Next, you can see the specification for Camelot V3 farm and Camelot V3 farm deployer.

This technical document is about the upgrade to Sperax Farms v2. It details the changes made to enhance the protocol's multi chain vision, transparency, security, and scalability. The document covers new features and functionalities.

This technical document is about the upgrade to USDs-v2. It details the changes made to enhance the protocol's decentralization, transparency, security, and scalability. The document covers new features and functionalities.

Externally owned accounts (EOAs) holding USDs were always eligible for the Auto-yield feature, but smart contract / smart wallets were not.

Sperax has introduced a new function: now smart accounts (or smart wallets) can call to opt in for auto rebase in USDs contract and to get Auto-yield.

An owners of a smart contract / smart wallet can opt in for rebase in USDs contract. The users will not need to claim (or send out any transactions to claim) the interest earned.

This is how to opt in your smart contract / smart wallet for rebase in USDs:

1. Go to Arbiscan and search for USDs. Verify the correct USDs contract address: 0xD74f5255D557944cf7Dd0E45FF521520002D5748

2. Go to the Token contract. ensure it is Sperax USD (USDs) deployed by Sperax Deployer 0x42d2f9f84EeB86574aA4E9FCccfD74066d809600

SPA holders can stake SPA tokens and receive veSPA tokens which are non-transferable. veSPA balance is proportional to the lockup period, meaning if user locks up for higher duration they receive proportionally more veSPA tokens. veSPA balance determines the share of staking reward and voting power

1. Staking rewards: Rewards will be distributed proportionally to the user's veSPA balance. Users who lock SPA for longer periods are eligible for proportionally more rewards (accrued on a weekly base) than users who locked the same amount of SPA for shorter periods. Rewards are accumulated through:

   • As per , the emission of xSPA for veSPA holders has been increased to 420,000 xSPA tokens per week from the treasury to account for the decrement in APR due to cutting the allocation from bought-back SPA.

Visit our to Mint, Redeem and Farm.

Go through for step-by-step tutorials on how to use and navigate the Sperax ecosystem.

Key parameters upgradeable via governance

• Collateral types to mint/ redeem USDs.

• Desired collateral composition, oracle used for price feed of the collateral, base Mint Fee, base Redemption Fee and price floor for each collateral type. Updating the price floor for collateral used to mint USDs. Setting the price floors for each collateral will allow the protocol to remain solvent when collaterals depeg. The protocol will not mint USDs with the collateral when the price of the collateral falls below the price floor.

• Yield generation strategies for each collateral type. For example, adding new delta-neutral yield farming strategies based on other decentralized exchanges.

• Harvesting incentive.

• The USDs dripping rate from the dripper contract.

• Minimum and maximum APR for distribution of Auto-Yield.

Key functions available to the public

• Harvesting or claiming all kinds of yield tokens from the yield generation strategies. The harvester will be incentivized with a portion of the yield-farmed tokens.

• Purchase harvested yield tokens for market price. We will use the respective oracles for the yield tokens to determine the market price. This experience will be similar to the currently implemented buyback contract.

• Distributing the auto-yield to all addresses eligible to collect it. Rebase will also be triggered when someone Mints or Redeems.

Sperax Farms protocol is a protocol for DAOs to launch and manage decentralized exchange liquidity - without needing to know how to code. Sperax Farms give users the power to launch incentivized liquidity pools on Uniswap V3 and Camelot V2. Future versions will support custom liquidity shapes on major DEXs such as Balancer, Sushiswap or anything veSPA holders prefer. Sperax Farms is launched on Arbitrum and will be expanded to Optimism, Polygon and Ethereum soon. Additional blockchains will be added in future versions.

Sperax Farms automates the fundamental aspects of launching and managing decentralized exchange liquidity for the DAOs native token:

• Engineering support to launch and manage the farm - The Audited Farm Factory contract will generate the pool and farm contracts for the Sperax Farms user.

• Marketing support to make the community aware of the new farm - Protocols that launch their farm through Sperax Farms benefit from being whitelisted on the Sperax Farms active farms dashboard. This exclusive list features all of the farms that are actively distributing rewards that were deployed with Sperax Farms. Farmers will regularly look to this dashboard for new projects and become users of these protocols.

On Arbitrum, Uniswap has less liquidity than Balancer and Sushiswap. This is because Sushiswap uses the simple Uniswap V2, x*y=k approach. This is simple because all LP tokens are the same but penalizes the LP because they are forced to provide liquidity from 0 to infinity. Incentivized liquidity pools on Uniswap V3 lets DAOs benefit from concentrated liquidity - the same TVL offers less slippage compared to diluted liquidity. This directly translates to a lower emissions budget for other protocols and much more fees for LPs.

To launch a Uniswap V3 or Camelot V3 farm, DAOs are currently expected to write complicated V3 farm contracts, get the contracts audited, incentivize LP deposits with only their native token, then promote this new pool. With Sperax Farms, DAOs can launch these farms without knowing how to code and get marketing and technical support from Sperax.

