⚡The latest report from Binance Research shows that the on-chain RWA (Real World Assets) market has reached $31.4 billion, growing approximately 500% since early 2025. But here's the interesting part—RWA's penetration rate in DeFi is still only around 10%. This means the real opportunity lies in the middle layer: Whoever can connect RWA yields, secure collateral, stablecoin liquidity, and user-facing products will likely capture the next wave of DeFi valuation premiums. From this perspective, each protocol has its own niche: Aave has scale, Morpho excels in modular lending efficiency, and Pendle is doing a great job with yield splitting. As for Spark (@sparkdotfi), I think its strength lies in having a complete capital flow, making it well-suited to be the RWA yield distribution layer: In addition to deploying liquidity via SLL, Savings and SparkLend serve as entry points for yield productization, plus staking + buyback mechanisms. Last week, after SPK unlocked, the staking volume didn’t drop—instead, it increased from 551 million tokens to 616.3 million tokens. Meanwhile, Spark treasury continues its steady buyback rhythm, which is especially crucial for the long-term sustainability that RWA values.