SPK, the native token of Spark Protocol, surged from $0.031 to over $0.11 within seven days as users staked their holdings to qualify for Phase 2 of the project’s Ignition airdrop. The staking requirement reduced the circulating supply, which coincided with the price increase.
Overdrive Airdrop Triggers Staking Lockup
Spark’s airdrop campaign entered its second phase on July 15. This phase, called Overdrive, requires users to stake all previously claimed SPK tokens through Symbiotic Finance by July 29, 2025, and hold them until August 12. Users who also maintain a balance of at least $1,000 in USDS or USDC during this period receive a two-times reward multiplier.
As of July 23, a total of 129.83 million SPK tokens had been staked, rising by 8.67 million in 24 hours. The number of stakers reached 3,270. Spark’s total supply is 10 billion SPK, and current circulating supply stands at around 1.7 billion. The staked tokens account for approximately 7.6% of the circulating supply and are temporarily removed from market circulation.
SPK to USD was trading at $0.031 on July 16. By July 23, it climbed above $0.11, marking a gain of 285% in one week. Daily trading volume increased from $289 million to over $1.5 billion. The reduction in available tokens due to staking, combined with increased demand for airdrop eligibility, has contributed to the price surge.
Spark Protocol TVL Rises Amid Product Activity
Spark Protocol’s total value locked (TVL) reached $8.3 billion as of July 23. SparkLend, the lending product, accounted for $4.85 billion, which was a decline of $31.01 million over the past day. The Spark Liquidity Layer held $4.01 billion in allocated assets with a 24-hour increase of $19.73 million. Spark Savings recorded $2.44 billion in deposits, down $10.73 million over the same period.
These movements indicate users have shifted capital across products, while overall usage remains high. Spark Savings currently offers an annual percentage yield of 5.43% on stablecoin deposits, which adds further utility to the protocol beyond the airdrop program.
Alongside SPK rewards, Spark has introduced weekly distributions of 76,000 Optimism (OP) tokens. These OP incentives run through the Overdrive phase and are awarded to stakers who meet the eligibility conditions. The additional yield opportunity has further increased demand for staking SPK during this period.
Token Unlock Expected After August 12
All tokens staked for the Overdrive campaign will unlock on August 12, 2025. A similar unlock occurred after the first airdrop in June. At that time, SPK fell from $0.13 to $0.04 within 48 hours after token distribution event. Spark has not disclosed any long-term emissions schedule or vesting extensions beyond the Overdrive period, which leaves the post-airdrop price outlook uncertain.
SPK functions as the governance token of Spark Protocol. Holders vote on protocol proposals through Snapshot. Stakers also earn Spark Points, which the protocol may use in future services or incentives. Spark minted a total of 10 billion SPK tokens. Moreover, it allocated 65% to user farming over ten years, 23% to ecosystem initiatives, and 12% to the team. Team tokens follow a one-year cliff and three-year vesting schedule.
Centralized exchanges, including Binance, KuCoin, Bybit, and MEXC, currently list SPK. Additionally, the token trades across more than 60 active markets.