DAOs can also launch their farms on Camelot V2, their farms can get rewards both in SPA and Camelot tokens (xGRAIL/GRAIL) that decrease DAO's token spend and decrease sale pressure on it.

Sperax Farms V2

In Sperax Farms Protocol V2, we have focused more on the protocol's multichain vision and to support that, we have discontinued incentives on pairing with SPA and USDs as these tokens are not available on all the chains. Now the fee params are configurable in the farm registry contract. More details are shared in the next section.

Users who initiate staking will get the auto-cooldown feature. Users who initiated staking in the past were able select one of two cooldown options that will stay active till the end of the staking period:

1. Auto-cooldown: the protocol will automatically initiate a cooldown 7 days before expiry. In this case, the assets will be available immediately after the lock period, but they will not bring any more rewards post-expiry.

2. Stay staked at residual value (or manual cooldown): After the lock expires, the assets remain locked with the residual value of [0.01917*staked SPA tokens], and will continue to bring rewards to the user. If one day the user decides to take their assets out - they need to initiate the cooldown manually. After a one-week cooldown, the assets will become available.

Withdrawing from the protocol does not automatically claim all the SPA rewards. The users would be required to claim the rewards separately. In case the staking rewards are not distributed till that point of time, users can still claim the rewards and fee earnings accrued to them after they have withdrawn their staked SPA tokens.

Auto-Cooldown

When new users start staking, the auto-cooldown feature is applied. Auto-cooldown means that the veSPA balance decays to zero linearly and the stakers are able to withdraw their staked SPA balance at the end of their lockup period.

Stay Staked at Residual Value

Currently, this option is not available. If a user has chosen this option while staking in the past, their final veSPA balance was set at the residual veSPA balance. They would continue to earn all the staking rewards at this veSPA balance for as long as the protocol keeps distributing rewards. The residual veSPA balance is equivalent to the veSPA balance of a staking position that unlocks in 7 days.

Residual veSPA balance = (7/365)*Staked SPA tokens = 0.01917*Staked SPA tokens

Initiate Cooldown

Stakers can initiate cooldown when 7 days are left in lockup expiry or anytime after that. When the staker’s veSPA balance is set to the residual veSPA balance or when only 7 days are left in the lockup period, the staker can initiate a transaction to start a cooldown period. When the cooldown period is initiated the lockup expiry date is updated to a new date which would be 7 days from the date on which the cooldown was initiated.

Staker’s veSPA balance decays from the residual veSPA balance to zero during the cooldown period. At the end of the cooldown period, the staker can withdraw the SPA they had deposited. Stakers receive rewards during the cooldown period in proportion to their veSPA balance.

At the end of the cooldown period, the veSPA balance remains zero and the user doesn’t get any rewards. The users can unstake at any point in time after the cooldown period has ended.

USDs Token Address

USDs L2 (Arbitrum) address: 0xD74f5255D557944cf7Dd0E45FF521520002D5748

USDs Contract Addresses:

SPA Token Addresses

Arbitrum One:

SPA L2 address: 0x5575552988A3A80504bBaeB1311674fCFd40aD4B

Ethereum

SPA L1 address: 0xB4A3B0Faf0Ab53df58001804DdA5Bfc6a3D59008

wSPA L1 address: 0x2a95FE4c7e64e09856989F9eA0b57B9AB5f770CB

Binance Smart Chain

SPA BSC address: 0x1A9Fd6eC3144Da3Dd6Ea13Ec1C25C58423a379b1

xSPA Contract Address

xSPA L2 address: 0x0966E72256d6055145902F72F9D3B6a194B9cCc3

veSPA Contract Address

Arbitrum One:

Proxy contract deployed at: 0x2e2071180682Ce6C247B1eF93d382D509F5F6A17

Implementation contract deployed at: 0xD16f5343FDDD2DcF6A8791e302A204c13069D165

Ethereum:

Proxy contract deployed at: 0xbF82a3212e13b2d407D10f5107b5C8404dE7F403

Implementation contract deployed at: 0xA3F8745548A98ee67545Abcb0Cc8ED3129b8fF8D

USDs stands out, thanks to its inflation fighting auto-yield feature. USDs is novel in the stablecoin ecosystem, because it requires no action by the user. Users do not need to stake USDs nor spend gas to claim their yield. One simply holds USDs, and their wallet balance will grow.

The collateral received for minting USDs is deployed in other audited DeFi projects to generate organic yield. USDs collateral earns yield in the form of reward tokens and swapping fees from the pools. This yield is shared between USDs holders and SPA stakers (The split is 70% for auto-yield and 30% for SPA buyback and burns. This share can be changed through governance).

Gas free yield: 70% of yield generated on USDs collateral is used to mint USDs. This USDs is distributed to anyone who holds USDs in their wallet.

The actual yield generated depends on the yield rate of the strategies where collateral is deployed. The yield cap has been set to 25%. Any yield generated over 25% is stored in the protocol to help fund the APY for lean periods when actual yield generated is less than 25%.

