Sky/Spark: Reread DeFi from the Treasury

Author: Master Web3

The correct opening of tokens and liquidity

Recently, thinking about the economics of tokens, and the possible future of the money ring/Crypto/Web3, focused more on exploring the path of RWA to inflate assets, but after reflection, it turns out that DeFi should not be directly judged as having no fun。

There is no shortage of good tokens, but there is a lack of discovery。

Take the exchange's credit, sell your tokens

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USDS: APPLE DISTRIBUTION NETWORK + LUXURY QUOTATION

To begin with, I have always believed that there are two reasons for the demise of token economics:

1. It is not possible to have “ the actual use ” the remaining Gas Fee became a virtual use for financialization, and even Tempo these L1s have actually moved towards the Gasles model, which is extremely cheap and stable, allowing sellers or companies to pay

2. Most of the DeFi agreement does not require the issuance of a token, and Uniswap’s issuance is an impromptu response to the traffic hijacking of SushiSwap, with only Curve creating a complex Ve (3, 3) bribery model that barely allows the token to be used for economic purposes beyond governance。

Unfortunately, Curve is in a difficult position, from Convex to Resupply and Yield Basis, filled with a desire to make quick money, wasting two high-quality assets: $CRRV and $crvUD。

In the recent development of Barker.Money, there was a need to look into the properties of the exchanges, and Sky's Spark was among them, with about 7.12 per cent of APY in the coin-en-sputted awards, while OKX's USDC chained property, the bottom of which is the same pool as Spark's, only 3.56 per cent. Further follow-up on other chain records of the pool found that many exchanges were mobile contributors: Bitget, HTX, Kraken, Lbank, Bitso, Cripto.com, CoinEx… &herlip;

Although gold stabilization coins differ, they are backed up by Spark's liquidity management, whether it's a stabilizer or a $SPK token, and Spark appears to be interested in distributing its own financial pool through the exchange or even all the participants in the encrypted market to form its own vast liquidity distribution network。

Photo description: multiple exchange addresses

Source: @MetaSleuth

Looks like the same as “ sells the currency ” conventional products are different, but inadvertently it was discovered that the PoS era DeFi protocol tokens could have a second effect: control of the distributor's collection standards。

Sky/Spark sets the crane chickens on the chain, USDS prices are not like Ethena's USDe needs a complex hedge mechanism, and SUSDS doesn't need a sUSDe to build his own mobile pool everywhere, but the Curator and USDC you see may be behind Spark and USDS。

Ultimately, USDe was limited to the operational level of currency, becoming 10 & middot;11 the largest passive victim, the revolving mortgage organized by the United Aave-Pendle, ended up in the form of an interest-stabilized coin whiteboard platform, and the liquid distributor — — HyENA。

BY CONTRAST, USDS IS VERY SIMPLE AND EVEN TOO SIMPLE TO BE WRITTEN。

THE PROMOTION OF USDS TAKES ONLY THREE STEPS: THE FIRST STEP, THE PURCHASE OF THE NATIONAL DEBT AND USDC TO SUPPORT THE ANCHOR PRICES OF USDS, THE SECOND STEP, THE SALE OF ITS OWN LIQUIDITY MANAGEMENT CAPABILITY THROUGH A ONE-TO-TWO-THREE-LINE EXCHANGE, THE USE OF USDT/USDC FOR USER INFUSION, AND THE THIRD STEP, THE CONTROL OF THE US$SPK AIR DROP RATIO TO CONTROL THE DISTRIBUTION。

Picture description: Currency, OKX/Spark ASY comparison

Image by @BarkerMoneyX@OKX@spankdotfi

There is no need for USDS to reach out to the outreach industry in order to avoid external shocks to the maximum extent possible, and even a chain pool that uses Spark to manage part of its liquidity cannot replace Sky/Spark's control over USDS。

AND YOU CAN LOOK AT THE CORRECT USE OF PROTOCOL TOKENS, NOT SEE $SPK AS A GOVERNANCE TOKEN, NOT AS AN ECONOMIC MODULE OF FORCED INSERTIONMeasures, TO CONTROL THE APYS THAT PROTOCOLS GIVE TO USERS。

