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Sperax (SPA) is the 1440th largest cryptocurrency in the world by market cap, valued at $21,557,439. The current price of Sperax is $0.006593722, which is -11.146% lower than yesterday. Prices have ranged between $0.00782541 and $0.00693053 over the past 24 hours. All prices are listed in US dollars and accurate as of March 22, 2023 05:03 UTC.
Sperax is an open-source decentralized 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.
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