Bubble
Spark SPK
Spark (SPK) was trading at $0.0198, ranked #379 by market cap at $62.68M, with 24h volume of $23.91M.
Data snapshot: 2026-09-02 12:15 UTC.
Spark is the lending and savings arm of the Sky ecosystem, formerly MakerDAO, deploying the protocol's reserves into markets to generate the yield paid on its savings rate. It is one of the largest allocators of stablecoin liquidity in DeFi, which means it sets rates for the sector as much as it takes them. Spark began as a lending market within the Sky ecosystem and has grown into the allocator of that system's capital — deploying stablecoin reserves across lending markets and tokenised real-world assets in search of yield. That makes it less like a lending protocol and more like a treasury manager operating on-chain, with a mandate set by governance. Its scale comes from the size of the balance sheet behind it rather than from attracting retail deposits, which is a different growth path from the rest of this group.
What does Spark do?
It provides lending markets and allocates the Sky ecosystem's stablecoin reserves across on-chain and tokenised real-world yield opportunities.
How is that different from a normal lending protocol?
Most lending protocols intermediate between retail suppliers and borrowers. Spark deploys a large existing balance sheet according to a governance mandate.
What is SPK used for?
Governance of the protocol and participation in its incentive mechanisms.
What determines its scale?
The size of the reserves it allocates, which depends on the Sky ecosystem rather than on attracting individual depositors.
Market cap decides how big a bubble is drawn, so rank is what places SPK on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #37 | World Liberty Financial (WLFI) | $1.79B |
| #43 | Aave (AAVE) | $1.48B |
| #313 | yearn.finance (YFI) | $79.51M |
| #352 | DeXe (DEXE) | $67.25M |
| #379 | Spark (SPK) | $62.68M |