Dune Dashboard https://dune.com/sparkdotfi/spark-financials

Public Website: https://data.spark.fi/financials

1. Projected Yearly Net Returns

Definition: The annualized net profit projection for Spark protocol, calculated by summing the projected net returns across all product lines.

Methodology: Uses the same annualization approach as "projected revenues" on the Core Metrics Dashboard - takes recent performance data and projects it forward over a 12-month period.

2. Projected Yearly Operational Expense

Tracks expenses, which are measured by how much USDS 0x3300f198988e4C9C63F75dF86De36421f06af8c4 transfers to 0x92e4629a4510af5819d7d1601464c233599ff5ec and 0xeabcb8c0346ac072437362f1692706ba5768a911 during a 3-month period, and then annualise it.

**Temporary Override (as of 2026-09-04): Opex is currently hardcoded at $10,900,000.

Reason: USDS transfers to the SPK buyback multisig (0x797b010e0babb493b8dedd6f6ce5cc72778c2bf3) were inflating the rolling 3-month opex calculation.

3. Projected Yearly Protocol Surplus

The expected annual protocol surplus after operational costs, calculated as:

Projected Yearly Net Returns (Section 1) minus Projected Yearly Operational Expense (Section 2)