Spark (SPK)

Massive token unlocks in the next 30 days:

+ $SPK @sparkdotfi | 27.08% ~ $17.44m | token price seems to go against operational metrics on Spark's eco

+ $ZRO @LayerZero_Core | 4.83% ~ $21.95m | large unlock after the incident of KelpDAO

+ $MEGA @megaeth | 32.83% ~ $12.11m | biggest unlock since TGE when token price faced a massive decrease

+ $H @Humanityprot | 9.41% ~$61.92m | recently surged hard due to staking launch and also AI sector

+ $SAHARA @SaharaAI | 30.1% ~$21.76m | token price dumped over 50% in the past 24h, showing a possible sell-off before token unlock

+ $SUI @SuiNetwork | 0.34% ~$10.42m | normal release based on tokenomics

+ $ENA @ethena | 2.02% ~$13.85m | low unlock value due to low FDV, loss in TVL, and market share of Ethena

+ $HYPE @HyperliquidX | 2.48% ~$615.8m | massive unlock value due to the huge FDV of HYPE

Lending has remained DeFi’s core credit layer since 2021.

Its TVL reached a new peak in October 2025 as newer models and protocols continued to emerge.

But the sector still has a major weakness: token-holder value capture.

Around 89–90% of lending fees flow to the supply side and other participants, which is expected for a credit market, but it often leaves token holders with little to no direct economic value.

This is where @sparkdotfi becomes interesting.

SparkLend is not just one of the top 10 lending protocols by revenue; it also ranks 1st among tracked lending protocols by 30-day holder revenue, with $281K attributed to SPK buybacks.

That is one of the clearest attempts to convert lending activity and accumulated surplus into visible token-holder value.

The next question is whether that model is sustainable as its $35M buyback program scales.

Thank you @0xTakeProfits and @NexusDataLabs for the priviledge of contributing to this issue

More below ↓

$SPK / #SPK can print a big green candle https://t.co/mViI9n9tWt