Spark’s TVL has more than doubled since April ahead of its upcoming SPK token airdrop.
Spark Protocol today announced details of its upcoming SPK token airdrop, accelerating a surge in activity that pushed its total value locked (TVL) up by $1 billion in the past 24 hours.
Spark is a decentralized finance (DeFi) platform that utilizes Sky’s (formerly MakerDAO) $6.5 billion stablecoin reserves to provide liquidity across DeFi, centralized platforms, and real-world assets (RWAs).
The protocol’s TVL increased by 114% from $3.5 billion in April to $7.5 billion as of June 10, according to DeFiLlama data. Since the airdrop announcement, it has climbed even further to $8.52 billion – just shy of its all-time high of $8.6 billion, reached during the post-election rally in December 2024.
As a protocol, Spark combines three products: Spark Savings, where users earn interest in sUSDS; SparkLend, a money market that enables users to borrow USDS at a fixed rate; and the Spark Liquidity Layer (SLL), which deploys idle liquidity across different blockchains and DeFi platforms.
While the SPK token has not yet launched, it will play a central role in Spark’s governance and long-term roadmap. A total of 10 billion SPK tokens were minted at genesis, with 65% allocated to the Sky ecosystem for a 10-year farming campaign, and 35% reserved for Spark’s ecosystem, team, and contributors, according to a blog post..
Of the total supply, 300 million SPK tokens (3%) have been set aside for the initial Ignition airdrop. The protocol outlined three main categories for participants of the airdrop: Users on SparkLend and Aave, participants in the Ignition and Overdrive DeFi campaigns, and those who completed quests on the Layer3 platform.
Spark Protocol’s rapid TVL growth and upcoming airdrop come as DeFi looks to attract more liquidity and users. “It’s the launch moment for a new era of decentralized finance,” Spark said on its official X account. “Recognizing the visionaries. The believers. The ones who saw the future.”
Alea Research Report
News of Spark’s upcoming airdrop comes just two days after crypto data firm Alea Research released a report highlighting the protocol’s rapid growth since launching in May 2023.
Spark has become a multi-billion-dollar lending platform, managing over $5.5 billion in liquidity across the Ethereum mainnet and Layer 2 (L2) networks. This growth is partly attributed to the protocol’s combination of high-yield savings, low-cost stablecoin borrowing, and cross-chain liquidity, the report said.
It also added that through integrations 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.”
