Regarding the $spark token mechanism, there are a few noteworthy points:

The buyback rule is as follows—10% of funds exceeding the target are used for standard buybacks, and the portion exceeding 200% is fully bought back. Sounds good? But the issue is that the bought-back tokens are not burned, so the actual effect on reducing circulating supply is quite weak.

Let’s look at the numbers: Spark SubDAO’s own funds just reached the 38m target, with 16.18m earned in the past 5 months, which annualizes to roughly 39m. At this earning rate, the buyback strength is honestly pretty conservative and not particularly attractive.

Relying on buybacks to drive price? This level of income might not be enough.