The latest Spark Prime being promoted by Sky has a design similar to the DeFi version of Prime Brokerage, which is worth studying. In the traditional sense, Prime Brokerage is simply a super manager that provides comprehensive brokerage services such as financing, cross market arbitrage, hedging, risk control, etc. for institutions. The great advantage of moving this thing onto the chain is the cross domain unified calculation of risk, bringing capital efficiency to a new dimension. How was it achieved, The meaning of unified risk calculation is to combine all investment portfolios into a "net risk" across platforms, chains, and regions. For example, if an institution plans to hold ETH while holding lending positions on Aave and short positions on the exchange, each region calculates its own risk. Simply put, Aave cannot know that you have money in CEX, and CEX cannot know that you hold ETH in another place. Therefore, you need to use high margin in different places as collateral. But in the design of Spark Prime, Prime is aware of all of this and is responsible for managing/controlling/clearing. Assuming that both sides originally required a margin of 10M each, under Prime's management, it may only need a margin of 5M if it can identify hedging across domains. The biggest feature of this model is the significant improvement in capital efficiency, but the reason why it has not been smoothly implemented on the chain is that in the past, when the market was not yet mature enough, people did not trust such a centralized and highly professional role (because its characteristic is transparent on the chain but requires management). In this cycle, the DeFi field has entered more and more professional level institutional players, and compliance supervision has become more and more perfect. Users have gradually accepted this "auditable institutional level return", but it was not favored by the market in the previous cycles. So this product is more suitable for those born in this era. In the future, we should be able to see more deployment of institutional capital.