The @sparkdotfi TGE has surprised me:
1) Great CEX distribution
2) Liquidity for retail but low enough to trap whales who can’t exit (clever or lucky, doesn’t matter)
3) No liquidity vs USDS?
How is SPK on many major CEXes but not USDS/SKY? Their paid MM isn’t MMing vs USDS? 🤷♂️
This was a challenging market to TGE into, so not sure we should read much into price/mkt cap.
But GTM for SPK shows how poor the USDS one was. SPK on CEXes day 1, but USDS still only on a couple. Even the market makers for SPK are doing so vs USDT.
All this seems strange to me
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