Major UX Upgrades
The Sperax team continues to drive forward through this crypto winter. As other teams lay off core team members and scale back operations, we scale up, ship products and grow market share.
We have taken one step back… just to talk with our users and partners. This better informs us on product design. Ensuring our products solve real problems present in the current Arbitrum DeFi experience.
We believe that SperaxUSD and Demeter are foundational protocols for what will ultimately be a one-stop-shop for any and all decentralized finance needs.
Let’s look what’s been shipped the last 8 weeks:
Sperax Swap
A swapping experience just arrived at Sperax. Thanks to Sperax Swap, users can trade USDs for their favorite assets while retaining custody of your assets 100% of the time.
Today, Demeter assets are featured on Sperax Swap. Coming in the next upgrade, users can route USDs to any DEX via our bespoke routing system.
Cash Flow Dashboard
This dashboard shows the sources and uses of revenue earned by the protocol. The SperaxUSD protocol has earned $467,000 since its launch in Q1 2022. This dashboard only accounts for revenue once tokens have been converted to stablecoins and minted USDs. Revenue is controlled by SperaxUSD and is therefore governed by SPA stakers.
Sources of Revenue
Yield On Collateral — Each USDs has at least one stablecoin in reserves. Instead of sitting idle, these coins are earning yield by providing liquidity in defi apps like Curve.
Redemption Fees — Each collateral type has a designed fee associated with redeeming. For example the protocol charges 0.5% fee to redeem USDC and 0.2% to redeem FRAX.
Uses of Revenue
USDs Auto-Yield — 50% of yield generated on collateral goes to fund the passive, organic, yield on USDs.
SPA Community — 50% off Yield and 100% of fees are used to mint USDs and buy back SPA. Half of the SPA is sent to stakers on a weekly basis, the other half is burned forever.
Future uses: Auto-Yield reserve, Contributor salaries/bounties, protocol owned liquidity and more
SPA Buyback Page
Launched at the end of October, this buyback page is geniously designed to absorb market sell pressure while converting this sell pressure into a SPA burn. This is done by allowing for the community to sell SPA directly back to the protocol via the buyback contract.
This contract holds USDs that is funded with SperaxUSD protocol revenue. The SPA collected in the buyback contract is split into two separate categories for spend. Half is burned forever and the other half is send to SPA stakers.
Demeter Front End
The launch of Demeter front end has been a massive success for Sperax and the Arbitrum ecosystem. In the first 30 days the protocol has secured partnership and participation from 8 leading Arbitrum projects including GMX, PlutusDAO, Rage Trade, Layer2 DAO, Saddle Finance, Handle Finance, VELA exchange and more.
Through the demeter interface, farmers will soon be able to claim their tx fees without withdrawing the LP token. Transaction fees are a generous source of yield for LPs which is often overlooked.
According to the Uniswap pool data, the GMX / USDs pool has seen 607k in fees thus far.
Historical Staking Data
Listed under the analytics tab, users can see historical data around the staking rate. This rate is funded organically through the buyback contract.
Auto-Yield Boost
Collateral earning Yield v collateral collecting yield is a very important metric to consider. The SperaxUSD protocol only pays Auto-Yield to USDs that is held in user wallets. USDs inside of smart contracts, like a Demeter pool for example, are exempt from receiving the Auto-Yield installment.
Thanks to this design, a boosting phenomenon takes place. Thanks to a smaller circulating supply of USDs earning Auto-Yield, an 11% APY rate can be delivered by only earning 5.5% on the whole collateral pool.
Sperax is committted to continue building through this bear market. Onward and Upward for the SPArtans!
About Sperax
Sperax USD is a stablecoin and yield automator on Arbitrum. Hold $USDs and earn Auto-Yield. Stake $SPA to govern the collateral investment strategy.
Read more at sperax.io and join the Sperax community!
