector, establishing itself as a key player within MakerDAO’s ecosystem. By Q1 2025, Spark manages an estimated $3.55 billion in total value locked (TVL) for its SparkLend product, with an additional $1.15 billion in its Liquidity Layer and $2.36 billion in Savings, reflecting rapid adoption and growing user trust across over 100 countries. Our analysis highlights key milestones and market events that have shaped Spark’s trajectory:

Launch (May 2023): Spark debuted as a lending and borrowing platform, leveraging MakerDAO’s USDS stablecoin and infrastructure to offer competitive yields and liquidity. The initial focus on assets like ETH, wstETH, and USDC attracted early adopters, setting the stage for growth.

Integration with Base (Q4 2023): Spark expanded to Base, a layer-2 solution, reducing gas fees from $20-$50 on Ethereum to ~$0.50, enhancing accessibility for retail users. This move drove a significant increase in user activity, as lower costs encouraged frequent transactions.

Spark Rewards Program (Q1 2024): The “Red Season” initiative launched the Spark Rewards program, boosting APYs for cbBTC lending by 1-2%. This campaign increased TVL by 30% within three months and set a precedent for broader reward expansions, with substantial user participation by Q1 2025.

Governance Expansion (Q2 2024): Sky token holders voted to add Solana (SOL) and Cardano (ADA) as collateral assets, diversifying Spark’s offerings and boosting TVL to $1 billion by Q3 2024. This expansion addressed user demand for broader asset support, with great satisfaction.

TVL Milestones: Spark’s TVL grew from $1 billion in Q3 2024 to $3.55 billion for SparkLend by Q1 2025, with $1.15 billion in the Liquidity Layer and $2.36 billion in Savings, reflecting strong market confidence and user retention.

Regulatory Developments (2024-2025): Spark implemented optional KYC checks for regulated exchange integrations, ensuring compliance with AML/KYC standards in jurisdictions like the EU under MiCA. This move facilitated broader access, with high user approval, despite ongoing regulatory uncertainties.

Spark’s performance during market volatility, such as the 2023-2024 crypto winter, has been exemplary, with no disruptions to USDS’s peg or user funds, thanks to its over-collateralization model (150% for ETH) and governance-driven risk management. The protocol’s ability to maintain 98% operational uptime during market stress, underscores its stability. Strategic integrations with DeFi protocols like Aave and Uniswap, alongside MakerDAO’s $500 million investment in BlackRock’s BUIDL fund in 2025, have further solidified Spark’s position, driving TVL growth and user trust.

Risks & Transparency

Spark Protocol upholds exceptional transparency and accountability, aligning with MakerDAO’s commitment to open governance and user trust. The following measures ensure users have clear visibility into the protocol’s operations and decision-making processes:

Open-Source Code: Spark’s smart contracts are publicly available on GitHub, enabling community scrutiny and independent audits. This transparency fosters trust, withthe majority of users confident in the protocol’s code integrity.

Bi-Annual Proof-of-Reserves: Independent audits verify that USDS is fully collateralized, with reports published on the Spark website, confirming 100% asset backing. These reports, conducted bi-annually, achieve excelent user trust, ensuring no over-leveraging or mismanagement.

Governance Transparency: All governance proposals, such as asset additions or stability fee adjustments, are discussed on the Sky Forum and voted on via Snapshot, with public records accessible to all users. This open process earns most user satisfaction for its inclusivity and clarity.

Monthly Open Book Reports: Spark publishes detailed reports covering pool performance, collateral ratios, stability fee revenue, and reward distributions, providing users with comprehensive insights into the protocol’s financial health. These reports, available on the Spark Documentation Portal  drive excelent user satisfaction.

$5 Million Bug Bounty Program: One of the largest in DeFi, this program incentivizes white-hat hackers to identify vulnerabilities, enhancing security and transparency. The program’s success, with no major exploits reported, contributes to most of the users confidence in Spark’s proactive security measures.

Spark’s transparency measures set a high standard for DeFi protocols, surpassing many centralized platforms like Nexo, which rely on proprietary systems. The protocol’s governance model, where SKY holders actively shape its evolution, ensures accountability, with a large majority of users trusting the community-driven process. However, the decentralized nature of governance introduces minor risks, such as potential delays in decision-making. Overall, Spark’s commitment to open code, regular reporting, and community oversight positions it as a leader in DeFi transparency.

Future Outlook & Roadmap

Spark Protocol’s roadmap for 2025-2027 is ambitious, aiming to solidify its position as a leading DeFi lending platform while addressing user needs and market trends. The following initiatives outline its strategic vision:

TVL Growth to $7 Billion by 2027: Spark projects a 25% annual TVL increase, driven by expanded asset offerings, user adoption, and strategic partnerships. The protocol’s $3.55 billion TVL in Q1 2025 is expected to reach $7 billion by 2027.

Asset Expansion: Governance votes planned for 2025 aim to add non-fungible tokens (NFTs) and emerging tokens like Avalanche (AVAX) as collateral, diversifying options and attracting new users. This expansion is expected to boost TVL by 20%.

AI-Driven Yield Optimization Tools: Spark plans to integrate artificial intelligence (AI) tools to optimize yield farming strategies, enabling users to maximize returns with minimal effort. These tools, slated for a 2026 launch, could increase APYs by 1-2%, with great user interest.

Layer-2 Expansion: Beyond Ethereum and Base, Spark intends to support additional layer-2 solutions like Polygon and Optimism by Q3 2025, further reducing gas fees and enhancing scalability. 

Governance Enhancements: The introduction of quadratic voting and other advanced mechanisms in 2026 will ensure more equitable governance, addressing concerns about large token holders’ influence. This upgrade earns the majority of user support for its potential to democratize decision-making.

Regulatory Adaptation: Spark will continue implementing compliance tools for regulated exchange integrations, ensuring access in jurisdictions with strict AML/KYC requirements, such as the EU under MiCA. This strategy, initiated in 2024, is expected to maintain high user access in regulated markets.

These initiatives reflect Spark’s commitment to innovation, scalability, and user-centric development, positioning it to capture a larger share of the DeFi lending market. Regulatory uncertainties, particularly around stablecoins, remain a challenge, with some of users expressing concern. However, Spark’s governance-driven adaptability, backed by MakerDAO’s proven track record, ensures resilience, with a very high user confidence in its future.