Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Sperax and our guest was . The AMA took place on the 27th of April.<\/p>\n\n\n\n
The AMA session was divided into 3 parts with a total crypto reward pool of $500<\/p>\n\n\n\n
In this AMA Recap, we will try to summarise the most interesting points for you.<\/p>\n\n\n\n
Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Hello Dear Satoshi Clubbers welcome to our AMA session with\nSperax <\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Hello Satoshi Club community ! We are pleased to announce\ntoday AMA with Sperax <\/p>\n\n\n\n JoeY<\/strong><\/p>\n\n\n\n Thanks! Hello everyone!<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Joining us today are our guests <\/p>\n\n\n\n @AlecShaw @joey0707 and\u00a0 @nandre94<\/p>\n\n\n\n Nicolas A<\/strong><\/p>\n\n\n\n Hey everyone! Glad to be here <\/p>\n\n\n\n Alec Shaw<\/strong><\/p>\n\n\n\n Very excited to be here<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Welcome to Satoshi Club <\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Hello welcome to Satoshi club, how are you doing today?<\/p>\n\n\n\n JoeY<\/strong><\/p>\n\n\n\n Im doing great. Thanks for asking!<\/p>\n\n\n\n Alec Shaw<\/strong><\/p>\n\n\n\n Doing well, it’s a beatiful day here in New York City<\/p>\n\n\n\n Nicolas A<\/strong><\/p>\n\n\n\n Has been a long day! But doing great excited to be here<\/p>\n\n\n\n Alec Shaw<\/strong><\/p>\n\n\n\n Hope you are all doing well too<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n That’s great to hear, we are also very excited to do AMA\nwith Sperax<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n We are doing great as well, I can see you are all super\nexcited for this<\/p>\n\n\n\n So let’s start our AMA <\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Let’s start our AMA with introduction <\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Can you please Introduce yourselves to us, your roles in\nSperax, how you got into crypto and how Sperax started?<\/p>\n\n\n\n Alec Shaw<\/strong><\/p>\n\n\n\n I am Alec, I am the Partner of Business Development here at\nSperax. I help secure partnerships, exchange listings and collaborations with\nother defi protocols!<\/p>\n\n\n\n I got into crypto in 2015 when I started the Blockchain Lab\nat Marquette University when I was a student. I was first a trading club then\nturned into a consulting firm, run by University students.<\/p>\n\n\n\n Nicolas A<\/strong><\/p>\n\n\n\n My name is Nicolas. I had a background in academic research.\nI was a research fellow with a focus in financial macroeconomics at LSE and\nPrinceton. Sperax, at the moment, is centered around USDs and the broader\nadoption of decentralized stablecoins! Since I led the stablecoin design, I\nthink I can better address it! As a side piece of information, we also have our\nown layer 1 infra on testnet, but since this is not the current focus of the\nproject, I will limit my answer to the Sperax\/ USDs relationship!<\/p>\n\n\n\n I was one of the early team members and a huge supporter of\nTerra (I even lived in Seoul for a year to work with the team). I was\nfascinated by the elegant design of algo stablecoins and wanted to preserve the\nscalability and economic benefits they offer. At the same time, though, algo\nstablecoins tend to suffer from reflexivity. The stablecoin is backed only by\nthe governance token in a purely algorithmic system. However, the governance\ntoken is valuable only to the extent the system continues to operate and\ncaptures future profits. If heavy redemptions affect investors’ belief in the\nsystem, the stablecoin will suffer, which will cause even more redemptions,\ncreating a death spiral. The case of Iron\/Titan was an example of that and the\ntotal failure of Basis Cash. This risk of purely endogenous collateral is\nsomething that even Terra has recognized, hence introducing a BTC reserve fund.\nSperax design introduces that hybrid model explicitly in its design to minimize\nthe probability of a belief-driven crisis while also utilizing that excess\ncapital to generate yield for holders of the stablecoin and incentivize\nadoption!<\/p>\n\n\n\n JoeY<\/strong><\/p>\n\n\n\n Hey everyone, I am Joe. I am the Partner of Tech\nCoordination. I coordinates our engineering team with other teams like product\nteam, econ team, marketing&BD team, etc. Glad to be here today.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n That’s Impressive, makes we wished I started a company as\nwell in the University <\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n All of you have great background and experience , can you\nintroduce to us what is Sperax?