Today’s guest is Sam MacPherson, co-founder and CEO of Phoenix Labs, the core contributors to the Spark Protocol. Sam is also a long-time contributor to Sky, previously known as MakerDAOSam: https://x.com/hexonautSpark: https://x.com/sparkdotfiRyan: https://twitter.com/RyanRodenbaughWallfacer: https://x.com/wallfacerlabsvaults.fyi: https://twitter.com/vaultsfyiTimestamps: 00:00: Introduction and Sam's Journey to MakerDAO03:05: Idealism vs. Practicality in Protocol Evolution09:10: The SubDAO Model and Spark's Genesis15:30: The Role of Spark in the Sky Ecosystem18:50: Spark Liquidity Layer Innovation24:10: The Banking Analogy and Value Distribution29:10: The Stablecoin Landscape and Tether's Dominance34:19: Cross-Chain Expansion and Bridge Infrastructure36:40: Competitive Dynamics in DeFi39:40: RWA Integration and the Grand Prix45:40: Spark's Future and Value Capture49:50: Closing Remarks and Ways to FollowPlease like, subscribe, and share with a friend!  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit wallfacerlabs.substack.com