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Sperax is an open-source decentralised finance (DeFi) protocol that offers an array of services including yield-bearing stablecoin products. Founded in 2019, the team behind Sperax initially set out to create a layer-1 blockchain, however, after a year of development, the project released the Sperax USD, otherwise known as USDs. The team now wants to build a DeFi ecosystem surrounding the native USDs stablecoin.
According to the project’s website, USDs is the first auto-yield stablecoin of its kind. Pegged 1:1 with the US dollar, unlike other stablecoins, USDs implements a hybrid model of crypto-collateralisation and algorithmic mechanisms to keep the token stable. To mint a USDs a user must deposit a set amount of crypto collateral. This helps to keep the value of the token stable at $1. In addition to collateral, the native governance and utility token of the protocol, SPA, will also be used to algorithmically keep the token stable. As the price of USDs increases above $1, arbitragers will make a profit by burning SPA and collateral to mint more USDs. Likewise, if the price of USDs decreases below $1, arbitragers will make a profit by burning USDs for the equivalent value of $1 worth of collateral and SPA tokens. These mechanisms keep the price of USDs as close to $1 as possible. USDs’ automated yield is then generated by Sperax utilising the collateral deposited within to reinvest in native DeFi aggregators.
As a result of the mechanisms in place, the native token, SPA, is crucial to the inner workings of the Sperax ecosystem. It is primarily used to rebalance the stablecoin USDs. The team has also stated they will bring staking to the protocol in the near future and hopes that the introduction of staking, should allow for a much larger ecosystem to flourish.
Sperax (SPA) is the 390th largest cryptocurrency in the world by market cap, valued at $61,549,706. The current price of Sperax is $0.08182889, which is 3.857% higher than yesterday. Prices have ranged between $0.0932074 and $0.07849699 over the past 24 hours. All prices are listed in Australian dollars (unless otherwise noted) and accurate as of May 16, 2022 06:05 UTC.
| Coin symbol | SPA |
|---|---|
| Coin Marketcap | AUD$61,549,706 |
| Total SPA supply | 4,990,775,936 |
| Circulating SPA | 1,075,471,987 |
| Current price | AUD$0.08182889 |
| All time high | AUD$0.4862 |
| All time high date | March 23, 2022 |
Historical prices compared with the price of $0.08182889.
| 1 hour | -0.25% |
|---|---|
| 24 hours | 3.86% |
| 7 days | -59.48% |
| 14 days | -58.13% |
| 30 days | -63.55% |
|---|---|
| 60 days | -66.20% |
| 200 days | 13.38% |
| 1 year | 138.71% |
Disclaimer: Cryptocurrencies, including Sperax, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of SPA is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Sperax or any other cryptocurrency discussed.
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