⚡ Many people overlook the most inconspicuous but solid point when watching Spark—— The issued USDS is continuously and steadily generating cash flow. At present, USDS is the core revenue asset in @ parkdotfi's TVL, accounting for approximately 68%, with a daily income of about $40000, which is almost the cash engine of the entire system. one ⃣ The first and most crucial block comes from Spark Savings. The asset side is about 5.4%, the liability side is about 4%, and the spread of about 1.4% in the middle is the long-term profit margin of the system. two ⃣ The second part is the lending market from SparkLend, which has a relatively small profit share. Just to mention a topic that has been widely discussed recently—— The head of the Ethereum Foundation recently mentioned that lending income from Ethereum and L2 accounts for about 90% of the entire cryptocurrency market revenue. Many people subconsciously believe that since 90% of the Ethereum ecosystem's revenue comes from lending, the protocol must constantly amplify risks and increase leverage in order to make money. But I don't think so: The so-called '90% of income comes from borrowing' does not really refer to risk, but to interest rates, which is also in line with the Low Risk Defi advocated by V God @ Vitalik Buterin. The same applies to traditional finance: The biggest source of income for banks is also lending, but the most profitable and stable part has never been high-risk loans, but rather the interest rate spread between deposits and loans, as well as the funding efficiency of large-scale low-risk assets. So it can be understood that Spark's main revenue does not come from the high interest game in the front-line lending market, but rather from the large-scale operation of USDS—— It serves as a foundational liability on the chain, continuously participating in the operation of the entire interest rate system. Spark Savings， Essentially, it still belongs to a part of the lending system, just standing at the top and lowest risk position; Users use U to store and take 4% of the confirmed profit; Spark deploys these USDS to more efficient but still low-risk interest rate scenarios through SLL. This is highly consistent with the overall revenue structure of the Ethereum ecosystem! data board https://info.sky.money/