⚡️In the past month, amidst such a sluggish market, Spark @sparkdotfi has progressed faster than expected, quietly setting multiple new data highs—

✅USDS savings surpassed 8 billion USD;

✅PYUSD deposits exceeded 500 million;

✅ETH TVL exceeded 11 billion;

✅Overall TVL surged to second in the entire network.

The performance can be summarized in one sentence: it has evolved from Maker to become the benchmark for interest rates, reshaping the underlying logic of DeFi.

There are two notable changes in the underlying funding structure:

1️⃣ The concentration of stablecoins is decreasing, with USDC, USDT, and PYUSD starting to form a balance.

2️⃣ The proportion of institutional addresses is increasing, with the top 10 addresses contributing over 60% of deposits.

There are also two landmark events: the first governance vote and the first global community meeting.

This means that Spark is officially moving towards socialized operation.

For a protocol centered on yield, such social trust is crucial. The sustainability of yields ultimately boils down to governance capability.

Overall, October has been a month for Spark where the logic of compound interest has been validated, marking its transition from a "product" to a "system"—

It is no longer just a shadow protocol of Maker, but an independent interest rate hub system capable of forming consensus, while mastering three key channels: stablecoin supply, RWA yields, and institutional lending.

Prices may not reflect structural changes in the short term, but from the perspective of capital distribution and the direction of protocol evolution, the overall rhythm of Spark @sparkdotfi remains healthy!

In a phase where speculative space is continuously shrinking, a protocol that can provide stable and measurable interest rates is likely to support the next round of capital inflow!

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