1. Executive Summary Spark closed Q2 2026 in a profitable position, with distribution firmly established as the protocol's primary revenue engine. Distribution rewards reached $4.53M for the quarter, by a wide margin the largest contributor to net protocol returns, reflecting sustained demand for USDS savings products across chains and denominations. The quarter's defining strategic move was a deliberate investment in growing the Spark Savings USDT market. The resulting funding costs were car...