What is Sperax Crypto, And Why Is SPA Up 75% Today?

YEREVAN (CoinChapter.com) — SPA, the native cryptocurrency of the decentralized finance (DeFi) protocol Sperax is surging. According to market data, the SPA price is up 75% in the past 24 hours, with its rally over the past week amounting to over 120%. The impressive rally has made Sperax one of the best-performing cryptos this week, outperforming the likes of Bitcoin (BTC) and Ethereum (ETH). 

What is Sperax?

Launched in 2019, the DeFi platform Sperax is built on two fundamental protocols: Sperax USD (USDs), a stablecoin, and Demeter, a multi-DEX liquidity management protocol. 

Like many of its counterparts, the project functions on a community-driven governance model.

Sperax’s breakthrough came in 2021 when it launched the first-ever Arbitrum-native stablecoin, Sperax USD (USDs). Subsequently, in 2022, it incorporated the Demeter liquidity miner into its ecosystem. 

Last year, in 2023, Sperax got a boost after major cryptocurrency exchange Coinbase announced it would be adding support for SPA on the Arbitrum network (ERC-20 tokens).

The project was early to distinguish itself after it adopted Layer 2 solutions on the Arbitrum network, contributing to its scalability and efficiency. This move, along with the launch of its stablecoin USDs, played a significant role in its adoption and the recent SPA price rally. 

Moreover, Sperax has also attracted several big names as its backer’s lineup of investors. These include giants like the Amber Group and celebrities like DJ Steve Aoki.

SPA price could rise post-development 

At the time of writing, Sperax’s SPA token exchanges hands at $0.01361, around 95% below its all-time high of $0.24. 

Its recent rally, meanwhile, shows that investors see potential in the project. One key feature drawing such excitement among traders is the automated yield generation for USD holders, which distinguishes it from other stablecoin projects. 

The Sperax team is currently working on upgrading the USD protocol to version 2.0. The upcoming release will further enhance its capabilities, giving a fresh boost to the SPA token price.