Cookie's first project Spark has less than 20 days left until the airdrop
In just two days, it rose from 90th to 9th place, Cookie gives very high scores for user-generated content. Brothers who replied in my comment section also reported getting 1-2 points, and now 1 point is trading for 200-300 U outside
📌 Today we continue our interaction in the comment section with #spark, and by the way, I'll explain why Spark will issue tokens at the end of the month
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In the past few days, over 100 million dollars have flowed into the USDS market of Pendle, and the TVL of Spark series assets has exceeded 200 million dollars
Spark has simultaneously completed its expansion into Optimism and Unichain, with sUSDS and sUSDC deployed and online. Spark is pushing for more native compatibility for USDS across public chains, opening up more scenarios for cross-chain assets
These two major steps generally mark the final sprint, and having good-looking on-paper data can enhance token price valuation
The Cookie leaderboard will also end at the end of the month. This point in time aligns well, indicating that the early user points competition is coming to a close, and the token issuance window is clear. This timing is not unexpected — the token issuance plan has always been synchronized with Cookie's timeline, the users' attention has been bound to the leaderboard, and the accumulation of points weight has completed, meaning it's time to cash in
The total supply of SPK is 10 billion tokens, with 6.5 billion released in the first 10 years, utilizing a linear halving model, halving every two years, with a steeper early release curve. The genesis distribution is completed through two paths: “pre-farming” + “on-chain incentives,” with all distributions strictly anchored to actual behaviors, including borrowing DAI / USDS and providing ETH, etc.
Currently, the first season (2023.8.20 - 2024.5.20) has distributed a total of 130 million SPK, with 80% allocated to borrowers and 20% to users providing ETH. The second season will continue with the same mechanism, and SparkLend users can earn about 14.47 million SPK per month, while users providing liquidity through Aave USDS will receive additional incentives and enjoy the SSR (Sky Savings Rate) stable income of Sky Protocol
One thing to note is that Spark has introduced a “net lending contribution” model, explicitly excluding behaviors such as circular borrowing and pseudo-leverage, and adopts block-level point accumulation to avoid users engaging in short-term arbitrage for airdrops. The logic is similar to mainstream airdrop distribution methods like Pendle and EtherFi
In terms of valuation, if Spark is viewed solely as a lending protocol, Aave (FDV 10B+), Morpho (FDV close to 2B), Ajna, etc., form the first reference group. However, if we consider the RWA yield network constructed by USDS + SSR, its potential valuation model should be closer to Pendle or Ethena's composite structure. Especially considering the current TVL growth rate of USDS, and the on-chain earning ability of SSR itself, SPK may have two layers of premium:
1⃣️ One layer based on TVL and stable income curve
2⃣️ One layer based on Sky Protocol's full-chain support for Maker's new structure
So my valuation for SPK yesterday was 0.5-1, which is the highest market sentiment valuation; in reality, it might stabilize around 0.1-0.3 at opening, but it will still bring good airdrop returns
Top players on the leaderboard:
@zhaogongming_ @LinkeysB @egyptk6 @Jizhengguang @Togbe0x @Skromn1kk @lubijiaocheng @BubbleBing_666 @dakuan_x
Invitation links, the last few days of the window can be leveraged!
https://t.co/kRo2Ev3Gfp
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https://t.co/6iY1pgldiW
https://t.co/c6LAgQZyRg
https://t.co/3d9DRl5aMA
https://t.co/TYeuzeoe4P
https://t.co/WAVqHf60yK
https://t.co/Hu0c2jCryH
