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Building Through the Bear — Sperax Roadmap Update

Since Roadmap Part 2, the Sperax team has delivered ahead of schedule. See where the protocol is headed by the end of 2022.

On June 15, the Sperax team published Roadmap Part 2, with anticipated delivery by the end of the year. Below is a list of the roadmap deliverables, their purpose, ultimate community vision, and development progress thus far.

Deliverables Mentioned in Roadmap P2

Off-Chain Governance ✅

Collateral Diversification ✅

Deploy Collateral to New Strategies ✅

Automate Manual Levers 🔄

DeFi Perpetuals Partnership 🔄

Update Redemption Breakdown Data 🔄

USDs Multichain 🔄


PlutusDAO Partnership ✅

Demeter Protocol (SPA Gauge🔄 , Factory Pool Contract ✅)

Building Board 🔄

What has been built at Sperax?

SperaxUSD is the first community-managed stablecoin pool on the market. Users can stake governance token SPA to vote on yield-earning strategies with a diverse basket of stablecoins. Holding $USDs represents your share of the underlying collateral, and the ability to earn gas-free yield at 11%.

Launch Off-Chain Governance ✅ - Launched Jul 11, 2022

The automated, decentralized, and soon fully deterministic DAO governance will direct USDs collateral strategies to earn Auto-Yield. This stablecoin pool, or Auto-Fund, requires community discussion and vote to change the position in any stablecoin asset or the asset’s investment strategy.

It’s up to SPA stakers to assess the risk and reward of adding new collateral assets, deploying to different investment strategies, or changing protocol parameters. The Sperax team acts as analysts helping the community by writing and assessing Sperax Improvement Proposals (SIPs), and as a dev shop ready to deliver SIPs in the Auto-Fund after the vote.

Passing of First Sperax Improvement Proposal ✅ — Passed July 16, 2022

With the launch of off-chain governance, the community passed the first Sperax proposal (SIP-1) to diversify the collateral pool by swapping USDT for FRAX and VST, and deploying the assets to farm FXS + VESTA. During the week or so time period of the swap, no collateral is in a yield generating strategy, so the protocol is not generating yield. This means the protocol can’t pay Auto-Yield during this time. Buybacks continue from protocol fees.

Collateral Diversification ✅

Deploy Collateral to New Strategies ✅

SPA stakers have the power to manage USDs stablecoin collateral. Through SIPs, stakers approve new stablecoins and determine how they’re deployed for yield. SIP-2 and SIP-3 have passed the initial forum sentiment poll and are currently live for snapshot vote.

SIP-2 introduces a novel, low-risk yield strategy for the fund: lending USDC on Aave. The proposal also whitelists DAI as a collateral asset for minting USDs. 5% of USDC reserves will be sent to Aave and all future DAI deposits will be sent to Aave.

SIP-3 aims to redirect 20% of daily emissions from the USDs — SPA farm to a new USDs — USDC pool. Moving these rewards will incentivize LPs to deposit needed liquidity into the USDs — USDC pool without adding to total daily emissions, with no additional sell pressure.

See all the proposals at Speraxdao.eth snapshot page.

PlutusDAO Partnership ✅

Following DopeX and JonesDAO, SperaxUSD is the 3rd protocol to be integrated into the legendary PlutusDAO. This community of serious defi actors have built the Convex of Arbitrum. Through Plutus, users can get liquidity on max locked SPA and access to benefits like bribing systems and a community of defi experts to govern the Auto-Fund. Sperax Foundation is minting plsSPA with a 10M SPA deposit, seeding against 10M SPA in the exit pool on Sushiswap.

Read more about the partnership with PlutusDAO.

Demeter Protocol 🔄

Farm Factory Contracts ✅

With the permissionless contracts, protocol operators can easily spin up incentivized Uniswap v3 pools without needing to code. Get a SPA bonus from the Gauge when seeding tokens against USDs.

Gauge 🔄

Similar to the Frax gauge, Curve Gauge, users can earn SPA rewards for their liquidity pair. Anyone using the Sperax Farm Factory Contracts can earn rewards by seeding against USDs, adding their own rewards, or bribing veSPA stakers, all through the easy to use Demeter Protocol.

Status: The team is currently applying for Uniswap grants before publishing Demeter.

SIP Building Board 🔄

With full transparency in mind, the Sperax Foundation is working on a public facing board to allow community members and inquisitive parties to take a peek at Sperax team progress on SIPs and other Roadmap items. Users will have the ability to keep an eye on key tasks as they are accomplished in real time. The Sperax Foundation strives to demonstrate their commitment to accomplishing the goals set forth by SperaxDAO and the proposed Roadmap.

Status: Research and Implementation

Update Redemption Breakdown Data 🔄

Present slippage information when redeeming USDs so users can make informed decisions when redeeming. The protocol always honors withdraw requests thanks to USDs being 100% collateralized.

If the amount of desired collateral is available in the vault, redeemers will receive tokens from the vault. The user will soon be able to see slippage amounts when redeeming from various liquidity levels of certain collateral assets.

Status: Economic Modeling Research

USDs Multi-Chain Deployment 🔄

Sperax team will present a proposal for DAO approval to allow for cross-chain minting and redeeming of USDs. For example: minting $USDs on Arbitrum, and redeeming on Avalanche. This model will feature a non-custody bridge model. This way the protocol will remain censorship resistant and decentralized, but will take significant research to design the architecture.

Status: Research

Perpetuals 🔄

Partnering with TracerDAO to make this happen.

Status: Will update with timeline.

Automate Manual Levers 🔄

On-Chain DAO: Control key protocol parameters such as collateral type, collateral deployment strategy, target auto-yield APY, protocol fees, revenue split with SPA holders, algorithmic ratio and algorithmic decay rate (if any). The Sperax team will serve the community as analysts and facilitators.

Status: Reviewing all manual actions performed by the team to create SIPs that will decentralize and automate as many of these actions

About Us

Sperax is dedicated to benefiting all financial lives with blockchain technology.

Sperax has built the first Auto-Yield stablecoin, $USDs, to harness DeFi yield with a target 11% APY.

$SPA, the Sperax governance token, rewards stakers who empower Sperax DAO to make $USDs fully decentralized, and 100% collateralized by exogenous, on-chain assets.

The protocol is currently in a growth stage, bridging the gap to crypto for a global user base by offering $USDs on user-friendly platforms.

Read more at sperax.io and join the Sperax community!

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