The SPK Token, the native currency of the Spark platform, was launched on Tuesday amid high expectations and quickly listed on major exchanges like Coinbase and Binance. However, it faced a significant decline, dropping by double digits, likely due to a post-airdrop sell-off. Spark operates as a DeFi platform, utilizing Sky's $6.5 billion stablecoin reserves to allocate capital across various financial sectors. The SPK token is crucial for governance and allows holders to stake for Spark Points rewards. The airdrop for Phase 1 is currently claimable until July 22nd, 2 pm UTC. Binance announced its listing of SPK, offering an exclusive airdrop of 2% of the total supply. SPK also debuted on Coinbase with an Experimental label, and other exchanges like KuCoin and Crypto.com followed suit. Initially, SPK surged to an all-time high of $0.075 but has since fallen to $0.057, a 23.9% drop, raising concerns about its future performance in the DeFi market. Read more AI-generated news on: https://app.chaingpt.org/news