Exchanges with high credit ratings, such as coins, are oversupplyed with $SPK pull-up ASY, but ceilings can be set to avoid liquidity silo attacks like $UST, and if Curator has active access or the exchange has low credit ratings, then less or no $SPK incentives, just direct U-in and out。

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Sky is essentially selling USDS liquidity, and Spark is essentially marketing liquidity management。

You know, US$USDS takes money to move the national debt to the chain, and it's been crying out to the poor and distributes $500 million in interest to the USSDS holders, but don't forgetSPK DISTRIBUTION AT NO COSTI don't know。

Thinking of yourself as an asset for sale is always more profitable than selling someone else's assets, and Spark is using the national debt to create the demand for $SPK。

In Spark there$SPK AS AN INTEREST RATE MANAGEMENT TOOLThere is nothing to fear from the user, even if the user ' s participation costs are lower than zero。

The US$ SPK price cannot be too high, otherwise it will be too expensive for the tray, again, with relatively low prices and large supplies, coupled with US$USDS liquidity in the hands of Sky/Spark, and the banker will build up US$ SPK with little profit。

USDS sits at home, remote-controlled chain Vault and exchange property。

Spark recreated the organization of mobility by establishing a strong distribution network in accordance with US$USDS & ndash; > Spark – > CEX/Vault, outsourced to USDC/USDT for the front end of the coin, outsourced to the exchange for the front end of the sale, and they also volunteered “ &rdquo for the & rdquo; and distributed the worthless $SPK。

All service chain mobility

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THE RWA AND THE BONDS ARE BETTER MATCHED THAN THE NATIONAL DEBT AND THE STABILIZATION CURRENCY。

The most amazing thing about coining is the development of BNB brands from the channel, which is the underlying reason why it transcends exchanges such as OKX, and BNB Chain can be “ copying ” and retention funds after many years。

IT'S LIKE CHINA'S PATH FROM TRAFFICKING, ASSEMBLY, REPLACEMENT TO SELF-EMPLOYMENT OF 5G CHIPS AND MOBILE PHONE BRANDS, IN A SENSE HAVING BARGAINING POWER AGAINST POWERFUL BRANDS。

THE ADJUSTMENT TO THE APY INTEREST RATE THAT FALLS TO $SPK, AND THE $SPK THAT IS AVAILABLE TO EACH EXCHANGE DURING EACH ACTIVITY CYCLE IS FIXED, SUCH AS THE OVER-REPRESENTATION OF COIN-ANN, WHICH REDUCES THE ASY。

AT THIS POINT, SMALL EXCHANGES HAVE FEWER PARTICIPANTS AND $SPK, BUT APY IS RELATIVELY STABLE, ALLOWING FLEXIBILITY TO ADJUST COMPETITION BETWEEN LARGE AND SMALL FIRMS TO AVOID A SINGLE-SOURCE SITUATION。

Exchange patterns are clearer than transactions in terms of competition for finance products, and branders who do not want to be eaten by a single channel will be motivated to maintain multi-level distributors。

Apples, Chinese, luxury goods, rely on different levels of door stores to divide the distribution areas, behind them the physical layers of the population, stable coins, chains, vaults, exchanges, reliance on different levels of ASY and sales, and behind them the supply quotas of agreed tokens。

Compared to Curve's clumsyness, Aave's civil war, Sky's moving around the chain, and it's only now that RWA and all kinds of bonds have been deployed。

Photo illustrating: Sky Ecological Layout

Source: @SkyEcosystem

Sky was the most successful ETA DeFi agreement since the name was changed by MakerDAO, and Sky was more & ldquo than the centralized Aave; decentrized & rdquo; the spirit, you don't even know its existence。

Under Sky, divided into multiple DAOs (also known as Star)。

• Spark, also the first star of Sky, built core liquidity around the USDS, and the user managed its revenue strategy in a single way after the front end of the money。

• Grove, the second star, the agency that manages Sky and the RWA business, although the most important is the products of Steakhouse Financial, which is also the largest Curator of Morpho。

It can continue on the path of Morpho's CEX exhibition, such as Coinbase's USDC vault, which is essentially Steakhouse running on a daily basis。

Grove itself is also an important catcher of Sky layout RWA bonds, such as Sky's $1 billion grant to Grove to configure JAAA's CLO product (currencyized mortgage, Collateralized Loan Aviation)。

