Reading · Sperax’s Newsletter

2024 has been nothing short of legendary for the crypto world. Picture this: Bitcoin shattered the elusive $100K barrier in December! 💰🔥 The bull run was electric, turning skeptics into believers and setting the stage for a new financial revolution. 🏔️✨

What fueled this jaw-dropping rally? The long-awaited approval of Bitcoin-holding ETFs! 🏦 With institutional investors diving in headfirst, mainstream acceptance is no longer a dream—it’s happening now. 🚀💼

But wait, there’s more! 🎉 The political winds of change played their part too. President-elect Donald Trump’s pro-crypto stance sparked a wave of optimism, as the market buzzed with hope for favorable regulations. 🏛️🤝

Meanwhile, the altcoin arena and memecoin frenzy was pure chaos (the fun kind). They showed us that the wild side of crypto is alive and thriving. 🐕💎

Let’s get started on our updates for the year 2024.

2024 was a transformative year for Sperax as we focused on delivering sustainable, user-driven products that strengthen the Sperax ecosystem. While some initiatives evolved based on market dynamics, our key milestones paved the way for exciting advancements in 2025.

You can read the original roadmap here: Sperax Roadmap 2024.

While some plans evolved—like pivoting to a Yield Optimizer over a CDP stablecoin—we remained focused on creating meaningful impact. Here's a recap of our progress as we build towards a more accessible, rewarding DeFi ecosystem.

Launch: USDs 2.0 went live with enhanced features and a clear focus on decentralization.
Audit of Smart Contracts: All smart contracts have been rigorously audited, ensuring security and reliability for users.
Bug Bounty: A bug bounty program has been successfully launched to identify and resolve potential vulnerabilities.
Admin Page: Most USDs functions are now decentralized and accessible via the dedicated admin page. (Learn more)
Higher Yield: The maximum Cap on USDs auto-yield APR was raised to 25%, which can give an APY of up to 28.33% on compounding.
Reward Distribution: With USDs, we have distributed an incredible $33.658K in auto-yield to users since January 15, 2024 - with a solid mean APR of 14%! Besides that, we've distributed over $229K in rewards to veSPA holders, since December 2023.
New Strategy: We have added Fluid Protocol as one of the strategies, alongside Aave, Compound and Stargate to make the auto-yield more robust.

While retail partnerships have been a key focus, we are actively seeking better deals for the community to ensure long-term benefits. Conversations are ongoing, and this remains a priority.

Instead of introducing xSPA rewards directly, USDs holders were compensated through high rewards in Demeter farms, with xSPA making up a major chunk of that. This strategic shift ensured greater value for our community.

While USDs multi-chain expansion was deferred, the focus shifted to increasing reach by attracting other stablecoin holders through USDT/USDC yield strategies. The upcoming yield optimizer will target holders of these stablecoins, enhancing reach and yield opportunities.

Launch: Demeter 2.0 successfully went live with its enhanced features.

Audit of Smart Contracts: All smart contracts were audited, adding an extra layer of security.
Bug Bounty: A robust bug bounty program was initiated, fostering collaboration with the developer community.
LTIPP Grant: The funds provided by Arbitrum under the LTIPP program were utilized to drive liquidity incentives.
High Rewards: Demeter farms offer lucrative opportunities, including alt-stable and stable-stable liquidity rewards. The APRs went up to 100% till the end of the LTIPP cycle.
Even now users can avail APRs of 20% on Stable/USDs farms and 60% on SPA/USDs farm.

Sperax delivered on its promise to embrace open collaboration by:

Open-Sourcing Code: Core components of the Sperax ecosystem were open-sourced.
Bounty Programs: New bounties were launched, enabling external contributors to support the protocol’s growth.

Smart Contract Work: It has been completed.
Audit: The audit is pending.

While the original plan included the development of a CDP-based stablecoin, Sperax pivoted to focus on a yield optimizer product. This strategic shift aligns with market demands, offering enhanced yield opportunities to stablecoin holders.

Click here to go through the idea paper and understand the approach in more detail.

This year, Sperax achieved significant milestones with USDs and SPA gaining visibility through strategic listings. USDs and SPA were officially listed on prominent platforms like KoinBX, Biconomy, and BitMart, expanding their reach and accessibility.

These listings enhanced liquidity and offered more trading opportunities to our global community. As we continue to grow, these partnerships underline our commitment to making DeFi seamless and accessible to all. 🚀

This year, Sperax launched its dedicated blog to empower the community with in-depth knowledge about DeFi, stablecoins, and innovative yield strategies.

