Sperax USD is building an interoperability system to ensure that USDs are natively deployed on all major blockchain platforms.
How does Sperax USD work?
The Sperax USD protocol mints USDs, a 100% backed stablecoin. USDs are collateralized on the network and generate organic returns for their holders. USD - the main trading pair on Arbitrum.
Key points of this protocol:
| Automatic yield | Users, holding USDs in their wallets, automatically earn organic returns. |
| Own Level 2 | The lower transaction fees on Arbitrum make this protocol convenient for retail investors. |
| Fully backed model | USDs are 100% backed by a diversified basket of whitelisted crypto assets (stablecoins). |
To mint new USDs, miners only need an acceptable collateral. There is no mining fee. The protocol currently accepts USDC, DAI, FRAX and VST as collateral, and more tokens may be added to this list in the future. However, USD tokens are fungible and redeemable in the same way, regardless of their underlying mint collateral. It acts like an IOU for the pooled pledge.
This contract allows users to directly buy USDs by using SPA. The USDs, available for purchase, come from two sources: USDs issue/redemption fee and USDs yield. The contract distributes 50% of purchased SPAs to veSPA owners as a reward, and burns the rest.
SPA token
SPA — the governance and value token of the Sperax ecosystem. SPA owners can stake SPA tokens to receive veSPA. veSPA owners make protocol decisions. They will earn staking rewards and manage revenue from the protocol with voting rights in the governance of Sperax.
Off-grid governance is real-time and the community (veSPA owners) can control USD protocol parameters, yield strategies, acceptable collateral, new product features, etc. Online governance will be launched soon, making veSPA owners the true owners of the Sperax ecosystem.