This is a big difference from DeFi’s simple opening of institutional depositsGrove wants to be a source of mobility for the agency DeFi, just like USDS in the stable currency Vault。

RWA HAS SERIOUS LIQUIDITY MISMATCHES IN THE CHAIN, WHETHER IT IS A MONETIZED STOCK OR A MONETIZED BOND, AND STOCK AND BOND MARKETS DO NOT POSE SIGNIFICANT BARRIERS TO CHAIN TECHNOLOGY OR HOSTING SERVICES。

The most lacking is the initial liquidity, or the mechanism that causes asset price inflation, which, please note, does not mean that there is a lack of trade in the United States stock chainIt's about whether assets based on tokenization can be reissuedI don't know。

By way of example, BTCFi cannot be established because large households still lack the power to move BTC into DeFi, and the WBTC is already sufficient to meet daily cross-chain participation needs, but a shift to Babylon to surfing the chain requires a very high rate of return。

The most successful BTCFi is the model of micro-strategy based on the purchase of bitcoin to issue its own interest-bearing bonds, but apparently DAT does not have this generality。

The RWA situation is similar to that of the CLO product issued by Galaxy, which, after obtaining a rating and hosting, is only in the form of a return product, the user does not have “ buys &rdquo on behalf of the user; and the strong demand that, if motivated by high returns, UST, xUSD etc. are waiting for you. Grove needs to create a “ my bonds are similar to the security of the United States debt ” or a rating discount based on the United States debt will make it possible to insert them into the existing DeFi operating system, for example, as a reserve or to build fixed-income products。

As a process service provider for only RWA assets, there is no limit to the SaaS product and it is not destined to sell well。

Further promotion if Sky changes more assetsSub-United States debt assetsIts arbitrage space would increase further and would essentially leverage itself by using the holder ' s position, for which the user would remain emotionally stable because of inability to do so。

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If a product is to exit as liquidity, it will first be injected with sufficient liquidity to support the sale of its own assets。

This is the most sophisticated distribution ecology in the currency ring, and time is the real leverage for shaping Sky's brandWe'll use years of safety to protect our safetyI don't know。

See Sky's game and answer me for years。

BEFORE THAT, I COULDN'T UNDERSTAND WHY SUN WAS DOING A USD, EVEN IF YOU WANTED TO BE PART OF A LIFE ZONE, USING USDT DIRECTLY. OR TURN THE PROBLEM AROUND, WHY DID SUN XIAO COLLECT MONEY FROM THE SMALL FAMILY, WHY DID HE NOT HAVE THE MONEY TO MANAGE IT, INSTEAD HE INSISTED ON DOING 2C PRODUCTS。

BUT NOW I'M GUESSING THAT THE VALUE OF US$DD IS IN BRANDING, AND THE MOBILITY BARRIER。

1. EVEN IF US$USDD IS RESTRICTED TO THE REPUTATION OF THE SUN, REAL FUND-RAISING IS LIMITED, WITH UP TO 20 PER CENT OF THE COST OF RAISING MONEY FROM IRIHUA, AND SUN'S ROOM FOR MONEY MANAGEMENT, TRADING, SPECULATION AND DIVERSION

2. Second, even in the event of a US$USDD thunderstorm or a liquidity crisis, Sun Quan continues to be supported by US$TRX as a cash flow generated by US$USDT Gas, which can be repaid slowly or simply not, and the cost of protecting the rights of the diaspora is high

3. We can't use US$USDT, not only because it's Tether's product, but also because people are willing to believe in &ldquao; Sun can make money on USDTT on a continuous basis &rdqua; narrative。

It's all the same, and we're willing to believe that Sky has the ability to maintain a business balance with the security gains from the US debt, so it doesn't matter that a little DAO is involved in the sub-bond business, and that even Grove's RWA operation thunderstorm is indirectly working on Sky, for example, with a ceiling of $1 billion, and Sky has $10 billion in size。

Concluding remarks

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People prefer to lend money to rich people who need it。

Understanding the current DeFi, tokens and DAOs has become too complex a reasoning game, but their underlying logic is still around the tokens, and Spark’s ASY regulatory tool outside governance, bribery and air is a new angle。

of course, there may be a better way to play it, but it's all about &ldquao; selling &rdquao as an asset; not selling for others。