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Nepal imported a record-high number of four-wheel electric vehicles (EVs) during the first 11 months of the current 2024-25 fiscal year

The turmoil in the financial world has never ceased. Looking back at the global financial crisis of 2008, many watched as their decades of savings and hard work went to waste. When Lehman Brothers became the first domino to fall, we began to realize that banks are not neutral service providers, but more like machines for capital operation, which may not be able to protect the interests of users at critical moments. The collapse of Silicon Valley Bank in 2023 further revealed the vulnerabilities of the traditional banking system. In the face of interest rate hikes by the Federal Reserve and the devaluation of long-term bonds, banks found themselves without enough cash to cope when depositors withdrew their funds en masse. This event once again proved that in the traditional banking system, what you call 'savings' has actually become a liability for the bank, rather than an asset that truly belongs to you. In the face of these periodic financial storms, we have long awaited a solution that can truly replace the traditional banking system. It was not until the emergence of Spark that this vision first showed a systematic outline. Spark, as an innovative construct of decentralized finance, addresses three core issues through its unique design: credit creation, liquidity adjustment, and interest rate setting. Its vision is not only to replace existing lending platforms but also to integrate the stablecoin issuance capabilities of MakerDAO, the lending mechanisms of Aave, and the asset deployment strategies of professional hedge funds. This is not just a simple on-chain bank, but a fusion of on-chain central banks, commercial banks, and investment banks, migrating the complete financial system to a blockchain world that is visible, verifiable, and participatory in governance. How does Spark address the pain points of traditional banks? In conventional financial institutions, your funds are just numbers on the bank's ledger, and the actual rights of use belong to the bank. In the Spark system, all collateralized assets are held on-chain by smart contracts, with liquidation rules encoded in the code, eliminating the risk of human interference or misappropriation. Spark also introduces a transparent interest rate mechanism, where the lending rates for USDS and USDC are determined through Sky governance voting, ensuring predictability, adjustability, and transparency. This is similar to central banks announcing benchmark interest rates, but the decision-making power is in the hands of the community. The liquidity of Spark comes from the stablecoin reserves directly injected by the D3M module, equivalent to having a central treasury support, but this 'treasury' is visible to everyone, and its usage is determined collectively by the community. At the same time, Spark's SLL mechanism deploys liquidity to high-quality protocols such as Curve, Aave, and Morpho, using smart monitoring tools to dynamically balance returns and risks, forming an on-chain hedge fund system that responds to the market in real-time and automatically adjusts positions. All profits are used for dividends to holders of (sUSDS). If you choose to deposit funds into Spark instead of a traditional bank, you will experience a fundamental difference: - The funds are truly controlled by you. - Interest is not determined unilaterally by the bank, but is jointly established through the governance mechanism. - Earnings come from profits actively obtained by the protocol, rather than being transferred from other users. - The risk control mechanism is clearly defined through smart contracts, rather than relying on the expertise of banks. - In extreme cases, the system relies on on-chain asset automatic liquidation and self-repair, rather than waiting for external assistance. Spark is rising from the ashes of past financial black swan events, rebuilding the financial order. It is not simply applying blockchain technology to banking, but rather restructuring the entire banking system into a new financial order characterized by user autonomy, self-custody, and self-defined risks and rewards. In this new system, there are no privileged institutions that are "too big to fail," and no ambiguous operations that turn depositors' funds into liabilities. Every transaction is traceable, every governance decision can be voted on, and every interest rate is open and transparent. From Maker's lineage, the resources of the Sky ecosystem, the evolution of DAI to the establishment of USDS, and then to the deployment capabilities of SLL and the equity model of SPK, Spark is building the first systematic, governed, profitable, and moat-equipped comprehensive on-chain financial institution in a decentralized world. This is not only a response to past financial collapses but also a prototype for the future financial order, representing our relentless pursuit of a more transparent and equitable financial system.