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Spark

SPK#400 by market cap

Not covered. The criterion it missed: documentation found but no public code repository listed.

#10of 26 stablecoin issuersthe typical one is worth $14.45M#399of all coins by sizeworth $60.53M today67%of the supply still to come6.7B coins can still reach the market14 monthson the markettrading since 23 July 2025

Spark is for lending and borrowing. We have not written its record yet, so its promises are not checked. It trades at $0.0183, #399 of all coins by size, 90% below its highest ever price.

This week Nothing changed on its record.

A real job, real backing. No dated promises on its pages. Nothing dated ahead. #10 of 26 stablecoin issuers. 1 reason to be careful.

Is it real?

4 of 4tests passeda real job, real backing, something ahead, room to grow
nonenamed backersno investor or index on file
14 monthson the marketsince 23 July 2025

Reasons to be careful:Half the supply still to come

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Passes all four

  • ✓A real-world jobReal-world purpose: lending and borrowing
  • ✓Real backingBacking: trades on Coinbase, Crypto.com, Kraken
  • ✓Something aheadAhead: news this month about banks, etf, treasury
  • ✓Room to growRoom: worth $60.53M, 32 times smaller than Aave, the biggest coin within reach doing the same thing (Stablecoin Issuer)

Listed on 9 big exchanges

  • Origin23 July 2025about about 14 monthsspark.finance
  • DevelopersNot namedNeither Wikidata nor its listing names the foundersNo public code repository listed
  • BackingNo named investorListed on Coinbase, Crypto.com, Kraken, Binance
  • Standing on the recordNo recordNo dated promise to judge yet36 headlines last month, 5 about governmentNo corrections needed so far
Why it is worth a look
  • Real-world purpose: lending and borrowing
  • Backing: trades on Coinbase, Crypto.com, Kraken
  • Ahead: news this month about banks, etf, treasury
  • Room: worth $60.53M, 32 times smaller than Aave, the biggest coin within reach doing the same thing (Stablecoin Issuer)
The gap, and what to do

It is already worth more than the typical coin in Stablecoin Issuer ($14.45M). To match the leader, Aave ($1.95B), its price would need to rise 3127%, to about $0.5908.

Still to check

  • No dated promise on record yet, so delivery cannot be judged
  • No named investor among its tags
  • Years younger than the group's leader

What to do Nothing dated is ahead and nothing has been delivered on record. There is no event to wait for yet, which is itself the answer.

A gap is not a forecast. Most small coins never close it. The site never picks.

Four tests, printed. Passing all four means a real job, real backing, something ahead, and a price far below the leader of its group. A filter on facts, never a verdict.

Every line has a source: the coin's own listing, CoinGecko's tags, the record, or the news feed. Reputation here is a count, never an opinion.

Does it deliver?

No dated promise has been found on the pages this project publishes. Its pages are saved every night, so anything it commits to from now on appears here.

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Every line is quoted from the project's own pages, with the copy we stored and, where one exists, the article that reported it

What is next, and when?

Nothing dated has been found on its pages, so there is no date to wait for yet.

How big is it next to its rivals?

#10of 26 stablecoin issuersthe typical one is worth $14.45M
$60.53Mworth todayprice × coins out
$14.45Mthe typical rival is worthStablecoin Issuer
$1.95Bthe leader is worthAave
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Only coins within a hundred times its worth; a coin a thousand times bigger is another world

Lending and borrowing

39 coins tagged Lending/Borrowing Protocols, worth $4.84B together. #8 of 39 by worth.

Stablecoin Issuer: this coin against its direct competitors

  • CoinWorth, as a barWorthAgainst this coinToday, and the gapSupplyPromises
  • Spark$60.53Mthis coin−3.0%33% outno record
  • Aave$1.95B32.3× bigger, +$1.89B+0.2%, gap +3.196% outno record
  • World Liberty Financial$1.82B30.1× bigger, +$1.76B+0.2%, gap +3.232% outno record
  • Sky$1.47B24.3× bigger, +$1.41B−0.3%, gap +2.7100% outno record
  • Ethena$1.42B23.4× bigger, +$1.36B−1.0%, gap +2.067% outno record
  • Curve DAO$543.04M9.0× bigger, +$482.51M−0.5%, gap +2.551% outnone dated
  • Telcoin$156.32M2.6× bigger, +$95.8M−0.1%, gap +2.999% out0 of 1 delivered
  • USD.AI$81.97M1.4× bigger, +$21.44M−2.1%, gap +0.920% out0 of 1 delivered
Same job, different how

Stablecoin Issuer: this coin next to Aave, the biggest rival within reach. People go to the bigger coin unless the smaller one does something it does not.