From understanding stablecoin adoption in high-inflation economies to exploring cutting-edge theories like Markowitz Portfolio Optimization, our blogs are designed to educate, inspire, and spark conversations. Stay tuned as we continue to demystify DeFi and highlight how Sperax is shaping the future of decentralized finance.

👉 Dive in now: Sperax Blog

In an exciting move to expand community engagement and amplify the utility of SPA, Sperax will introduce the LACO memecoin—centered around Spartan's loyal companion, LACO.

This initiative aims to enhance marketing efforts while directly benefiting SPA and veSPA holders. Designed with sustainability and community rewards in mind, the LACO project ensures that all revenue generated will fuel two dedicated pools and facilitate SPA buybacks to support consistent token burning.

By intertwining fun with functionality, LACO strengthens the ecosystem's growth and rewards those invested in Sperax's vision. Dive deeper into the story behind LACO here: Whitepaper.

SIP-59: fUSDC-USDs Pool on Camelot V2, with added emissions with additional 5% xSPA rewards and 5k ARB Utility Mining incentives that were distributed over one month

SIP-60: Umami DAO - USDs liquidity incentive partnership by the means of a UMAMI-USDs pool on Uniswap V3

SIP-61: Increase in APR cap for USDs auto-yield to 25% from 10%

SIP-62: Removal of LUSD, DAI, and FRAX as USDs collateral

SIP-63: Launching of Demeter 2.0 with 7 new farms with up to 100% APR, with potential allocations of 32 million SPA tokens and LTIPP grants of 250500 ARB tokens in the first 10 weeks of Demeter 2.0

SIP-64: Closure of old Demeter farms

SIP-66: Increase the revenue share for USDs holders to 70%, increase in emission from the treasury to veSPA holders to 420 000 xSPA tokens per week, and identification of a risk mitigation strategy.

SIP-67: Incentivization of newly opened stable-USDs pools to facilitate more USDs TVL

SIP-68: Taking Demeter 2.0 back to a sustainable reward rate using a new rewards distribution methodology after the end of the LTIPP cycle

SIP-65: Burning of 20% SPA token of total supply from the treasury to enhance SPA's value and scarcity

We’ve conducted several AMAs across the year to share major updates, answer all the questions, and take feedback from our beloved community - such as the ones on 10th January, 24th January (Roadmap discussion), 28th February & 2nd June (Demeter pre-launch discussion), 7th August (Demeter post-launch discussion), 20th September (Discussion with Arbitrum), 4th October (Discussion with Biconomy on SPA and USDs listing) and 29th November (Yield Optimizer and other updates).

Cycle 5 of the Creators Grants Program ran until February 19, 2024 (Noon UTC), focusing on USDs 2.0 and the Sperax Roadmap. Rewards were distributed as 70% xSPA and 30% SPA.

Content categories included videos, articles, threads, posters, and memes related to USDs 2.0 and Sperax’s roadmap. Submissions needed to be original, relevant, and engaging, avoiding heavy AI assistance or recycled content.

The program encouraged creators to promote Sperax awareness while adhering to strict guidelines. Authenticity and creativity were key, with winning content shared on Discord following a thorough review.

You can go through the list of winners and engage with their content here.

We’ve introduced a cool dark mode for the dApp that’s easy on the eyes. Also, we’ve ensured seamless navigation where you can access the key metrics with ease.

A new UI was launched for Demeter 2.0 with light and dark modes, faster load times, and advanced analytics.

We’ve rolled out a sleek new homepage this year that brings USDs to the forefront. You can go through it here.

Analytics V2 was launched in late January to ease access to data related to TVL, collateral composition, yield generation & distribution, and SPA distribution.
One can now access the following important data using a single click:
Demeter 2.0 is now being tracked on DefiLlama.
Analytics V3 with Dune Analytics integration was launched with comprehensive coverage for the key metrics of USDs, SPA, and veSPA. The pie charts, tables, and graphs ensure that all the relevant data is in a single place and easy to understand.

As we look back on 2024, it’s clear that this year was a testament to resilience, adaptability, and growth. From launching USDs 2.0 and Demeter 2.0 to pivoting toward a cutting-edge Yield Optimizer, Sperax has consistently prioritized community value and ecosystem sustainability. With milestones achieved and lessons learned, we’re now more prepared than ever to embark on the next phase of innovation in 2025.

Together, we will continue to shape a decentralized future that’s accessible, rewarding, and built to last. Let’s write the next chapter of Sperax’s story—together. 🌟

Roadmap 2025 is coming out soon. Stay tuned!

Reflecting on Roadmap 2024: Achievements and Insights

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