No whitepaper found

SPK

SPK · Spark

UtilityGovernance token for Spark — holders vote on protocol decisions.

What it is

Spark is a DeFi liquidity and yield infrastructure layer with three product lines: Savings, SparkLend money market, and the Spark Liquidity Layer that deploys stablecoin capital across DeFi, CeFi, and RWAs. It is a Star of the Sky ecosystem.

Technology & consensus

No own chain: Spark runs on Ethereum and L2s as a DeFi protocol (SparkLend lending market, savings vaults, Spark Liquidity Layer); SPK itself is an ERC-20 minted at genesis by Sky governance.

Token utility

Governance token (initially Snapshot signaling, role evolving as distribution decentralizes) and staking token to help secure the ecosystem via Symbiotic, with stakers earning stSPK and rewards.

Key risks & notes

No official project-hosted whitepaper located; summarized from the official documentation at docs.spark.fi. Supply: 10 billion SPK minted at genesis, 65% Sky farming over 10 years, 23% ecosystem, 12% team. Risks: prolonged emissions, dependence on Sky governance and USDS, smart-contract/bridge/strategy risk, and evolving governance utility.

Primary source

No whitepaper found. The summary below is drawn from the project’s official documentation, site, or repository instead — the substitution is disclosed, not hidden.

Research status

Classification: No whitepaper found · Researched 2026-09-15 · Source material: official project documents only.

Machine-readable summary →

👁️ Evidence dossier

Verification classClass BFORA-01 scale — verification, not a quality ranking

Claim type · DeFi protocol token (governance + staking — confirmed)

What does the holder own?

Title, redemption claim, fractional ownership, reserve exposure — or just narrative.

SPK is the native governance and staking token of Spark Protocol: governance via Snapshot/SparkDAO voting, staking secures Spark (e.g. bridges) and earns rewards in Spark Points.

high confidence

Evidence: [1] · [2]

Verified

Who holds the underlying?

Needs an identifiable custodian or entity — not a wallet address or a label.

No underlying exists by design: Spark's own MiCA whitepaper states SPK 'does not represent a financial claim or entitlement to any underlying asset.'

high confidence

Evidence: [1]

Verified

How are reserves checked?

Custodian records → inventory → third-party audit → supply reconciliation.

No reserves exist behind SPK by design; total supply is fixed at 10 billion and issuance is auditable on-chain (Ethereum contract 0xc20059e0317DE91738d13af027DfC4a50781b066).

high confidence

Evidence: [1] · [2]

Verified

How does redemption work?

Eligibility, minimums, fees, KYC, settlement — and what happens to the token.

No redemption mechanism exists or is promised for SPK; staking is a voluntary rewards mechanism, not a redemption.

high confidence

Evidence: [1] · [2]

Verified

Who is liable if redemption fails?

A legally accountable entity and jurisdiction — not a DAO label.

Spark was developed by Phoenix Labs; the MiCA whitepaper names an offeror 'SPK Company Ltd.', but its jurisdiction was not independently confirmed. No redemption liability exists since none is promised.

medium confidence

Evidence: [1] · [2]

Partially verified

❔ UNVERIFIED means not yet researched — not disproven. Rows marked “researched” were investigated and independent evidence was not found. Coverage expands as FORTUNA verifies. This dossier was researched 2026-09-15. Method: FORA-01 Asset Claim Verification Protocol.

❔ Frequently asked questions

What is SPK (SPK)?

What does the holder own?

SPK is the native governance and staking token of Spark Protocol: governance via Snapshot/SparkDAO voting, staking secures Spark (e.g. bridges) and earns rewards in Spark Points.

What is SPK's verification status?

SPK (SPK) carries verification class B (Class B): a mix of VERIFIED and PARTIALLY VERIFIED with no UNVERIFIED and no CONTRADICTED findings. What would change it: Independent evidence closing the partially verified gaps would move it to Class A.

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