$SPK 开回购了。
简单看了一下这个提案：
1、除了保险（风险准备金和产品损失后备金）和发工资（aka 运营支出）外，其他超过目标值的资金的一部分会被用于回购 $SPK 代币。
2、回购有两种模式，一种是 Standard Buyback Rate，用超过目标值的部分的10%去回购 $SPK 。另一种是 Enhanced Buyback Rate，如果余额超过目标值200%，超出的100%都会被用于回购 $SPK 。
3、回购，但不会销毁。
4、为什么现在开回购呢，是因为 Q3 底 Spark SubDAO 的自有资金达到了38m，到了其目标值的35m-45m这个区间。这次提案是对未来超出目标值的资金流向做一个规划。
5、Spark 的收入是从今年7月开始明显上升的，从7月1日到现在的收入是16.18m，差不多可以理解为这是 Spark 这个协议在最近5个月的收入。按5个月的收入比来算的话，Spark 一年的收入应该是39m左右。以这个来计算的话，Spark 回购的力度并不会很大，算是一个较为长期的事情。所以币价也没有明显的反应。
Voting has just opened for one of Spark’s most important governance proposals yet, to adopt a buyback mechanism (SubDAO Proxy Management Plan)
What does this mean, and why is this important for the Spark community:
1. Spark accumulates all net revenue into the SubDAO Proxy (treasury), earning over $10 million since TGE in June.
Under this proposal, excess funds above what Spark needs for risk capital and OpEx will be used to make SPK purchases according to parameters defined by governance. This mechanism aligns treasury management with the protocol's long-term sustainability.
2. The size of buybacks programmatically increases as the treasury accrues more excess capital.
3. Most importantly, the proposal aims to align protocol operations, treasury management, and community incentives in a transparent and programatic framework.
An upgrade built to power Spark's next chapter.
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