The last tweet before the end of Cookie's first leaderboard Last month, I noticed the Spakr project on Cookie, and after some analysis, I felt that this project was definitely undervalued! In fact, it is; in just one month, Spark's TVL has surged into the top 5 of DeFi, achieving a grand slam upon launch. The leaderboard from @cookiedotfun ends tonight, but for Spark, everything is just beginning! 📌 $SPK, as a new generation DeFi protocol, is currently severely undervalued. › ••••••••• ‹ "The wind rises at the edge of the green pond, and the waves form between the ripples." @sparkdotfi's current TVL has reached $5.8 billion, with an on-chain annual lending scale of $16.4 billion and annual protocol revenue exceeding $20 million. SPK's current fully diluted valuation is less than $500 million, with a coin price of $0.047 and an FDV of only $4.7 billion. This kind of inversion is actually quite rare in the DeFi sector. Looking at those projects in the market that have inflated valuations but haven't seen significant TVL growth—like Ethena and EigenLayer, which have FDVs of 15 to 30 billion, relying on narratives, market hype, and institutional resources; and then looking at the older DeFi giants AAVE and Uniswap, even though their revenues are declining, their market cap still hovers around $4 billion. #Spark is undervalued for so many reasons. I think the issue is: it’s too new, growing too fast, for the traditional market to keep up. Most people haven't realized the uniqueness of Spark's structure in DeFi. It’s not a lending protocol with a stablecoin module attached; rather, it’s the stablecoin USDS that serves as the core asset anchor. The future core value of Spark lies not in how much LTV or yield it can roll out, but in whether it can become a unit of liquidity infrastructure on-chain—this is fundamentally not on the same level as pure collateral lending systems like Aave and Compound. The release structure of $SPK is also very restrained. Only 2% was released during the airdrop phase, while the vast majority of tokens will be slowly released over 10 years in the form of staking, governance, and savings incentives. For a platform token that has already secured the fifth position in DeFi and generates actual on-chain revenue almost daily, this release pace ensures that SPK will not face significant selling pressure for at least the next year. The current market valuation is still pricing it as an "unfinished small project," resulting in a typical structural undervaluation—while TVL is rapidly growing, product loops are being completed, and revenue models are gradually taking shape, the price remains stuck in the $0.04 era. Essentially, the market is being lazy, misjudging, and undervaluing. Sometimes I think, the truly worthy tokens to hold are not the ones that sound good, but those where the understanding lags behind the fundamentals. $SPK is now such an opportunity; it doesn’t rely on hype or the trick of putting new wine in old bottles, but instead uses "on-chain cash flow + stable system construction + sound distribution mechanism" to quietly pave a highway of revenue loops in the second half of the bear market. #cookie #gSnap