There is a new DeFi token in the Stablecoin narrative which might grab some attention depending on who's involved.

Spark launched $SPK.

> Data-wise: $172M ARR, $3.5B in stablecoin liquidity.

> No VC directly involved. 65% of the token supply is reserved for farming.

> You can farm $SPK by depositing USDC into Spark Farm Pools.

> Around 8.7% of the supply is in circulation right now.

Around 3.7% of the supply was distributed through the pre-farming airdrop. 30% of the airdrop is being shared by the top 20 recipients. The top recipient got 8.78% of the pre-farming airdrop supply.

Less than 5% of the circulating supply of $SPK is staked so far—which is not that great, as I don’t see any major driver to push staking demand for now.

Staking ratio is going to be an important metric to look at for $SPK’s potential price growth.

Spark is generating 4.2x more revenue than its current market cap, but it would all convert into a nicely shaped narrative if there is a "buyback" or revenue share implemented by the DAO.

Since Spark is part of the Sky ecosystem—and SKY is known for the best governance in the space—we might see some proposals passing in the future which could add more value to $SPK.

Looking at the current pre-farming airdrop distribution, I believe some whales are going to farm SPK heavily.

So it depends on whether they dump it on exchanges or decide to stake it while building enough ground for future price discovery given that Spark has built a decent community of believers through some campaigns in the past.