Sperax Monthly Newsletter | June 2022
In crypto, harsh market conditions prove longevity for projects that can withstand the test of volatility. While prices may swing, the team at Sperax is steadily moving forward, with a clear vision for the future.
With new farms, tradfi fintech partnerships, a robust community and a clear roadmap, the team is excited for the future of Sperax. The rich value of SPA has been highlighted in a series of blog posts this month, showing that as USDs TVL increases, veSPA holders take on the responsibility of managing a mix of USDs collateral earning strategies through Sperax DAO — in turn reaping the benefits of strong earnings with USDs revenue split.
In case you missed it… check out what’s been going on at Sperax below!
SPA Buyback Over 4 MM!
For veSPA holders, the economic boomerang has flown into action, affording a rapid increase in staking APY while buying back over 4MM SPA from the open market. Over the past month, the average lockup time has also increased to 2.95 years. With the economic boomerang bringing value to SPA stakers, long-term lockups are increasingly attractive with a market that has pummeled asset prices in the short term.
New to staking? Check out the metrics and stake SPA here!
Sperax Rocking the DeFi Mullet With Streetbeat Partnership
The DeFi Mullet puts Fintech in the front and DeFi in the back.
A few months into a partnership that allows Streetbeat users to hold USDs as a high yield, savings-style crypto account, 35,000 users have used the app to buy over 750,000 USDs. This exciting partnership shows the power of the DeFi mullet, where the power (and complexity) of DeFi is abstracted behind the face of easy-to-use fintech apps like Streetbeat.
In a future where USDs TVL grows through fintech value capture, Sperax sees collateral earning yield and performing SPA buybacks at a rate that will make SPA one of the highest capital producing assets in crypto.
Sperax Roadmap Part 2
In the past month, USDs has gone 100% collateralized in order to mitigate market risk. In updates designed to increase accessibility, Sperax.io underwent a design overhaul, while the DApp UI was adapted to introduce an even more user-friendly interface.
The Roadmap outlines future plans to diversify USDs collateral, open a factory pool contract, deploy collateral to new strategies, introduce off-chain DAO, and gain new partnerships to open SPA gauge and strengthen the flow in Sperax’s DeFi Mullet.
SPA/USDs Farm Is Live
We wrote about the benefits and risks of depositing to a Dynamic APY pool in this blog post. Now, strong rewards remain for lockups in the farm, while non-lockup deposits currently earn 132% APY. See all our farms here!
Sperax DAO Drives the Future of USDs
The team has been busy building out the first features of Sperax DAO, which serves the protocol by bringing Sperax Improvement Proposals to the Sperax team through veSPA voting. This genesis version of the DAO will ultimately lead to governance through a fully deterministic protocol, where on-chain vote can direct key levers in the SperaxUSD machine, guaranteeing strong Auto-Yield for USDs holders, and driving SPA value through the revenue split and SPA buybacks.
Read more about Sperax DAO here.
SPA Selloff Post-Mortem
The community was eager to hear how the Sperax team would respond to a large SPA selloff in June.
With a commitment to transparency, the Sperax team immediately shared findings and interpretation of the selloff, along with guidelines for a clear path forward after the selloff. These measures of transparency will not change, as Sperax believes in a decentralized, trustless protocol that will always work to build value for its community and users.
SPArtan Warrior of the Month: @akv
@akv is an American living just south of Tokyo. @akv has run a small floral design company for the past decade and got into crypto in 2017.
“Made more money than what my job pays me and lost it all, twice!” @akv said, “The third time around I plan to keep what I gain. This mindset eventually led me to Sperax and I’ve been rooting for its success ever since!”
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!