Spark buys back over 100M SPK using $2M in revenue
The program follows parameters approved by Spark governance.
Spark’s SPK buyback program has surpassed 100 million tokens, backed by more than $2 million in protocol revenue. The buybacks operate under parameters set by Spark governance, with every transaction publicly verifiable on-chain.
How the buybacks have played out
Spark’s SPK buyback program has surpassed 100 million tokens, backed by more than $2 million in protocol revenue. The buybacks operate under parameters set by Spark governance, with every transaction publicly verifiable on-chain.
Spark’s buyback activity began showing up on-chain in March 2026, when a multisig wallet linked to the protocol accumulated about 1.84 million SPK, valued at roughly $36,000 at the time.
The program accelerated the following month. Spark reported in early April that it had completed its first month of buybacks, using 571,957 USDS to acquire over 26 million SPK. Reports at the time estimated that the accumulation amounted to around 1% of the circulating SPK.
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Why buybacks matter in DeFi
What buybacks accomplish in this context is straightforward supply reduction. Fewer tokens circulating means each remaining token represents a slightly larger share of the protocol’s governance power and, in the case of SPK, staking rewards.
Spark’s approach also stands out for its governance-first structure. The buyback wasn’t a unilateral decision by core contributors. SAEP-09 went through the proposal and approval process, giving token holders a say in how surplus revenue gets deployed.