Swap SPK at the Best Rate

What is SPK?

SPK is the token that steers Spark, a protocol built inside the Sky ecosystem, the network formerly known as MakerDAO. Spark runs a lending market, savings products around Sky's USDS stablecoin and a liquidity layer that allocates capital on-chain. SPK holders vote on how all of it is configured, and staked SPK is designed to eventually help secure Spark services.

The token went live on 17 June 2025 together with the Ignition airdrop for early users and a 200 million SPK distribution through a large exchange's holder program. Every airdrop claim window has since closed, with the final deadline on 17 December 2025.

How SPK works

Spark governance runs on a weekly cycle. Proposals are posted in the Spark section of the Sky forum, reviewed for a week by the Spark Risk Council and an operational facilitator, then put to a three-day Snapshot vote that passes with a simple majority. Submitting a proposal requires 100 million SPK, 1% of the supply, or status as a nested contributor such as Phoenix Labs.

Approved changes are written into the Spark Agent artifact of the Sky Atlas, the rulebook that anchors Sky governance, and technical changes execute as Spark Spells through Sky's spell process. Holders can vote directly on Snapshot or delegate to whitelisted delegates.

SPK supply and tokenomics

Ten billion SPK were minted at genesis. Sixty-five percent, 6.5 billion tokens, goes to users through Sky farming over ten years on a declining schedule that starts at 1.625 billion per year and halves every two years. The ecosystem share is 23%, most of it available from launch for airdrops and treasury, and the team's 12% vests over three years after a one-year cliff that releases a quarter.

The cap carries one caveat the documentation states plainly: Sky retains the ability to mint additional SPK under extreme circumstances, as defined in the Sky Atlas. Emissions otherwise follow the published schedule, which keeps circulating supply growing into the mid-2030s.

Who builds SPK

Spark operates as a unit of the Sky ecosystem rather than as a standalone startup: its governance nests under the Sky Atlas, and Phoenix Labs appears in the governance documentation as a nested contributor able to submit proposals directly. Product, staking and governance documentation all ship under the Spark brand.

What people use SPK for

SPK's live utilities are governance and staking, with the staking side positioned to secure Spark ecosystem services over time through restaking infrastructure.

• Vote on Spark proposals or delegate to a whitelisted delegate.
• Stake SPK to earn Spark Points, with extra points from Symbiotic.
• Farm SPK by depositing USDS into Sky's token farms.
• Bridge SPK between Ethereum and BNB Chain over Stargate.

SPK risks and considerations

Supply growth is the structural fact to weigh: emissions run for a decade, and the Sky Atlas leaves Sky an explicit right to mint more in extreme circumstances. Staking rewards accrue as points rather than tokens, and what those points become depends on programs Spark has not fully specified.

Governance is young. The delegate whitelist was still in a bootstrapping phase through 2025, votes are off-chain signals implemented through Sky's processes, and Spark's fate is tied to the health of Sky's broader system, including USDS. The 100 million SPK proposal threshold keeps direct submission out of most holders' reach.