What is the SPA Token? Reveal Its History and Future Plans

Sperax, headquartered in NYC, was launched in 2020. The team initially planned to create a Sperax Layer 1 blockchain but shifted their focus to building the first auto-yield bearing stablecoin, USDs. 

What is the SPA Token?

The SPA cryptocurrency serves as the native utility token at the heart of the Sperax ecosystem. SPA plays a pivotal role in shaping the decentralized finance (DeFi) landscape fostered by Sperax, serving dual roles as a governance token and a value accrual asset. 

Its circulation is meticulously calculated, considering locked wSPA, major wallet holdings, and staking protocol balances. SPA has a total supply distributed across Ethereum and Arbitrum networks.

SPA is a governance token that enables token holders to participate in decision-making through the Sperax DAO. Additionally, holders can stake their tokens to gain governance power and earn a share of protocol fees. The SPA token has a deflationary design, which means it benefits from a burn mechanism that makes it more scarce over time.

The SPA token is freely tradable across all centralized exchanges (CEXs) and decentralized exchanges (DEXs) that support its trading pairs. As a result, the token can be used not only as a means of value transfer but also as a store of value within the Sperax ecosystem.

The History of Sperax

The project began with a commitment to blockchain technology’s potential to transform financial landscapes and launched its SPA token in August 2020, which solidified its commitment to DeFi solutions. Since then, Sperax has continued to evolve and release new features and solutions, including migrating the SPA crypto asset to a new smart contract and launching it on the Arbitrum network in 2021.

Demeter is the latest addition to the Sperax family, a protocol that focuses on supporting DAOs’ launching and managing decentralized exchange liquidity.

Sperax Future Plans

Sperax’s roadmap is to construct a full-stack DeFi ecosystem based on USDs, a stablecoin on L2 Arbitrum. It is backed by collateral and algorithms and offers scalability and stability benefits. Holders earn native auto-yield from external DeFi protocols like Curve Finance.

Sperax has plans to vitalize the L1 blockchain conceived during the company’s early stages as the USD stablecoin ecosystem expands through organic and partnership growth.

Sperax aims to provide modern money solutions to users, offering an auto-yield stablecoin called USDs, a suite of DeFi applications, and a community-driven governance model. 

Conclusion

The SPA cryptocurrency is the native utility token of the Sperax ecosystem, serving as both a governance token and a value accrual asset. It is freely tradable on CEXs and DEXs, and can be used for value transfer and storage within the Sperax ecosystem.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.