Spark Rallies More than 400% as TVL Explodes to $8 Billion

Spark, an onchain capital allocator and liquidity layer launched by Sky (formerly MakerDAO) in 2023, recorded significant growth in Q2, and its native SPK token is now catching up.

SPK surged to an all-time high on July 23, rallying as high as $0.18, or a $1.8 billion fully diluted valuation (FDV). The move caps a scorching 400% rally over the last two weeks, with SPK now trading more than 100% above its token generation event (TGE) price of $0.065.

The token launched on June 17 and fell almost 50% below its TGE price before bottoming at roughly a $290 million FDV, before skyrocketing more than fivefold to current prices.

The protocol’s total value locked (TVL) rallied into the token launch and has continued its strong trajectory post-TGE. According to DeFiLlama, the protocol’s TVL now stands at an all-time high of $8.1 billion, making it the sixth largest platform in decentralized finance (DeFi).

Lending protocol SparkLend boasts the majority of the protocol’s TVL, accounting for $4.7 billion out of the protocol’s $8.1 billion, while the Spark Liquidity Layer accounts for the remaining $3.4 billion. More than 90% of the protocol’s liquidity is concentrated on Ethereum, while the rest is split among Layer 2 networks such as Base, Gnosis, and Arbitrum.