Benzinga - Sperax (CRYPTO: SPA) surged by 34% within the last 24 hours, surpassing market giants like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
What Happened: Data provided by CoinMarketCap, reveals that over $3.59 million worth of Sperax has been traded in the span of just one day. Notably, Coinbase emerges as the major exchange platform responsible for facilitating the majority of these trades.
Bitcoin and Ethereum were down 0.10% and 0.31% in the last 24 hours, according to Benzinga Pro.
But what exactly is Sperax? It is a comprehensive suite of yield automation tools built on two fundamental protocols – Sperax USD (a stablecoin integrated with Auto-Yield) and Demeter (a multi-DEX liquidity management protocol).
Sperax protocol, an early adopter of Layer 2 solutions, embarked on its development journey on Arbitrum even before Layer 2 gained widespread popularity. In December 2021, Sperax launched USDs, its stablecoin, at a time when Arbitrum had a mere 1,000 users. Fast forward to the present day, and Arbitrum boasts an impressive 150,000 returning users and a total value locked (TVL) of $2.65 billion.
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Why It Matters: The idea behind Sperax took shape in 2019, with the subsequent introduction of its governance token, SPA, in 2020. Building upon these foundations, Sperax made a significant breakthrough in 2021 by launching the first-ever Arbitrum-native stablecoin, Sperax USD (USDs). In 2022, the Demeter liquidity miner joined the Sperax product suite.
Currently, the Sperax team is upgrading the USDs protocol to version 2.0. The upcoming release will bring the ability to directly deposit and withdraw collateral from strategies, as well as the capability to harvest yield-farmed tokens from yield strategies.