SPK has risen by over 100% in a single day, which also highlights the situation of Spark and the entire lending market 1. Valuation: There must have been some underestimation before, but this pull-out is likely to be highly controlled. Currently, FDV (1.6 billion) is close to Morpho (1.9 billion), and of course, the market value is still relatively low. Rationally speaking, it is almost enough. It is also possible to continue the trend, and thorough market washing is relatively light, which is basically unpredictable. 2. Location and Development: Not Fud, personally I still pay attention to its development. Fundamentally speaking, with MakerDAO, TVL is definitely not lacking, and this alone is a moat. But currently it's also quite difficult to take away Aave's market. Basically, it's in T2 with Morpho and Compound, and further down T3 there are Euler and Silo. The lending track is very red ocean, but now with expectations of compliant stablecoins and RWAs, there are new topics. If these two new topics are discussed, they will mainly focus on the overall profitability of the lending market. For the current situation, there may not be much change unless a certain project can obtain very good resources. In that case, overtaking in a bend is possible. However, currently, the most advantageous aspect here is still Aave, and Spark also has room for imagination because MakerDAO also has the RWA line. From this point of view, we can pay attention to it.