It's a bit funny, I remember @ timzz_stleep told me at the time that Spark wasn't about making more secure Aave or Morpho, but about doing commercial banking and on chain currency funds. Previously, it sounded a bit abstract, but now I feel that it is very consistent with the structure mentioned in Messari's research report—— one ⃣ Upstream obtaining policy interest rates: Sky is the role of the central bank, determining the SSR (deposit benchmark) and Base Rate (institutional borrowing benchmark); The Base Rate is always 0.3% higher than SSR, of which 0.2% is directly rewarded to the execution layer protocol that uses the funds, and the remaining 0.1% is Sky's profit. two ⃣ The financing certainty that downstream selling institutions want: Spark borrows stablecoins through SLL and then exchanges them for hard currency stablecoins that institutions prefer using 1:1 with PSM. three ⃣ Eating structural spreads in the middle: spread these ammunition to SparkLend or external RWA/DeFi to earn profits. This is equivalent to sending a long-term meal ticket to the execution layer like @ parkdotfi. As long as you can deploy funds above the base rate, the spread is sustainable and there is a stable profitability ability. Based on this goal, Spark cannot take the path of short-term efficiency overload from the beginning. What it needs to do is definitely scale and predictability. Therefore, the research report repeatedly mentions several seemingly conservative designs of Spark: blue chip collateral restrictions, stablecoin fixed prices, and predictable lending parameters. Take blue chip mortgages as an example—— The growth model of peers is generally to increase assets, increase long tail, increase revenue coins, and increase packaging coins. Most of them first focus on scale and then supplement risk control measures. The advantage of such dispersed collateral is that the overall TVL looks impressive, but the cost is that each collateral can only be given a relatively loose parameter, as you cannot do detailed risk modeling for dozens of assets. The result is that no one appears to be dangerous on a regular basis, but once a problem arises, it becomes a systemic issue. Spark has directly abandoned the most common growth method of DeFi and only accepts blue chip asset collateral, essentially increasing the underlying security. This may not be important for individual investors, but for institutions and funds that need to be deployed in the long term, the value far exceeds imagination!