Spark (SPK)

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

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

A concerning market move: Justin Sun transferred 41.99 million Spark worth $1.23 million to the HTX platform in a new suspected sell‑off. This move adds to the 610 million SPK flowing to platforms since the start of 2025, intensifying sell pressure and raising governance concerns about the project's future. https://t.co/wB0C4ZBFRv