Recently, SPK's 'mouth-to-mouth' activity on Twitter has been very popular.
As long as you post content with #spark on Twitter, you can participate in the event. Within this month, if you earn 10 points, it is estimated to be worth about $5000!
Let's introduce the project Spark behind the SPK token and see if their substantial fundraising is just a quick profit scheme or a reliable project.
In simple terms, what the Spark project aims to do is:
Solving a structural problem that has existed in DeFi since its inception: liquidity fragmentation, unstable yields, and underutilized idle stablecoin funds across chains and protocols.
What Spark aims to do is act as a two-way capital allocator: in terms of ecosystem, it borrows funds from Sky's over $6.5 billion stablecoin reserves and deploys the funds into DeFi, CeFi, and risk-weighted assets (RWA). This not only provides deep and continuous liquidity but also achieves scalable risk-adjusted returns.
In fact, it is just a DeFi project.
Spark mainly includes three major categories of products:
Savings: Earn savings by holding stablecoins.
Borrow: A currency market protocol centered on USDS. It combines the best liquidity of Sky's direct chain and is vertically integrated with the best DeFi protocols.
Liquidity layer: Directly provide liquidity to the DeFi market.
In simple terms regarding savings, users can deposit their USDC into Spark's USDC savings pool to enjoy SKY savings rates (SSR).
After depositing USDC, you will receive Savings USDC (sUSDC) tokens as a reward.
In the future, after having savings interest, you will need to use sUSDS tokens to withdraw accumulated savings.
Of course, there are both savings and lending; users can use crypto assets as collateral to borrow USDS and DAI. There will also be a window displaying our lending position status. You can also manage any supporting asset's lending position here.
Overall, this DeFi app can be considered qualified.
SPK development roadmap
But the ultimate goal of this project is to become a liquidity layer: directly providing liquidity to the DeFi market.
Basically, it means that in the future, $SPK holders will not just wait for price fluctuations but become governance members: voting on the launch of new products, deciding airdrop ratios, supervising community fund operations, meaning every holder has 'voting rights + dividend rights'.
What SPK aims to do is to be the benchmark for the next generation of 'data as assets'!
Your interaction data, a comment, or a contribution will be regarded as quantifiable assets. These assets will generate SPK as rewards, and around these user data, more secondary ecosystems (AI training, on-chain advertising, community advertising revenue sharing...) will be incubated.
We dug a bit deeper, trying to discover how the Spark project has so much funding to seek 'mouth substitutes' on Twitter.
Finally, it is discovered that this project's TVL is absurdly high compared to market liquidity value, with a whopping 6.5 billion TVL.
(PS: Total Locked Value (TVL) is an important indicator in the cryptocurrency and decentralized finance (DeFi) space, providing insights into the total amount of assets locked or staked on a specific DeFi protocol or platform.
TVL is an indicator of user participation, liquidity, and the overall health of the DeFi ecosystem. The calculation of TVL is based on the current market value of assets locked in smart contracts, which can include cryptocurrencies, stablecoins, and tokens.
Overall, TVL represents the users behind this protocol and their high expectations for this project.
The Spark protocol's TVL reached 6.522 billion, firmly ranking in the top 5 of DeFiLlama! However, its token SPK has a market cap of only 96.61 million, with a market cap/TVL ratio of only 0.0148.
Behind the 6.522 billion TVL is the Spark team's relentless 'building' of this huge asset, which is not just a cold number game, but a 'trust white paper' backed by thousands of wallet addresses using real money.
This trust stems from the rigorous audit of Spark's smart contracts (the audit reports stack up to half a person high), an efficient liquidation mechanism (response speed in extreme market conditions is three times faster than the industry average), and the strong interoperability supporting 12 mainstream public chains—this reflects the most hardcore 'ecological muscle' of DeFi.
Market cap/TVL = 0.0148, this is not 'undervalued', but a 'value time difference'. This time difference is often a huge opportunity for early perceivers.
Historically, AAVE's token market cap lagged during its early TVL explosive growth, but as the lending infrastructure continued to improve, its value ultimately translated to the token.
Lido, as a leading liquid staking provider, once had a relatively low market cap/TVL ratio when its TVL reached hundreds of billions, but with the effective operation of the staking dividend mechanism and continuous strengthening of token empowerment, the market cap has also seen considerable growth.
Currently, Spark resembles what it once was—6.522 billion TVL is proof of 'ecological infrastructure' at its peak, while the upcoming 'staking dividend 2.0' (for example, the protocol distributes 20% of income to SPK stakers) is the final piece of the puzzle to unlock 'value transmission'. Good things take time, as true value requires time to build and settle.
In short, my view on SPK is: SPK is not a project that earns and runs!
At this stage: Airdrop benefits + favorable launch, short-term cost-effectiveness is extremely high.
Mid-term: Community governance, continuous expansion of the ecosystem, and fewer people wanting to dump in the future.
Long-term: Once the data value closed loop runs smoothly, the entire win-win economic entity will form a snowball effect, and the future peaks will be incalculable.
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