TL/DR: Sperax is launching a decentralized yield-bearing (APR up to 12%) stablecoin, Sperax USD(USDs) on Arbitrum, where we will deposit at least $15M worth of collateral into Aave Arbitrum. I’m posting here to inquire about a collaborative yield farm or general public support from the Aave ecosystem. Sperax is launching a $20M yield farming campaign and will be funneling all deposited assets into Aave as it is the most censorship resistant protocol available to satisfy our lending needs on Arbitrum One.
Proposal: Allocate $UNI reward budget for users minting Sperax USD, support project upon launch.
References
Project: www.sperax.io/USDs
Whitepaper: USDs-Whitepaper/USDs_Whitepaper.pdf at main · Sperax/USDs-Whitepaper · GitHub
Twitter: https://twitter.com/speraxUSD https://twitter.com/Sperax_io
Codebase: GitHub - Sperax/USDs-In-Progress: Public in progress version of USDs
App: Sperax DApp (staging version on Kovan testnet until launch)
SPA token contract: 0xb4a3b0faf0ab53df58001804dda5bfc6a3d59008
Telegram: Telegram: Contact @sperax
Telegram: @AlecShaw
Summary
Sperax USD is a hybrid stablecoin that is mostly backed by explicit, protocol-owned collateral, and partially by algorithm. Sperax USD uses ETF/Tether style arbitrage to ensure tight peg at $1. This keeps the price of USDs in a tight band around $1.00, offering users the stability benefits of explicit collateral stablecoins with the scalability benefit of algorithmic stablecoins.
Collateral in the protocol is sent to Aave markets to earn a return. We believe that the launch of our liquidity incentives for USDs will cause at least $15M in liquidity to be deposited into Aave.
About the LM campaign
Through our mobile app, Sperax Play, we are onboarding our 500k users into our stablecoin and we don’t wake them to suffer from slippage. Customers will be transferring from centralized exchanges with size, and want to easily transfer from their stablecoins or major assets to USDs.
To ensure there is adequate liquidity, we will be allocating 400M SPA from the bootstrapping liquidity budget to compensate early market makers for their generous contribution to the Sperax ecosystem. With their help we will be able to service the masses by offering a service comparable to their traditional banking system with 10x better rewards.
Positioning within Aave Ecosystem
Sperax believes the Sperax USD protocol, in combination with the Sperax Play mobile front end app, can act as a conduit for Southeast Asian community to onboard into defi. The Sperax community is very active and looking for venues ways to interact with the crypto and defi ecosystem in a fun, user friendly way. As we expand Sperax Play’s financial service offerings, Sperax outsources the borrow and lend service to Aave for all approved assets. We will list the rates offered, with a “powered by Aave” logo next to it.
Project History
Sperax was launched in late 2019. The project is currently using snapshot voting for governance. The project is working with Compound governance contracts to begin the transition to a fully functional, decentralized DAO.
Sperax Play Key User Metrics
Week of September 20, 2021
- total users increased by 8%↑ to 611.13k users
- sessions increased by 14%↑ to 916.02k sessions
- page views increased by 15%↑ to 2.89m page views
- new user count increased by 19%↑ to 17.2k new users
Community Metrics
Twitter: 35k followers
Telegram: 13k members
Newsletter: 56k subscribers
Team
