Spark SPK

Sell signal activeRank#37▼10Score35

Sell signal since Nov 7. REV7 fell to 0.7× of the previous week; REV ratio 0.7×, HR ratio 1.4×. Still open: weekly revenue drop still holds. See Signals.

Lending, Gnosis, Ethereum, 192 days of data

Active signals 2

Sell signalsince Nov 7
Revenue this week $318k, 65% of the week before.
Weekly revenue drop: revenue this week $318k, 0.7× the week before, paid to holders 1.4× the week before. Still open: weekly revenue drop still holds.
Multiple below mediansince Nov 10
Multiple 13.0×, below the 31.9× median of Lending (4 tokens).

Market cap

$53.8M

price $0.0156 · 7d −8.7% · 30d −24.4%

FDV $156.0M (2.9× market cap)

source defillama

Buyback revenue / year

$4.1M

holders revenue of the last 30 days, $340k, × 365 ÷ 30

Buybackbuyback share 29%

Buys back 7.7% of its market cap a year, using 29¢ of every $1 it earns.

Multiple

13.0×

peer median 31.9× (Lending, 4 tokens), against 13.0× here

Run-rate

10.3×

last 7 days $100k × 52 = $5.2M a year

last week's payout to holders ran 1.3× the 30-day pace: the payout is speeding up

What we checked

Valuation
Multiple 13.0×, 2.5× cheaper than its Lending peers (median 31.9×, 4 tokens). The group's largest earner Sky trades at 26.7×: 2.1× cheaper per dollar returned to holders. On total revenue: 3.7×, 6.2× cheaper than the revenue peer median.
Distribution
Buyback: Revenue buys the token on the market; the tokens stay in circulation (treasury, stakers or LPs). Holders got $340k of $1.2M revenue in 30 days → buyback share 29%. DefiLlama: “Token Buy Back: Spark treasury buys back SPK tokens using protocol surplus revenue.”
Sustainability
Holders were paid on 30 of 30 days (100%); largest single day 4% of the month's holders revenue; paid to holders this week: 23% of the best week in 90 days (more than half below peak). Revenue −35% over 7 days and +133% over 30 days, price −24% over 30 days.

What this does not tell you

The figures come from DefiLlama's adapter for each child protocol. Only a few tokens have an on-chain check (see How the buyback really works); for the rest, whether the tokens were really bought, burned or parked in a treasury wallet is not checked here. Unlocks count where DefiLlama or our research has a vesting schedule; team discretion and liquidity depth only once researched.

Flags

Sell signalactive since Nov 7; REV7 fell to 0.7× of the previous week; REV ratio 0.7×, HR ratio 1.4×. Still open: weekly revenue drop still holds. See Signals
Payout >50% below peakthis week's holders revenue is 23% of its best week in the last 90 days ($437k)

How the buyback really works

Not researched yet. Everything above comes from DefiLlama and market data only.

Holders revenue / revenue (30d): $340k / $1.2M; last 30 closed days
To holders: Buys back 7.7% of its market cap a year
FDV / dilution: $156.0M / 2.9×; FDV ÷ market cap
Price 7d / 30d: −8.7% / −24.4%
Revenue growth 7d / 30d: −35% / +133%; versus the period before
Divergence: 1.13; revenue growth minus price growth, 30d
DEX liquidity: $352k; DexScreener, representative pools
24h volume: $5.2M; all markets, CoinGecko
Unlocks 30d: $384k; DefiLlama vesting schedule
Revenue multiple: 3.7×; market cap ÷ revenue per year
Fee multiple: 0.2×; market cap ÷ fees per year
Distance to peak: 23%; this week ÷ best week of 90 days
Data since: May 4; first day with holders revenue

Holders revenue and price

Holders revenue per day7-day averagePrice (right axis)▲ ▼ signal days (history below)

Multiple over time

today 13.0× (scored) · peer median 31.9×

Market cap at close ÷ (holders revenue of the previous 30 days × 365 ÷ 30), with holders revenue capped at revenue and × the type factor: the same effective multiple as the peer median. Values above 100× are drawn at the top. Bands as on the meter; dashed line = peer median today.

Signal history

Signal history of this token: date, type, price at the signal, price after 7 and 30 days, change since the signal and the outcome
Date	Signal	Price then	After 7d	After 30d	Since	Outcome
November 11, 2026	Revenue jumpclosed Nov 12: the condition no longer holds	$0.0156	—	—	0%	30-day check: day 1
November 11, 2026	Multiple below medianactive	$0.0157	—	—	−1%	30-day check: day 1
November 8, 2026	Sell signalactive	$0.0159	—	—	−2%	30-day check: day 4
October 27, 2026	Distribution cutclosed Nov 8: the condition no longer holds	$0.0171	−9%	—	−9%	not counted
October 31, 2026	Distribution cutvoided Nov 1: rule change of 1 Nov 2026: it would not open under the current rules	$0.0175	−9%	—	−11%	not counted
October 1, 2026	Multiple below medianvoided Nov 1: rule change of 1 Nov 2026: it would not open under the current rules	$0.0175	−8%	—	−11%	not counted
October 30, 2026	New in top 20closed Nov 2: now ranked #22	$0.0175	−8%	—	−11%	not counted
October 29, 2026	Revenue jumpclosed Nov 1: the condition no longer holds	$0.0175	−8%	—	−11%	not counted

Versus peers

Lending (merged group) · 4 tokens · median multiple 31.9× · Sky is valued 24.9× higher. Per dollar that counts for holders, Spark is 2.1× cheaper.

