Sam MacPherson, co-founder of Phoenix Labs, shared Spark's transformation from a DeFi lending protocol strategy to an asset allocation platform spanning DeFi, CeFi, and RWA, with a current management scale of $4 billion. He mentioned that Spark optimizes its revenue through a liquidity layer and deploys $3.9 billion in assets (with an annualized yield of 4.95%), with a focus on investing in tokenized US bonds and maintaining a 25% cash reserve to ensure stability. He also introduced expansion plans in the Asia Pacific market, Sky Star modular governance architecture, and the upcoming SPK governance token, emphasizing that on chain transparency and auditability are important advantages over traditional finance. https://www. (wublock123.com)/article/47/44373