Spark says
Spark is an onchain capital allocator, with $3.86B deployed across DeFi, CeFi, and RWA.
Aave says
Aave is a decentralized money market protocol where users can lend and borrow cryptocurrency across 20 different assets as collateral.

Two claims, side by side, in their own words. Whether the difference is real is for the record to show over time, and for you to judge.

What it is

Spark is an onchain capital allocator, with $3.86B deployed across DeFi, CeFi, and RWA. It unlocks capital efficiency at scale, auto-balancing allocations based on market conditions while maintaining a conservative risk profile.

Problem it says it solves: lending and borrowing. 39 coins are working on it and together they are worth $4,841,364,013. This coin is 1% of that.

Where it trades: Coinbase, Crypto.com, Kraken, Binance, OKX

Each bar is a coin's worth today (price × coins out), longest first. The lit bar is this coin; grey bars are the others doing the same job.

Bars are market cap. Order is size, nothing else. Differences are measured from the coin you are looking at.

What should make me careful?

1 reason to be careful

  • Half the supply still to come67% of the maximum supply is still to come
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Why is it this small?

Stablecoin Issuer: this coin next to the group's largest, Aave.

SparkAave
Years trading1 year6 years
Major exchanges910
Named backers01
Headlines, last month3655
Promises deliveredno recordno record

What it says is different: Spark is an onchain capital allocator, with $3.86B deployed across DeFi, CeFi, and RWA. It unlocks capital efficiency at scale, auto-balancing allocations based on market conditions while maintaining a conservative…

It is 3.1% the size of Aave. On the facts above it is behind on years trading, major exchanges, named backers. For that gap to close, the record would need deliveries showing up in its record. Nothing here says it will; the site does not predict.

Printed the same way as the reasons for: facts from the record, the tags and the market feed. Never a verdict, never the word sell.

The homework: the coin itself, the news, the record

The coin itself

$0.0183price of one−3.0% today
90%below its highest ever$0 on 23 July 2025
33%of the supply is out3.3B coins
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The last 7 days

7 days ago: $0.0206now: $0.0183 (−10.6%)

Where today sits against its highest ever price

$0.0183

Highest ever: $0.1845 on 23 July 2025. Today is 10% of that.

33%

of all SPK that will ever exist is already out in public hands: 3.3B coins.

67% (6.7B coins) is already created but not in public hands, held by the project or locked in escrow. That is a majority. Those coins can be sold later, which can push the price down.

out held back. Each dot is 1%.

A vote, nothing more by itself

Holders vote on how the project runs. The coin does not pay for anything on its own.

  • A vote on how the project is run
$0.0183price of one
×
3.3Bcoins out
=
$60.53Mworth today, #399 of all coins

That is all a market cap is: today's price times the coins in public hands. It moves every time the price does. It says what buyers are paying, not what the coin is worth.

Basics
  • 33%of the maximum supply is in circulation: 3.3B of 10B.
  • 6.7Bcoins still to be released, 67% of the maximum. Releases can add selling pressure.
  • 3.0×fully diluted value versus today's market cap. The gap is coins not yet released.
  • 10%of its all-time high of $0.1845 on 23 July 2025. That is −90.1% from the top.
  • #399by market cap, $60,526,991.
  • Not checkedwho holds the most coins, and how much has been burned. Those need on-chain data this site does not read yet.

Supply and value figures from CoinGecko, refreshed hourly. Not part of the record.

What the news says

36headlines, last monththat name this coin
5about governmentregulation, courts, central banks
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Headlines per day, last 30 days

36 headlines named this coin in the last month.

What they were about

  • Price5
  • Treasury2
  • SEC2
  • ETF2
  • Hack1
  • Whales1
  • Lawsuit1
  • Banks1
In the news
What people are talking about, last month:

36 headlines in the last month.

Headlines are the publishers' own. News is never placed next to price.

The record itself

Not covered. The criterion it missed: documentation found but no public code repository listed.

Pages savednot yetno roadmap page found
Promisesnone yetno record drafted
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Six facts, the project's own replies, its peers, contract facts, references and every stored copy