Spark

Spark launched with a money market built from the Aave V3 codebase and a direct liquidity relationship with MakerDAO. Its first proposition was practical: supply or borrow DAI and a small set of collateral assets without waiting for a native governance token.

The scope later widened. Spark Savings packaged yield for depositors, while the Liquidity Layer sent capital into other DeFi protocols, centralized venues and real-world-asset strategies. SPK therefore did not finance an unbuilt idea; it was attached to an allocator that already depended on Sky reserves and outside counterparties.

That history matters to holder rights. SPK governs parts of Spark, but it is not the receipt token for a Savings deposit and does not represent a proportional share of the capital deployed by the Liquidity Layer.

SPK holders vote or delegate on Snapshot. During the documented bootstrap phase, delegates must be whitelisted, and only a holder of 1% of total supply or a recognized nested contributor can submit a proposal.

Before a poll, the Spark Risk Council can reject a malicious or materially risky proposal and the Operational Facilitator checks alignment with the Sky Atlas. After a successful vote, an Atlas edit records the decision and a Spark spell is executed through the Sky spell process.

The result is influence with gates: a wallet balance supplies voting weight, but it does not directly call the contracts that move capital or change risk limits.

The genesis mint created 10 billion SPK. Sky farming received 65% for distribution over ten years, the ecosystem received 23%, and the team received 12% with a one-year cliff and later vesting. These schedules shape when voting power and potential selling pressure can enter circulation.

The SDAO token contract is documented as non-upgradeable, yet the same token page says Sky may mint additional SPK in extreme circumstances. Contract immutability therefore does not make the genesis number a hard cap or freeze the surrounding protocol.

Staked SPK currently earns Spark Points, while validation and security uses are described as possible future functions. A points balance is neither a fixed interest rate nor a contractual share of Spark revenue.

MiCA disclosures name Spark Foundation for admission to trading and SPK Company Ltd. for the token offer. They describe a 14-day withdrawal period for eligible retail purchasers in that offer, not a standing right for every exchange buyer to redeem SPK at a fixed value.