<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n You all have very impressive backgrounds <\/p>\n\n\n\n Alec Shaw<\/strong><\/p>\n\n\n\n Sperax is the open-source development team focused on\nbuilding software products on the Sperax protocol. With the Sperax token ($SPA)\nat its core, Sperax has built the first-ever auto-yield stablecoin, $USDs!<\/p>\n\n\n\n We started this protocol becuase we felt that crypto was\nstill quite complicated for even experienced crypto\/blockchain users. <\/p>\n\n\n\n So the Sperax team set out to make defi accessable by\ncreating super user friendly defi products. Our fist being USDs which automates\nstablecoin investing strategies so without having to do ANY staking or\nclaiming, users can capture stablecoin yields<\/p>\n\n\n\n Alec Shaw<\/strong><\/p>\n\n\n\n We are here to take the complexity out of crypto without\nhaving to give up custody of your tokens <\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n How big are Sperax team ?<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Sounds so interesting <\/p>\n\n\n\n Alec Shaw<\/strong><\/p>\n\n\n\n We are at about 20 team members now! The core departments\nconsist of engineering, research and business development. <\/p>\n\n\n\n We are passionate about building an amazing product before\nwe build out the marketing team. So as of now, most of our resources go to engineering\nand research to design and build the product<\/p>\n\n\n\n As we scale, we envision hiring another 10\nmarketing\/business roles in the coming months<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n A huge team I must say..<\/p>\n\n\n\n Nicolas A<\/strong><\/p>\n\n\n\n also actively hiring in the econ research team in case\nanyone is interested<\/p>\n\n\n\n JoeY<\/strong><\/p>\n\n\n\n also smart contract dev and AWS engineer <\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Great, can you pls share a link so maybe one of Satoshi\nClubber can try to join ? <\/p>\n\n\n\n Nicolas A<\/strong><\/p>\n\n\n\n https:\/\/jobs.lever.co\/sperax\/<\/a><\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Awesome… Interestingly I’ve sent a couple of applications\nto Sperax before (2) Thank you for sharing <\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Thank you<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Thank you for your answers guys<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Thank you for the great introduction guys !<\/p>\n\n\n\n Now we have collected 6 questions for part 1 from Satoshi Club\ncommunity, <\/p>\n\n\n\n ready to proceed?<\/p>\n\n\n\n Nicolas A<\/strong><\/p>\n\n\n\n for sure<\/p>\n\n\n\n Nicolas A<\/strong><\/p>\n\n\n\n Thats going to be a long answer. I will try explaining the\nstability mechanism together with the yield generating process<\/p>\n\n\n\n USDs is a decentralized hybrid yield-bearing stablecoin.\nHybrid means USDs is collateralized: explicitly by external cryptocurrencies\n(USDC, ETH, and BTC) and implicitly by the USDs protocol, an algorithmic\nstrategy that allows users to burn and mint SPA to support the collateral, and\npeg, as needed. The USDs hybrid model will favor algorithmic stabilization and\nscalability during a bull market while promoting explicit collateralization and\nrobustness during a bear market.<\/p>\n\n\n\n Yield Bearing Stablecoin<\/p>\n\n\n\n USDs is the first decentralized stablecoin that will\ngenerate passive income for its users just by holding it. There is no minimum\namount and users will be able to earn passive income just by holding USDs on\ntheir wallets (no staking, or gas expenditures required). USDs holders receive\npassive income by leveraging DeFi primitives. In the current implementation,\nAPY is generated by automatically reinvesting USDs collateral on Curve. USDs\neffectively pulls out all the collateral and generates yield by being one of the\nlargest stablecoin liquidity providers on Arbitrum. With the yield generated we\nbuy back USDs from the open market and distribute it to ALL USDs holders. This\nallows users, to harvest the yield by elliminating any knowledge and capital\nrequirements that are usually present. In the future, we plan to integrate more\nDeFi protocols such as Aave, Anchor, Compound, Yearn Finance, etc. USDs holders\nwill receive a diversified yield source from multiple chains and multiple\nplatforms just by holding their coins.<\/p>\n\n\n\n How does USDs keep its peg?<\/p>\n\n\n\n Arbitrage Price Discovery<\/p>\n\n\n\n If demand for USDs increases over time, the mechanism will\nlead to SPA deflation. Conversely, the mechanism will defend the peg in\nsituations of low demand at the cost of SPA inflation. This is how it works.<\/p>\n\n\n\n If USDs trade on exchanges at above $1, arbitrageurs will\nsend SPA and eligible collateral from exchanges, swap it for USDs on Sperax\nprotocol, and sell it, receiving as profit the peg difference.