The reasonable price range for the $SPK token may be between $0.10 and $0.20
BNB Chain: (0xAfF2e841851700D1Fc101995Ee6b81Ae21Bb87D7)
Ethereum: (0xc20059e0317DE91738d13af027DfC4a50781b066)

Available @LayerZero_Core cross-chain
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#Spark is a DeFi project focused on capital allocation, borrowing stablecoin reserves from @SkyEcosystem (MakerDAO) (over $6.5 billion) and deploying capital in DeFi, CeFi, and real-world assets (RWAs), providing yield products such as sUSDS and sUSDC. It aims to address liquidity fragmentation and idle stablecoin capital issues in DeFi. Its core products include SparkLend (lending market) and yield generation tools, with a total TVL of $6.588 billion, of which SparkLend accounts for $3.409 billion.

Refer to the data of the following projects in the same track:

Aave: A leading DeFi lending platform with a TVL of $26.2 billion, FDV of $4.275 billion, ratio 0.163.
Compound: Another lending protocol with a TVL of $2.567 billion, FDV of $0.498 billion, ratio 0.194.
Sky (formerly MakerDAO): Stablecoin issuance and lending protocol with a TVL of $4.869 billion, FDV of $1.87 billion, ratio 0.384.
Yearn Finance: Yield aggregator with a TVL of $0.281 billion, FDV of $0.168 billion, ratio 0.597.
Curve: A DEX focused on stablecoin trading with a TVL of $2.309 billion, FDV of $0.832 billion, ratio 0.360.
Convex Finance: A yield optimization protocol based on Curve with a TVL of $1.162 billion, FDV of $0.254 billion, ratio 0.219.

Optimistic Calculation:
@sparkdotfi is divided into lending (SparkLend) and yield generation (sUSDS, etc.), so I used a weighted average method:
Lending part: SparkLend has a TVL of $3.409 billion, accounting for about 51.7% of the total TVL. Referring to the ratios of Aave and Compound, the average is (0.163 + 0.194)/2 = 0.1785.

Yield part: The remaining TVL is $3.179 billion, accounting for about 48.3%. I refer to the ratios of Yearn and Convex, and the average is (0.597 + 0.219)/2 = 0.408.

Total ratio: Weighted average (0.1785 * 0.517 + 0.408 * 0.483) ≈ 0.293.

Based on this, the FDV of #Spark = 0.293 * 65.88 ≈ 19.31. The total supply of SPK is 1 billion coins, with an FDV of about $19.31 billion, unit price about $0.19.

Rational Perspective:
Spark borrows USDS from Sky, requiring collateral and paying interest, with this interest belonging to Sky. The revenue from sUSDS directly comes from the lending fees of the Sky Protocol, which Spark itself does not control but provides a user interface.
At the same time, Spark plans to distribute 10% of its profits to AaveDAO, making the valuation ratio possibly closer to Aave's 0.163.

Based on this, the FDV of #Spark = 0.163 * 65.88 ≈ 10.7. Unit price $0.1