Spark’s TVL has greater than doubled since April forward of its upcoming SPK token airdrop.
Spark Protocol at present introduced particulars of its upcoming SPK token airdrop, accelerating a surge in exercise that pushed its whole worth locked (TVL) up by $1 billion prior to now 24 hours.
Spark is a decentralized finance (DeFi) platform that makes use of Sky’s (previously MakerDAO) $6.5 billion stablecoin reserves to offer liquidity throughout DeFi, centralized platforms, and real-world property (RWAs).
The protocol’s TVL elevated by 114% from $3.5 billion in April to $7.5 billion as of June 10, based on DeFiLlama knowledge. Because the airdrop announcement, it has climbed even additional to $8.52 billion – simply shy of its all-time excessive of $8.6 billion, reached through the post-election rally in December 2024.
As a protocol, Spark combines three merchandise: Spark Financial savings, the place customers earn curiosity in sUSDS; SparkLend, a cash market that allows customers to borrow USDS at a set charge; and the Spark Liquidity Layer (SLL), which deploys idle liquidity throughout completely different blockchains and DeFi platforms.
Whereas the SPK token has not but launched, it should play a central function in Spark’s governance and long-term roadmap. A complete of 10 billion SPK tokens have been minted at genesis, with 65% allotted to the Sky ecosystem for a 10-year farming marketing campaign, and 35% reserved for Spark’s ecosystem, workforce, and contributors, based on a weblog publish..
Of the whole provide, 300 million SPK tokens (3%) have been put aside for the preliminary Ignition airdrop. The protocol outlined three foremost classes for members of the airdrop: Customers on SparkLend and Aave, members within the Ignition and Overdrive DeFi campaigns, and those that accomplished quests on the Layer3 platform.
Spark Protocol’s fast TVL development and upcoming airdrop come as DeFi appears to draw extra liquidity and customers. “It’s the launch moment for a new era of decentralized finance,” Spark stated on its official X account. “Recognizing the visionaries. The believers. The ones who saw the future.”
Alea Analysis Report
Information of Spark’s upcoming airdrop comes simply two days after crypto knowledge agency Alea Analysis launched a report highlighting the protocol’s fast development since launching in Could 2023.
Spark has turn into a multi-billion-dollar lending platform, managing over $5.5 billion in liquidity throughout the Ethereum mainnet and Layer 2 (L2) networks. This development is partly attributed to the protocol’s mixture of high-yield financial savings, low-cost stablecoin borrowing, and cross-chain liquidity, the report stated.
It additionally added that by way of integrations just like the Morpho Blue market with Coinbase, “Spark is onboarding previously offchain users directly into DeFi, tapping into centralized exchange liquidity and introducing new participants to decentralized credit markets.”
