I just checked the documentation of @ parkdotfi's spk token: https://docs.spark.fi/governance/spk-token SPK is a governance token of the Spark protocol, aimed at incentivizing users to participate in the Spark ecosystem (part of the Sky ecosystem) and enhancing the capital efficiency and cross chain liquidity of USDS stablecoins through decentralized governance and staking rewards. SPK's ecological application loop: -User participation in borrowing/depositing: By borrowing DAI/USDS or providing ETH through SparkLend, users can receive SPK airdrop rewards (pre season airdrops, allocating 14.478 million SPK to SparkLend users and 7.239 million SPK to Aave users per month in Season 2). Deposit USDS/USDC to generate USDS and enjoy Sky Savings Rate (SSR, currently 8.75% APY). -Governance empowerment: SPK holders vote to determine key parameters of the agreement (such as interest rates and mortgage rates), enhancing community driven transparency and trust, and attracting more users to participate. -Pledge incentive: SPK can pledge to verify products/services in the Spark ecosystem, receive rewards, and reduce token circulation, potentially supporting prices. -Cross chain scalability: Spark Liquidity Layer (SLL) extends USDS/s USDS to multiple chains (such as Ethereum, Base, Gnosis) through automated liquidity management, improving capital efficiency and user acquisition. -Positive feedback loop: User participation increases TVL (total lock up value, exceeding $30 million in seed stage by 2022), agreement revenue (borrowing fees) supports SSR and SPK rewards, attracting more users and forming a value growth flywheel. SPK has the potential to form a sustainable positive cycle, relying on the synergistic effects of airdrop incentives, governance participation, and cross chain expansion. However, the long-term sustainability of the flywheel depends on the timely issuance of tokens, effective management of Sky Governance, and performance in market competition. If SPK can be successfully launched and maintain high TVL growth in 2025, the flywheel is expected to accelerate its operation. Cookie COOKIE SNAPS spark @cookiedotfun @sparkdotfi SparkFi @cookiedotfuncn