<\/p>\n\n\n\n If USDs trade below the peg on exchanges, the protocol will\nstill allow people to trade USDs for 1$. In this scenario, arbitrageurs will\nbuy USDs from exchanges at a discount, send it to the protocol, receive 1$\n(denominated in locked collateral and newly minted SPA), and sell it–pocketing\nthe peg difference. The above process will keep happening until arbitrageurs\nbring the price of USDs back to one dollar.<\/p>\n\n\n\n The above mechanism ensures that any deviation from the peg\nwill be short-lived while ensuring adequate liquidity based on\nprofit-maximizing incentives. This mechanism is well understood and was first\nimplemented by Terra.<\/p>\n\n\n\n The dynamic transition between algorithmic and\ncollateralized mechanism<\/p>\n\n\n\n One of the key innovations of the Sperax protocol is the\npossibility of determining the fraction of the money supply that is\nalgorithmically determined versus the collateralized fraction. The algorithm\nwill favor algorithmic stabilization when USDs trade close to the peg and as\nUSDs mature as an asset. Sperax started with a 95% collateralization ratio at\nthe genesis and adjusted based on market conditions. During favorable market\nconditions, we will rely more on algorithmic components, while in unfavorable\nmarket conditions, we will rely more on other cryptocurrencies. This mechanism\nmakes USDs resemble stablecoins like DAI more closely during bear markets while\nkeeping the scalability and token-burning benefits of stablecoins like Terra\nduring bull markets.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Quite a long one… let’s read <\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Oh Wow ! I believe @TreBienz really satisfied with the\nanswer <\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n This is a well detailed response, thank you for your Answer <\/p>\n\n\n\n So at the moment what is your collaterization ratio?<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Yes, it’s true, thank you for the detailed answer <\/p>\n\n\n\n JoeY<\/strong><\/p>\n\n\n\n It is about 91% collateral. You can check it here:\nhttps:\/\/app.sperax.io\/mint<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Thank you for your answer <\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Are you ready to proceed to 2nd question?<\/p>\n\n\n\n Nicolas A<\/strong><\/p>\n\n\n\n the rest is collateralized implicitly by SPA. To mint or\nredeem USDs the protocol requires 1$ worth of crypto<\/p>\n\n\n\n JoeY<\/strong><\/p>\n\n\n\n good catch!<\/p>\n\n\n\n sure<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Q2 From Telegram User @MudaraSilva<\/em><\/p>\n\n\n\n Allocations and utilities of your platform token $SPA, are clear to me. However, I saw you have other two forms of $SPA, $wSPA and $veSPA. Please explain about the utilities of these two tokens. Although I read that $veSPA balance will decrease overtime, I could not understand how does it happen. Moreover, how these tokens are interconnnected? Can we purchase $SPA, $wSPA or $veSPA as we wish or is it a must to buy your main token, $SPA first?<\/em><\/p>\n\n\n\n JoeY<\/strong><\/p>\n\n\n\n Haha this is a good question. Let me break it down<\/p>\n\n\n\n $SPA is Sperax’s utility token. You need $SPA to mint USDs, to participate in\nStaking and Governance, etc. wSPA is an intermediate token used to bridge $SPA\nbetween Ethereum and Arbitrum-One.<\/p>\n\n\n\n $veSPA is the governance token. It is non-transferrable. Similar\nto veCRV, you can use veSPA to share protocol earnings, vote in governance.\nveSPA currently has over 700% APY. check it here: https:\/\/app.sperax.io\/stake<\/p>\n\n\n\n @nandre94 could you add more to my answer?<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Btw Do these three tokens all have a uniform supply?<\/p>\n\n\n\n Nicolas A<\/strong><\/p>\n\n\n\n Yes veSPA is non transferable. This is by design since we\nbelieve that sharing protocol revenue and participating in governance should\ncome at cost of sacrificing liquidity. wSPA is just a wrapped version to move\nSPA across chains so it has no active liquidity. SPA is core of all these\ntokens. It exists on Ethereum and Arbitrum.<\/p>\n\n\n\n Here are the token addresses:\nhttps:\/\/docs.sperax.io\/faq\/smart-contract-addresses<\/p>\n\n\n\n Robocop | Satoshi Club<\/strong><\/p>\n\n\n\n Can you please provide us with Tokenomics from your token ?<\/p>\n\n\n\n Nicolas A<\/strong><\/p>\n\n\n\n wSPA and SPA are technically the same thing. SPA temporarily\nget transformed to wSPA to move them cross chains. However as veSPA supply\ngrows, more and more SPA are staked and therefore removed from the circulating\nsupply!<\/p>\n\n\n\n The whitepaper outlines the mechanics of USDs https:\/\/github.com\/Sperax\/USDs-Whitepaper\/blob\/main\/USDs_Whitepaper.pdf<\/a><\/p>\n\n\n\n