{
 "symbol": "SPK", "name": "Spark", "review_date": "2026-10-08",
 "reviewer": "AI", "model_id": "claude-fable-5-1", "logic_version": "value_v1", "prompt_sha256": "58434c62f807c2035cf603f7f93e6e22db880e9f4172968767efef7d1f326065",
 "one_sentence_zh": "Spark 是 Sky(MakerDAO) 生态的链上资本分配器+借贷协议(SparkLend)：借款人付利息、Spark 把 Sky 的稳定币储备部署到 DeFi/CeFi/RWA 赚利差，净收入一部分按治理参数回购 SPK；SPK 承担治理与质押。",
 "one_sentence_en": "Spark is Sky's onchain capital allocator plus lending market: borrowers pay interest and Spark deploys Sky's stablecoin reserves across DeFi/CeFi/RWA for spread; part of net revenue buys back SPK, which governs and can be staked.",
 "red_lines": {
   "R1": {"hit": false, "note": "SparkLend 利息与 Liquidity Layer 收益由 DefiLlama 链上适配器按日统计（30d 费用 $17.9M、协议收入 $1.06M、持币人收入 $0.75M），可复算；未见刷量迹象。", "sources": ["https://api.llama.fi/summary/fees/spark?dataType=dailyFees", "https://api.llama.fi/summary/fees/sparklend?dataType=dailyHoldersRevenue"]},
   "R2": {"hit": false, "note": "回购资金来自协议月度盈余(USDS)，治理提案 SAEP-09 规定每月盈余 10% 用于回购、为期一年；报道称已累计用 >$200 万收入回购 >1 亿 SPK。媒体另称标准回购率已提至净收入 25%，此点未能在打开的一手页面核实。", "sources": ["https://cryptobriefing.com/spark-spk-token-buyback-revenue/", "https://www.valuethemarkets.com/cryptocurrency/news/spark-uses-protocol-revenue-to-buy-back-more-than-100-million-spk-tokens"]},
   "R3": {"hit": false, "unlock_12m_frac_of_circ": 0.088, "note": "无私募投资人。团队 12%(12 亿) 为 1 年 cliff(2026-06 已解锁 25%=3 亿)+后续 3 年线性，未来 12 个月约 3 亿；生态 23% 中 6% 在 TGE 一年后(2026-06)已解锁；Sky farming 65% 属社区分发不计入。3 亿/流通 34.2 亿 ≈ 8.8%。", "sources": ["https://blockworks.com/token-transparency/filing/spark", "https://www.tokenomist.ai/spark-2"]},
   "R4": {"hit": false, "note": "SPK 可委托参与 Spark 治理，可质押赚 Spark/Symbiotic 积分，且是回购对象。", "sources": ["https://spark.finance/spk", "https://blockworks.com/token-transparency/filing/spark"]},
   "R5": {"hit": false, "note": "一句话可说清：借款人付利息、Sky 储备赚利差。", "sources": ["https://docs.spark.finance/"]},
   "R6": {"hit": false, "note": "未发现被盗未赔付、监管下架或团队跑路事件。", "sources": ["https://blockworks.com/token-transparency/filing/spark"]}
 },
 "A_judge": {"mechanism_executing": true, "mechanism_desc": "治理提案 SAEP-09 批准用月度盈余回购 SPK；2026-03 起执行，2026-04 单月用 571,957 USDS 买入 2,666 万 SPK，累计 >1 亿 SPK(>$200 万)。DefiLlama 将 SparkLend 持币人收入记为 30d $747,781。未能直接打开链上回购地址页，故以报道+DefiLlama 口径为准。", "sources": ["https://cryptobriefing.com/spark-spk-token-buyback-revenue/", "https://www.cryptometer.io/news/spark-token-jumps-as-buyback-program-and-defi-growth-push-spk-higher/", "https://api.llama.fi/summary/fees/sparklend?dataType=dailyHoldersRevenue"]},
 "B": {
   "one_sentence": {"score": 2.5, "evidence": "官方文档定义为“onchain finance 的核心流动性与收益基础设施层”，借 Sky 储备部署到 DeFi/CeFi/RWA；付费方=借款人与被部署资产的收益。", "sources": ["https://docs.spark.finance/", "https://api.llama.fi/protocol/spark"]},
   "moat": {"score": 2.0, "evidence": "护城河是对 Sky $6.5B+ 稳定币储备的独占式借用权(流动性深度)；TVL 由 180 天前 $39.1 亿升至 $70.7 亿(+81%)，SparkLend $20.5 亿→$53.6 亿，在变宽。但依附于 Sky 单一来源。", "sources": ["https://api.llama.fi/protocol/spark", "https://api.llama.fi/protocol/sparklend"]},
   "ten_years": {"score": 1.5, "evidence": "存续理由绑定 Sky/MakerDAO 的生命周期(2017 年至今的 DeFi 最老信用协议之一)；若没有它，Sky 储备的链上部署会回退到 DSR 单一渠道，但行业不会倒退。", "sources": ["https://blockworks.com/token-transparency/filing/spark", "https://docs.spark.finance/"]},
   "people_governance": {"score": 1.5, "evidence": "无 VC/OTC 售币，由 Sky 孵化；国库与基金会地址公开(0x3300…、0x92e4…)；治理通过 SPK 投票更新 Spark Artifact 与 Sky spell；回购承诺已兑现执行。扣分：团队解锁 2026-06 刚开始，治理实际由 Sky 生态核心人员主导。", "sources": ["https://blockworks.com/token-transparency/filing/spark", "https://governance.alearesearch.io/item/5ae18d7f-e37e-4e44-82cc-f34f8da6144e"]}
 },
 "C_judge": {
   "users_growth": {"score": 1.0, "evidence": "无地址数据。替代指标：TVL 近 90 天 $44.9 亿→$70.7 亿(+57%)；但费用近 90 天 $43.8M 对前 90 天 $48.1M(−9%)，利率下行抵消了规模增长。", "sources": ["https://api.llama.fi/protocol/spark", "https://api.llama.fi/summary/fees/spark?dataType=dailyFees"]},
   "utility": {"score": 0.5, "evidence": "持有 SPK 用于治理委托与质押赚积分，使用产品(sUSDS/借贷)不需要 SPK；需求主要来自回购与治理。", "sources": ["https://spark.finance/spk"]},
   "culture": {"score": 0.0, "evidence": "未找到证据（无社媒/社区增速数据）。", "sources": []},
   "web3_direction": {"score": 0.75, "evidence": "链上资本分配器把稳定币储备配置到 DeFi/CeFi/RWA，是“链上资产负债表”方向的代表。", "sources": ["https://docs.spark.finance/"]}
 },
 "confidence": "medium",
 "notes": "DefiLlama 网页 403，数据取自 api.llama.fi 同源接口。“持币人收入”口径=SparkLend 回购部分，与 SAEP-09 执行事实一致。媒体称回购率已由 10% 提至净收入 25%，未在一手治理页核实。SPK 的 65% 供应将在 10 年内通过 Sky farming 释放(年 1 为 31.9%)，虽非团队/投资人解锁但对价格是持续供给压力。"
}