{
 "symbol": "ARK", "name": "ARK", "review_date": "2026-10-08",
 "reviewer": "AI", "model_id": "claude-fable-5-1", "logic_version": "value_v1", "prompt_sha256": "58434c62f807c2035cf603f7f93e6e22db880e9f4172968767efef7d1f326065",
 "one_sentence_zh": "ARK 是 2016 年起的 DPoS L1 与链开发框架（正迁往 EVM 兼容的 Mainsail），ARK 用于付链上手续费与投票给验证者，验证者按区块奖励分润；但链上使用极少（累计 570 万笔交易、20.6 万地址），没有外部付费方。",
 "one_sentence_en": "ARK is a DPoS L1 and blockchain-development framework from 2016 (migrating to the EVM-compatible Mainsail); ARK pays on-chain fees and votes for validators who share block rewards, but usage is minimal (5.7M lifetime txs, 206K addresses) with no external paying customer.",
 "red_lines": {
   "R1": {"hit": true, "note": "无可核收入：派单 DefiLlama 无协议条目，费用/收入 30d = 0；yellow.com 称 DeFi TVL 极小、日活低于历史均值、无收入模型。", "sources": ["https://yellow.com/asset/ark"]},
   "R2": {"hit": false, "note": "无回购/销毁；验证者收益来自 ~2 ARK/块的增发（年化约 4%）。", "sources": ["https://yellow.com/asset/ark"]},
   "R3": {"hit": false, "unlock_12m_frac_of_circ": 0.0, "note": "无团队/投资人锁仓（FDV/市值 1.0），但有约 4%/年无上限增发（~7.9M ARK/年）。", "sources": ["https://yellow.com/asset/ark"]},
   "R4": {"hit": false, "note": "ARK 承载治理权（投票给验证者）与经济权（付费、验证者分润 0~100% 由其自定）。", "sources": ["https://yellow.com/asset/ark"]},
   "R5": {"hit": false, "note": "能说清是什么，但‘谁付钱、为什么付’的答案只有链内 gas，无外部付费方。", "sources": ["https://yellow.com/asset/ark"]},
   "R6": {"hit": false, "note": "未发现被盗/下架/跑路；团队持续发布开发报告（2026-08-25 Core 3.13.0 退役 Magistrate 交易）。", "sources": ["https://yellow.com/asset/ark"]}
 },
 "A_judge": {"mechanism_executing": false, "mechanism_desc": "无收入回流机制：验证者奖励来自增发，分润由验证者自由裁量，无回购/销毁/分红。", "sources": ["https://yellow.com/asset/ark"]},
 "B": {
   "one_sentence": {"score": 1.0, "evidence": "DPoS L1 + 开发框架，链内 gas 是唯一付费场景，使用量极低。", "sources": ["https://yellow.com/asset/ark"]},
   "moat": {"score": 0.0, "evidence": "无护城河证据：EVM 兼容的 Mainsail 2026-09 仍在内部测试，L1 赛道竞争者众多，TVL 极小。", "sources": ["https://yellow.com/asset/ark"]},
   "ten_years": {"score": 0.5, "evidence": "已存活 10 年、持有者社区仍在、法国 SCIC 合作社结构；但若消失行业不会倒退。", "sources": ["https://yellow.com/asset/ark"]},
   "people_governance": {"score": 0.5, "evidence": "治理集中在选举出的 51/53 个验证者，只有 20~25% 供给参与投票；Mainsail 承诺多年未上主网（兑现慢）；未发现团队卖币数据。", "sources": ["https://yellow.com/asset/ark"]}
 },
 "C_judge": {
   "users_growth": {"score": 0.0, "evidence": "yellow.com 称日活低于历史平均；未找到近 90 天地址变化数据，按下降处理。", "sources": ["https://yellow.com/asset/ark"]},
   "utility": {"score": 0.0, "evidence": "链上几乎无应用，持币仅为投票/投机。", "sources": ["https://yellow.com/asset/ark"]},
   "culture": {"score": 0.0, "evidence": "未找到证据。", "sources": []},
   "web3_direction": {"score": 0.0, "evidence": "2017 代 DPoS 链，未找到 ‘AI 经济基础设施’ 转向的落地证据（官方站本次限流未打开）。", "sources": ["https://yellow.com/asset/ark"]}
 },
 "confidence": "low",
 "notes": "ark.io 官方站本次安全检查限流未打开，全部事实来自 yellow.com 单一二手源；R1 命中 ⇒ 落选。"
}