What is Sperax (SPA)?
What is Sperax (SPA)?
Sperax is dedicated to developing DeFi products that are accessible on both L1 and L2 blockchains. Sperax has developed an auto-Yield stablecoin, USDs, with the Sperax token (SPA) as its heart.
History Of Sperax
Sperax was founded in 2020 and has its headquarters in New York City. The team first envisioned a Sperax Layer 1 blockchain before moving on to create Sperax USD (USDs), the first auto-yield bearing stablecoin.
Sperax issued USDs on L2 Arbitrum in December 2021. USDs are backed by collateral and algorithmically by the protocol, which can create $1 worth of SPA when $1 of USDs is redeemed. The stability advantages of collateralized stablecoins and the scalability advantages of algorithmic stablecoins are combined in USDs.
Native auto-yield, which allows holders of USDs to automatically generate yield without staking or claiming, is advantageous. The collateral used on external DeFi protocols, such as Curve Finance, produces the yield naturally.
The goal of Sperax’s plan is to build a USD-based full-stack DeFi ecosystem. The team intends to revitalize the L1 that was conceived during the company’s early stages as the USDs ecosystem grows through organic and partnership expansion.
Sperax is backed by Polychain Capital, Jump Trading, Alameda Research, Amber Group, and DJ Steve Aoki.
