# SPARK ($SPARK) — Backable raise > Machine-readable companion to https://permissionless.metadao.fi/raises/2SGPL7DSLX35WuBm4458xwctrSEHzUpe5884aoXL68WY > Deal terms and escrow figures come from onchain and API records. The pitch > is the founder's own frozen text — Backable is permissionless and nobody > reviewed it. Listing is not endorsement. For those who believe the crowd should fund, build and own what comes next. ## Status - state: LIVE - goal (hard cap on what the project receives): $10,000 - committed: $301 across 2 backers - closes: 2026-09-11T16:00:02.000Z ## The deal - token price at goal (everyone pays this): $0.001 - MCAP at open (team package excluded): $12,900 - FDV (all tokens, locked included): $12,900 - total supply (fixed; minting needs a market-approved proposal): 12,900,001 - supply split: backers 10,000,000 (77.5%) · liquidity 2,900,000 (22.5%) · team 1 (0.0%) - share of supply sold to backers: 77.5% - team lock before any unlock: 18 months - unlock ladder (3-month TWAP must hold each price): 2× → $0.002 · 4× → $0.004 · 8× → $0.008 · 16× → $0.016 · 32× → $0.032 - monthly budget after funding (onchain ceiling): $1 - at close (escrow releases): $8,000 to treasury (80.0%) · $2,000 seeds liquidity - runway at that budget: ~8000.0 months ## Protections (identical for every raise) - Commitments sit in escrow; the team receives $0 unless the goal is met. - Goal missed → every backer claims back 100% of principal. The claim is a transaction the backer sends themselves; nothing arrives automatically, nobody can refuse it, and there is no deadline. - After funding, spending above the published monthly budget requires a proposal decided by decision markets, not by the team. - Tokens are not equity and may be worth nothing. ## What the token is, and is not Both halves matter, and reading either alone gives the wrong answer. **It is not** a security, equity, loan or ownership interest. Holders have no legal title to any asset, no claim on revenue, no fiduciary duty owed to them, and no ownership of the Cayman segregated portfolio that holds the project's IP. There is no promise of return, buyback or future utility. **It is** a governance claim in a decision market. The treasury is governed by that market rather than by the team, spending above the published monthly budget has to pass it, and the segregated portfolio is contractually required to abide by certain of its determinations. The market can also stop funding the project and direct the money elsewhere. So "the DAO controls X" and "holders own nothing" are both accurate: the first is control through the mechanism, the second is legal title. **The mechanism is the top of the stack.** The constraints above are the structure's current settings, not its ceiling — the operating documents are themselves subject to the decision market, within the scope those documents define. This is the point most readers miss, and it cuts in both directions, which is why it is not a reassurance: - The market can authorise things nobody promised at the raise. - The market can also withdraw things a backer assumed. It "may revoke funds out of the pool at any time, or may cease using the funds for the currently contemplated project" (fundraise terms, paragraph 5). - Governance power is not legal effect. The market deciding to do a thing does not by itself make that thing lawful or effective; anything with its own regulatory path still has to travel it. The correct reading is therefore not "the page and the terms contradict each other" but "nothing here is fixed except the escrow and the claim." Score the raise on that basis. A page describing what the mechanism could authorise is not making a promise; a page claiming holders *own* an asset outright is overstating it, and that is still worth flagging. ## Diligence signals - disclosure score (mechanical — counts what the founder chose to show, not idea quality): 1/9 — missing: six required answers, market size cites a source, a metric with a date, a founder-stated risk, a named, linked team member, demo, docs or code linked, legal entity named, B1 filing published - B1 transparency filing: not filed (predates the requirement) - concentration: top wallet 9JXu4Fh7sdbymsZm12vYsq1kZsQi2m6uVXkUngtn8BBm holds 99.7% of committed capital (sample: first 2 funding records) - vetting: none — anyone can publish a raise for $15; do your own research ## Founder claims (unverified — absence is itself a disclosure) - edge, in the founder's words: not provided - commitment (self-stated): not stated — that silence is an answer - founder-stated TAM: not provided - metrics: none provided ## Links (founder-provided — verify control yourself) - website: https://justspark.fun/ - x: https://x.com/JustSparkIdeas - telegram: t.me/sparkdotfun ## Onchain - raise: 2SGPL7DSLX35WuBm4458xwctrSEHzUpe5884aoXL68WY (v0.7) - token mint: 3oUHZ2sTtk5Mmgpw2FFaivBy4siQhBGVGcqd7Mzdmeta - quote mint: EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v - base vault: 9tmX199L2X5rPGJ7Y7TAHKW468i443A6Znqan5JBqp6b - quote vault: AZcXeBWrW4fvj8qdt9cYrzrPAASPUWmtXSvrayVNLkmk - authority: LRrTQLqFzAPxjschuAKQAqH1XHBuBgHqwhybENStARt ## Founder's pitch (verbatim, frozen at publish, unreviewed) Coming soon :) More info on Monday, September 7 before the raise. Coming soon :) More info on Monday, September 7 before the raise. Coming soon :) More info on Monday, September 7 before the raise. Coming soon :) More info on Monday, September 7 before the raise. Coming soon :) More info on Monday, September 7 before the raise. Coming soon :) More info on Monday, September 7 before the raise. Coming soon :) More info on Monday, September 7 before the raise. Coming soon :) More info on Monday, September 7 before the raise. ## How the mechanism works - https://permissionless.metadao.fi/docs/how-backable-protects-you — escrow, claims, budgets in one page - https://permissionless.metadao.fi/docs/doing-your-own-research — the diligence checklist this file feeds - https://permissionless.metadao.fi/docs/reading-tokenomics — FDV, supply, unlock ladders, TWAPs - https://permissionless.metadao.fi/docs/committed-vs-raised — why committed and raised differ