⚡️Over the past month, despite the sluggish market conditions, Spark @sparkdotfi has made faster progress than expected, quietly hitting multiple record highs in data— ✅ USDS savings surpassed $8 billion; ✅ PYUSD deposits exceeded $500 million; ✅ ETH TVL topped $11 billion; ✅ Overall TVL climbed to the second highest across the network. The performance can be summed up in one sentence: evolving from Maker into a benchmark for interest rates, reshaping the underlying logic of DeFi. There are two notable changes in the funding structure behind this: 1️⃣ The concentration of stablecoins is decreasing, with USDC, USDT, and PYUSD starting to reach a balance. 2️⃣ The proportion of institutional addresses is rising, with the top 10 addresses contributing over 60% of deposits. Additionally, there were two milestone events: the first governance vote and the first global community meeting. This signifies that Spark is officially transitioning to a socialized operation. For a yield-focused protocol, this kind of social trust is crucial. The sustainability of yields ultimately boils down to governance capability. Overall, October for Spark can be considered a month where the compounding logic was validated, marking its transition from a "product" to a "system"— It’s no longer just a shadow protocol of Maker but an independent interest rate hub system capable of forming consensus, while managing stablecoin supply, RWA yields, and institutional lending across three critical pipelines. Prices may not immediately reflect structural changes in the short term, but judging from the distribution of funds and the direction of protocol evolution, Spark @sparkdotfi’s overall momentum remains healthy! In a phase where speculative opportunities are shrinking, only protocols that can provide stable, measurable interest rates have the potential to underpin the next wave of capital inflow!