{
 "symbol": "SPK", "name": "Spark", "review_date": "2026-10-08",
 "reviewer": "AI", "model_id": "claude-fable-5-1", "logic_version": "value_v1", "prompt_sha256": "58434c62f807c2035cf603f7f93e6e22db880e9f4172968767efef7d1f326065",
 "audit": true,
 "one_sentence_zh": "Spark 是 Sky（原 MakerDAO）旗下的链上资本配置器（Savings、SparkLend、Liquidity Layer，TVL ≈ $80 亿），借款人与被配置资金的协议/机构支付利息，Spark SubDAO 留存利差；每月把 SubDAO 代理账户超出目标值部分的 25% 转给执行人按 90 天 TWAP 回购 SPK。",
 "one_sentence_en": "Spark is Sky's (ex-MakerDAO) on-chain capital allocator (Savings, SparkLend, Liquidity Layer; ~$8B TVL): borrowers and the protocols/institutions it allocates to pay interest, the Spark SubDAO keeps the spread, and each month 25% of the SubDAO proxy's excess over target is sent to an executor to buy SPK via 90-day TWAP.",
 "red_lines": {
   "R1": {"hit": false, "note": "收入可核：DefiLlama SparkLend 30 日费用 $17.9M、持币人收入 $747,781；Sky 论坛逐月披露 SubDAO 代理价值与超额（如 2026-08 超额 $7.03M）。", "sources": ["https://api.llama.fi/summary/fees/sparklend?dataType=dailyHoldersRevenue", "https://forum.skyeco.com/t/spark-subdao-proxy-management-updates/27734"]},
   "R2": {"hit": false, "note": "回购资金为 SubDAO 代理账户超出目标值的 USDS（来自协议留存收益），非卖币/增发；执行后 SPK 返还 SubDAO Proxy。", "sources": ["https://forum.skyeco.com/t/september-24-2026-proposed-changes-to-spark-for-upcoming-spell/28237", "https://forum.skyeco.com/t/spark-subdao-proxy-management-updates/27734"]},
   "R3": {"hit": false, "unlock_12m_frac_of_circ": 0.088, "note": "团队 12%（1.2B）：TGE（2025-06）后 12 个月 25% 悬崖已过，余 900M 按 36 个月线性 ≈ 25M/月 ⇒ 12 个月 300M；无 VC 份额。流通 3.42B ⇒ 8.8%。另注意 Sky Farming 每年向存款人排放 1.625B SPK（≈流通 47%），属社区排放而非团队/投资人解锁，但是真实抛压。", "sources": ["https://docs.spark.finance/governance/spk-token", "https://api.coingecko.com/api/v3/coins/spark-2?localization=false&tickers=false&community_data=true&developer_data=false"]},
   "R4": {"hit": false, "note": "SPK 有治理权（Snapshot）、质押（Symbiotic，保护桥，含罚没风险）与回购受益。", "sources": ["https://docs.spark.finance/governance/spk-token", "https://docs.spark.finance/staking/"]},
   "R5": {"hit": false, "note": "一句话说得清。", "sources": ["https://spark.finance/"]},
   "R6": {"hit": false, "note": "未发现被盗/强制下架/跑路。", "sources": ["https://forum.skyeco.com/search.json?q=SPK%20buyback"]}
 },
 "A_judge": {"mechanism_executing": true, "mechanism_desc": "月度执行：Sky 论坛逐月记录'Transfer USDS to buyback executor'——2026-02 $571,957、03 $414,215、04 $326,945、05 $663,354、07 $64,231、08 $1,756,359，09 月提案 $972,485 或 $1,972,485（视 SAEP-23 是否通过）。公式：超额 × 25% 标准回购率；执行人 Spark Operations Multisig 0x2E1b01adABB8D4981863394bEa23a1263CBaeDfC 以 90 天链上 TWAP 买入。注意论坛数字是纳入执行投票的'拟转账'，实际成交以链上为准（本次未逐笔核链上）。DefiLlama 持币人收入 $747K/30d 与上述月均量级相符。", "sources": ["https://forum.skyeco.com/t/spark-subdao-proxy-management-updates/27734", "https://forum.skyeco.com/t/september-24-2026-proposed-changes-to-spark-for-upcoming-spell/28237", "https://forum.skyeco.com/t/july-16-2026-proposed-changes-to-spark-for-upcoming-spell/28029", "https://api.llama.fi/summary/fees/sparklend?dataType=dailyHoldersRevenue"]},
 "B": {
   "one_sentence": {"score": 2.5, "evidence": "资本配置器，借款人/被配置协议付息，SubDAO 留利差并按规则回购。", "sources": ["https://spark.finance/", "https://forum.skyeco.com/t/spark-subdao-proxy-management-updates/27734"]},
   "moat": {"score": 1.5, "evidence": "Sky 的 USDS 资金源（Liquidity Layer $2.04B、Savings $4.92B）与机构渠道（Anchorage、Maple、Grove）构成资金成本优势；但依赖 Sky 治理与 Sky Base Rate，自身品牌护城河有限。", "sources": ["https://spark.finance/", "https://api.llama.fi/summary/fees/spark-liquidity-layer?dataType=dailyHoldersRevenue"]},
   "ten_years": {"score": 1.5, "evidence": "作为 Sky 首个 Star，有母体长期支持与机构信贷方向；若没有它 Sky 仍可另立配置器，行业不会倒退。", "sources": ["https://docs.spark.finance/", "https://spark.finance/"]},
   "people_governance": {"score": 1.5, "evidence": "治理透明（逐月论坛披露、SAEP 提案可查）；回购按公式执行；但 Sky 保留极端情况下增发 SPK 的权力，且回购率仅 25% 的超额、7 月仅 $64K，波动大。", "sources": ["https://docs.spark.finance/governance/spk-token", "https://forum.skyeco.com/t/spark-subdao-proxy-management-updates/27734"]}
 },
 "C_judge": {
   "users_growth": {"score": 1.0, "evidence": "无活跃地址数据；SparkLend TVL（DefiLlama 抵押口径）90 天前 ≈ $10.07M → 现 ≈ $16.03M（+59%）；官网总 TVL $7.96B。", "sources": ["https://api.llama.fi/protocol/sparklend", "https://spark.finance/"]},
   "utility": {"score": 0.5, "evidence": "使用产品不需持币；质押 SPK 保护桥并得积分，需求有限。", "sources": ["https://docs.spark.finance/staking/"]},
   "culture": {"score": 0.0, "evidence": "未找到证据。", "sources": []},
   "web3_direction": {"score": 0.5, "evidence": "稳定币收益/机构信贷是 DeFi 方向。", "sources": ["https://spark.finance/"]}
 },
 "confidence": "medium",
 "notes": "A 维口径核对：DefiLlama 持币人收入 $747K/30d 与论坛月度回购量级一致，可信。风险点：Sky Farming 年排放 1.625B SPK 远大于回购量（8 月 $1.76M ≈ 79M SPK），净供给仍在膨胀。"
}