What is SPK? Is it worth paying attention to?

The recently launched SPK has attracted significant attention. It is the governance token of the Spark Protocol, which is a stablecoin DeFi platform incubated by the MakerDAO ecosystem and participated in by Sky.

With influential figures backing it and practical products, today I will help you quickly understand whether SPK is worth investing in.

📊

1. TVL reaches 7–8 billion USD

Spark is not just "old wine in a new bottle"; it is an already operational DeFi project with a large amount of funds.

Its TVL (Total Value Locked) has reached the level of 7–8 billion USD, with most of it being stablecoins + staked assets, which is much stronger than most "popular projects".

With funds in the scene, confidence naturally follows.

💰

2. Annual profit of approximately 170 million USD

According to official data, Spark makes money through two methods: - Depositors store stablecoins, and the protocol uses this money to earn returns on other platforms.

It provides lending services, earning interest rate spreads and liquidation fees.

Currently, conservative estimates suggest an annual profit exceeding $172M, while its circulating market cap is still far below this revenue.

3. What are its core advantages?

Sky reserve system support: Backed by over 650 million USD in assets

Stablecoin closed-loop design: Lending + Savings + Automatic deployment in a trinity

Cross-chain liquidity deployment capability: Funds can be automatically deployed across different chains (not just a slogan)

These designs make Spark more like an "asset bank in DeFi".

4. Why hasn’t the SPK token increased in value?

There are three main reasons:

1. Airdrop distribution coincided with the launch, leading to significant short-term selling pressure

2. SPK has not fully entered the staking and fee-sharing mechanism, lacking a strong demand for holding the token

3. The overall market's understanding of it is still in the early stages.

Because of this, the current price is relatively "cheap", making it worth researching.

7. Who should pay attention to SPK?

Users who are optimistic about stablecoins and DeFi in the long term.

Those who like to find "projects that can make money but haven't been hyped up yet".

Investors willing to engage in DAO, staking, and airdrop ecosystem activities.

If you enjoy short-term trading and buying today to double your investment tomorrow, SPK may not be suitable for you.

But if you are a value investor, the current SPK could be an interesting observation target.