🧐 Testing this Cookie Activity | Investment Research Report on @ parkdotfi: 'More Than Lending': http://Spark.fi How to become a stable heartbeat on the RWA track? I spent a day researching the @ parkdotfi project while testing the Cooike @ okiedotfun release event; Unexpectedly, it was discovered that it was not an ordinary lending agreement at all, but rather the carrier of RWA, the most popular concept at present. In a pile of "TVL dinosaurs" and "income illusion" projects, it plays calmly like a sober dream: modularization, stable currency, treasury bond SubDAO， A set of combination punches in the deepest waters of DeFi. It's not a 'high-yield new story', but an 'old logic of capital efficiency' that has been applied to a new sector: real assets (RWA). This research report covers its platform overview, core products, governance mechanism, ecological strategy, token economy, and risk assessment, one ️⃣ project background http://Spark.fi It is a modular DeFi protocol matrix under the Sky (formerly MakerDAO) ecosystem, dedicated to enhancing the ecological value capture capability of decentralized stablecoin USDS. The platform achieves a balance between capital efficiency and stability by building lending, savings, and liquidity infrastructure. As of May 2025, its total locked value (TVL) has exceeded $7.3 billion, making it one of the leading projects in DeFi lending protocols two ️⃣ Key data (as of May 2025): TVL: 7.3 billion US dollars (some sources claim 2.6 billion US dollars, data may vary depending on statistical standards); Core business: stablecoin lending, savings, and liquidity supply; Ecology: Sky (formerly MakerDAO); Open source code: Spark Foundation has 36 public repositories on GitHub, covering smart contracts, reward distribution, and more; Community activity: Discord and X platform users have frequent interactions, and recent activities include the Snap reward program. three ️⃣ Core Business and Products: Spark's business revolves around the stablecoin ecosystem, mainly including the following modules: 1）SparkLend SparkLend is Spark's core lending protocol, allowing users to borrow with stablecoins such as USDS, DAI, USDC as collateral. The agreement is known for its high capital efficiency and low slippage, attracting a large number of institutions and retail users. By 2025, SparkLend will be at the forefront of the DeFi lending market. Features: No platform fees, instant redemption, support for multi chain operations. Case: In March 2024, Spark collaborated with Morpho Blue to allocate $100 million in DAI liquidity to the sUSDe/DAI and USDe/DAI markets through Metamorpho Vault, significantly enhancing market depth. 2) Stable coin savings (s USDS) Spark provides a Sky Savings Rate (SSR) mechanism, where users can earn an annualized rate of return (APY) by depositing stablecoins such as USDS. SSR Oracle, as a cross chain public resource, ensures transparent and verifiable interest rates. Advantage: Combining yield and capital efficiency, suitable for users seeking low-risk returns. 3) Liquidity supply Spark collaborates with protocols such as Morpho to provide deep liquidity for the DeFi ecosystem. Its capital allocation strategy emphasizes cross protocol collaboration rather than direct competition, thereby empowering other DeFi projects. Example: Spark manages over $2.6 billion in liquidity and supports widespread use of USDS and DAI. 4) Reward mechanism Spark distributes rewards through smart contracts, and the recent Snap campaign in collaboration with Cookie DAO provides incentives for users to enhance community engagement. 📷📷 four ️⃣ Market positioning and competitive advantage Spark is positioned as a DeFi infrastructure provider, focusing on optimizing capital efficiency and liquidity for the stablecoin ecosystem. As the capital deployment department of the Sky ecosystem, it has committed to invest another $1 billion in token treasury bond bonds, increasing its total exposure in this field to $2.4 billion. This measure will http://Spark.fi It is positioned as the leader in the rapid growth of decentralized finance, that is, the token of real assets (RWA). The agreement now accounts for more than two-thirds of the $3.5 billion token treasury bond bond assets in the market The main competitors include DeFi lending and liquidity protocols such as Aave, Compound, and Curve. In comparison: Aave/Compound: Provides a wider range of asset support, but lacks capital efficiency and stablecoin focus compared to Spark. Curve: Focused on stablecoin trading, with strong liquidity depth, but weak lending function. Spark has formed a differentiation advantage by complementary cooperation with these protocols, such as Morpho Blue, to avoid direct competition. five ️⃣ Risk assessment: Risk factors—— 1) Governance risk: Interest rates and key parameters are set by community governance, and there may be risks of governance attacks or decision-making errors. 2) Market risk: The cryptocurrency market has high volatility, which may affect asset value and user confidence. 3) Technical risk: Despite multiple audits, there may still be undiscovered vulnerabilities in smart contracts. Conclusion—— After reading it http://Spark.fi The structure and layout of this project, I realized, is not a narrative driven agreement. It is the kind of project that slowly penetrates the market and eventually becomes a low-level facility—— Just like USDT to exchanges, http://Spark.fi Perhaps it will eventually become the 'settlement layer' of RWA. If you are interested in SubDAO, stablecoin returns, and real assets, now may be a good entry point. Investment advice http://Spark.fi Has demonstrated strong innovation capabilities and market influence in the DeFi field, particularly in stablecoin lending and real asset tokenization. You can pledge to participate, or participate in Points Markets and earn bonuses on @ pendle_fi! Its transparent governance mechanism and multi-level security measures provide users with trust guarantees. However, investors should pay attention to governance and market risks, and it is recommended to participate in investments with caution based on a full understanding of platform mechanisms and risks.