Arbitrum-Based Altcoin Project Goes Wild After Earning Sudden Support From Coinbase

An Arbitrum (ARB)-based altcoin is rallying after being listed by top US-based crypto exchange Coinbase.

In a new announcement, Coinbase says that it will be adding support for Sperax (SPA), a project that focuses on building decentralized finance (DeFi) products that can access multiple layer-1 and layer-2 blockchains.

According to Coinbase, SPA will be listed with the “experimental” tag, which the exchange reserves for crypto assets that may have lower trading volume compared to the broader market.

News of the listing sent Sperax, skyrocketing. The digital asset went from $0.0095 to $0.0147 on May 2nd, a hefty 55% increase in just a few hours. SPA has since retraced and is trading for $0.01286 at time of writing.

According to crypto analytics firm Messari, Sperax aims to create an entire financial ecosystem based around USDs, a stablecoin that aims to earn yield from other protocols without having to stake or claim.

“USDs holders benefit from native auto-yield, meaning that holders automatically earn yield without having to stake or claim. The yield is generated organically from the collateral deployed on external DeFi protocols like Curve Finance.

Sperax’s roadmap is to construct a full-stack DeFi ecosystem based on USDs. As the USDs ecosystem expands through organic and partnership growth, the team plans to vitalize the layer-1 conceived during the company’s incipient stage.”

Coinbase first added SPA to its listing roadmap last month, which was created to promote transparency in its listing process and to prevent insider trading.

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Featured Image: Shutterstock/Jorm S