[Spark and MakerDAO: Not an affiliate, but a structural division of labor in on-chain finance] Many people think that Spark is a "sub-protocol" of MakerDAO, but from the perspective of governance path, product structure, and financial functions, it is more like a "business middle platform" in MakerDAO's financial ecology - taking on actual capital operation responsibilities and serving the stablecoin ecosystem. The existence of Spark is a true embodiment of the "modular" trend of on-chain financial infrastructure. 1. Structural division: The three layers of roles have their own positioning We can consider MakerDAO, Sky Protocol, and Spark as a three-tier structure of "central-middle-office-business front" on the chain: (1) MakerDAO: Responsible for the issuance of DAI, interest rate policy formulation, and systematic governance, and is the "central bank" of the entire system. (2) Sky Protocol: Responsible for building the protocol governance framework, formulating governance parameters, and coordinating subordinate agreements, which is the role of "supervision + finance". (3) Spark: As a DeFi protocol managed by Sky, it provides lending, savings, and liquidity scheduling, and is the role of a "commercial bank", directly facing users and asset flows. Second, the core linkage mechanism Spark doesn't operate in isolation, and its relationship with MakerDAO is at a core level: (1) Interest rate linkage: Spark's savings module directly uses DSR (DAI Saving Rate) as the basis of interest rate, and keeps pace with Maker. (2) Synchronization of collateral structure: Most of the asset types supported by Spark are derived from Maker's risk parameter system, inheriting its liquidation model and risk setting logic. (3) Sharing of governance mechanisms: Although Spark has not yet fully enabled SPK governance, its current governance decisions are implemented by Sky, and the maker-style proposal and parameter setting process is followed. (4) Security module docking: Important components such as Oracle modules, oracle sources, and liquidation mechanisms are borrowed from the Maker system to ensure the underlying stability. 3. Summary: Spark is an experimental unit of decentralized governance of DeFi systems In traditional finance, "central bank + commercial bank + financial supervision" is the core of the system. Spark is positioned to simulate a similar structure of responsibilities: (1) It does not bear the risk of currency issuance, but actually dispatches interest rates and funds; (2) It does not directly formulate system governance rules, but feeds back real user behaviors and preferences; (3) It does not compete for control of DAI, but can directly affect DAI's interest rate anchoring performance on the chain. Spark is a deep-water experiment of MakerDAO in a modular financial system, which allows us to see how on-chain finance can decouple and distribute "power and function" in the future, while ensuring that the system works together. @sparkdotfi @cookiedotfun #Spark #SparkFinance #COOKIE