The roadmap for Spark over the next six months has been released. First, it summarized the completed content. To be honest, for a DeFi project, the achievements so far can be described as explosive. Currently, Spark has allocated a total of $3.15 billion in liquidity, with an average APY of 5.82%. The main stablecoin source, MakerDAO, which is Sky, has an APY of 5.05%, allowing for a profit margin of 0.77%. The projected income for this year is $26 million. The article emphasizes that starting from July 1, Sky launched a complete profit and loss calculation, which means that Spark, as a sub-DAO, can have an independent financial system and bear its own profits and losses, retaining all its profits. In July and August, it has already received $5.9 million from Sky. Personally, I feel this lays the groundwork for future token buybacks using profits, as the ability to generate business cash flow and have discretionary control is essential for buybacks. The criticism of Spark's token being mined and sold has been around for a while, and a buyback proposal is likely coming soon. In the roadmap, Spark is divided into several business segments, no longer just a DeFi protocol, but a comprehensive on-chain financial system. First is SparkLend, which is currently the second-largest lending market on Ethereum, with a total deposit scale of $7.7 billion. Its presence was relatively weak before, as most of Spark's lending was done through partnerships with exchanges. However, recently, SparkLend helped PYUSD quickly establish liquidity and lending demand, as I analyzed in my previous tweets. Next is SavingsV2, which will launch in October and will set universal deposit rates for various on-chain assets, eliminating the need for constant switching. Secondly, institutional lending is actually Spark's main advantage. As mentioned earlier, one of its important businesses is providing stablecoin loans directly to exchanges. This time, institutional lending has been split and packaged into an independent product, using the Morpho V2 architecture. This is quite interesting; the main lending market operates in a C-P-C format through pools, resulting in floating interest rates. If the intermediary pool is removed and lenders and borrowers are matched directly in a C-C format, it could result in fixed rates. However, the challenge lies in effectively matching both parties, as the amounts and terms may differ. Spark has provided $100 million in long-term loans to achieve this, which comes from Spark's ample stablecoin reserves and the foundation laid by SparkLend. Finally, Spark is also venturing into quantitative trading. Since Spark holds various stablecoins, there are price fluctuations between them. Therefore, in the fourth quarter, it will expand its automated trading business to cover over-the-counter trading, exchanges, and other scenarios. This will not only bring new income to Spark but also enhance on-chain liquidity between stablecoins.