The DeFi capital allocator’s TVL is up 250% since April, and the protocol’s SPK token is now following swimsuit.
Spark, an onchain capital allocator and liquidity layer launched by Sky (previously MakerDAO) in 2023, recorded vital development in Q2, and its native SPK token is now catching up.
SPK surged to an all-time excessive on July 23, rallying as excessive as $0.18, or a $1.8 billion totally diluted valuation (FDV). The transfer caps a scorching 400% rally over the past two weeks, with SPK now buying and selling greater than 100% above its token era occasion (TGE) worth of $0.065.
The token launched on June 17 and fell virtually 50% under its TGE worth earlier than bottoming at roughly a $290 million FDV, earlier than skyrocketing greater than fivefold to present costs.
The protocol’s complete worth locked (TVL) rallied into the token launch and has continued its sturdy trajectory post-TGE. In line with DeFiLlama, the protocol’s TVL now stands at an all-time excessive of $8.1 billion, making it the sixth largest platform in decentralized finance (DeFi).
Lending protocol SparkLend boasts nearly all of the protocol’s TVL, accounting for $4.7 billion out of the protocol’s $8.1 billion, whereas the Spark Liquidity Layer accounts for the remaining $3.4 billion. Greater than 90% of the protocol’s liquidity is focused on Ethereum, whereas the remaining is break up amongst Layer 2 networks similar to Base, Gnosis, and Arbitrum.