Main-ranking peers only. Multiples count holders revenue capped at revenue, × the type factor (buyback 1 · buyback + burn 1 · burn 0.75 · mixed 0.75 · distribution 0.5 · unclear 0.5 · ve-distribution 0.25).

This token against its main-ranking peers: multiple, revenue multiple, buyback share, holders revenue, market cap and revenue growth
Token	Distribution	Multiple	Revenue multiple	Buyback share	To holders 30d	Market cap	Rev. growth 30d
Sparkthis token	Buyback	13.0×	3.7×	29%	$340k	$53.8M	+133%
Skyleader	Mixed	26.7×	8.4×	42%	$5.5M	$1.34B	−3%
Maple Finance	Buyback	37.2×	7.4×	20%	$326k	$147.5M	+14%
Liquity	Distribution	1.2k×	8.2×	80%	$128k	$15.8M	+409%

Score build-up35 of 100

Total score = 35% valuation + 25% momentum + 20% divergence + 20% quality − penalties, clamped to 0–100. Every number here can be recomputed from the figures on this page.

35of 100#37▼10top 72%

Valuation 27.7Momentum 3.7Divergence 10.0Quality 13.3penalties −20= 34.7

Valuation35%

79Valuation 79.1: HR half 58.2 (multiple 13.00×; 100 at ≤3×, 0 at ≥100×, log scale), revenue half 100.0 (revenue peer value 6.23×; 0 at ≤0.33×, 50 at 1×, 100 at ≥3×, log scale).Average of two halves. HR half: linear in log(multiple), 100 at ≤ 3×, 0 at ≥ 100×, 0 without effective HR. Revenue half: linear in log(revenue peer value), 0 at ≤ 0.33×, 50 at 1×, 100 at ≥ 3×; neutral 50 when the peer group falls back to the universe.

Momentum25%capped

15Momentum 14.7: m = 0.5·g7 −0.427 + 0.3·(ln(day jump −0.34) clamped ±1.5 = −1.500) + 0.2·g30 0.846 = −0.494; 0 at ≤−0.7, 50 at 0, 100 at ≥1.1.m = 0.5·g7 + 0.3·ln(day jump, clamped ±1.5) + 0.2·g30; 0 at m ≤ −0.7, 50 at 0, 100 at ≥ 1.1. Neutral 50 when g7 or g30 is missing; a missing day jump counts as 0.

Divergence20%capped

50Divergence 75.1: d = g30 − p30 = 1.126; 0 at ≤0, 100 at ≥1.5.d = max(0, g30 − p30) when g30 > 0; 0 at d ≤ 0, 100 at d ≥ 1.5, linear.

Quality20%

67Quality 66.7: mean of days HR>0 100% → 100.0 (0 at ≤30%, 100 at ≥90%), largest day 4% of HR30 → 100.0 (0 at ≥60%, 100 at ≤15%), distance to peak 0.23 → 0.0 (0 at ≤0.25, 100 at ≥0.9).Average of: share of days with HR > 0 (0 at ≤ 30%, 100 at ≥ 90%), 1 − largest day ÷ HR30 (0 at ≥ 60%, 100 at ≤ 15%) and distance to peak (0 at ≤ 0.25, 100 at ≥ 0.9).

Penalty −15 (unlocks_above_hr30): unlocks next 30d $384k above HR30 $340k.
Penalty −5 (dilution_above_2): dilution ratio 2.90 above 2.

HR7 is below 50% of its 90-day peak: momentum and divergence are capped at 50. This is not a penalty; the distance already counts in quality.

Penalties−20

−15Unlocks in the next 30 days above HR30unlocks next 30d $384k above HR30 $340k

−5Dilution ratio above 2dilution ratio 2.90 above 2

8 rules not applied, 3 wait for research data.

Where the numbers come from

Revenue source: 2 active children; DefiLlama adapter per child
Price and market cap: defillama / defillama; latest fetch
Scored on: November 11, 2026; as-of date of the last compute run
On-chain verified: not yet; not checked yet

Protocols behind this token2 at DefiLlama

Per protocol: DefiLlama's methodology text, the distribution type we read from it and the sentence that decided it. The token takes the type of the protocol that returns the most to holders.

Spark Liquidity Layer
Onchain Capital Allocator · Ethereum
type unclear · source none
No methodology text at DefiLlama.
adapter on GitHub ↗
SparkLend
Lending · Gnosis, Ethereum
type buyback · source label
“Token Buy Back: Spark treasury buys back SPK tokens using protocol surplus revenue.”
SPK tokens bought back by Spark treasury using protocol surplus.
Token Buy Back
Spark treasury buys back SPK tokens using protocol surplus revenue.
adapter on GitHub ↗