Yield Strategies

Different yield generation strategies are proposed by the community/team and evaluated by the community based on their yield generation potential, risk profile etc. Community then votes to choose pools/farms where collateral will be deployed. Following strategies are being used for yield generation. We will keep updating this list to include newer strategies approved by the community.

• USDC:

  • Compound (USDC)

  • Aave (USDC)

  • Fluid (USDC)

  Maximum cap of 75% of total USDC collateral for each strategy.

Old strategies that are not in use / deprecated:

• Curve | Curve-LP USDC/USDT [Not in use]

• Saddle | Saddle-LP FRAX/USDC [Saddle sunset]

• Frax | Curve-LP FRAX/VST [Vesta sunset]

Eligibility

USDs held in EOA wallets, i.e. non-contract addresses, will receive auto-yield on a regular basis. For now, USDs that are deployed by users to yield-earning strategies within the Sperax suite of yield farms will not receive auto-yield.

By default, smart contracts can opt for auto-yield via a public Rebase Function.

Auto-yield distribution mechanism

USDs follows the ERC20 token standard. A wallet holding USDs should expect its USDs balance to increase automatically over time. This increase is triggered by a distribution event that can be triggered whenever the yield is greater than 3%. On average, the event gets triggered approximately every 24 hours. The earned USDs are not explicitly transferred into the user’s wallet, instead a global parameter is changed to update the holder's balance.

Unlike most ERC20, where the token contract directly stores the amount of tokens each wallet holds, USDs’ token contract has a shared state variable creditPerToken, and the contract stores each wallet’s credit. A wallet’s balance = credit / creditPerToken.

When yield is generated:

1. The yield is swapped for USDs in the open market

2. The USDs from step (1) is burned

3. The value of creditPerToken is *decreased globally and therefore every wallet’s balance increases (since every wallet’s credit is unchanged during this process)

*creditPerToken is decreased according to the number of USDs burnt in step (2) such that total supply of USDs remains unchanged after steps (2) and (3)

The circulating supply of USDs remains unchanged through this process as the USDs that are bought from the market are burnt and then the USDs balance of the holders increase proportionally. As a result, a user can expect its USDs balance to increase automatically over time without any additional USDs explicitly being transferred to the user’s wallet.

Yield distribution frequency

Yield is distributed approximately every 24 hours. The page has a rebase button, which can be triggered at a time gap of 24 hours, whenever the yield is greater than 3%.

1. Cap/Floor collateral value to $1 while minting/redeeming 1 USDs

Minting 1 USDs - If a collateral token is worth less than $1, it will be treated with its actual market price. However, if it is worth more than 1 dollar, it will be treated as $1.

Redeeming 1 USDs - If a collateral token is worth more than $1, it will be treated with its actual market price. However, if it is worth less than 1 dollar, it will be treated as 1 units of collateral at its market price.

Hence, USDs will always be fully collateralized or over-collateralized. For more information on how mint and redeem functions work check out

2. Redemption Fee

The protocol collects a redemption fee whenever USDs is redeemed. This fee is passed on to the SPA stakers. Redemption fee is levied so that protocol does not work like a free token swap instrument. The fee is static for each collateral token but can be upgraded through governance by the community. It is a percentage of the transaction value.

1. Mint Fee = 0

2. Redemption Fee = x% of the amount of USDs redeemed.

x depends on the selected collateral. Check the current redemption fee for the USDs in

3. Pause minting USDs with de-pegged collateral

If the collateral being used to mint USDs has de-pegged by 3% or more to the downside, then the protocol will stop minting USDs using that collateral.

4. Auto-yield for USDs holders

As more people use USDs, the yield rate will serve as a second-layer protection from a high selling pressure, further empowering a mass adoption in various use cases including payment, derivatives, and portfolio construction. For more information on how auto-yield works check out

5. SPA is given on Redemption when sufficient collateral is not available

When sufficient collateral is not available, USDs redeemers would get $1 worth of collateral in the form of SPA tokens from the treasury. This would be the collateral of last resort.

Git Source

Inherits: IFarm

Author: Sperax Foundation.

This contract contains the base storage variables for farms.

State Variables

COMMON_FUND_ID

LOCKUP_FUND_ID

PRECISION

MAX_COOLDOWN_PERIOD

MAX_NUM_REWARDS

farmId

isPaused

isClosed

cooldownPeriod

lastFundUpdateTime

farmStartTime

totalDeposits

rewardFunds

rewardTokens

rewardData

deposits

subscriptions

Users can mint USDs from their collateral (USDC.e, USDC or USDT). The Mint page will automatically reflect the amount of collateral and SPA required to mint USDs (Currently, no SPA required). Users can redeem USDs for a collateral of their choice.

Minting USDs

• Make sure your wallet holds eligible collateral (USDC, USDT or USDC.e).

• Go to the homepage and connect your wallet.

• Select the collateral and enter the amount of collateral that you want to deposit.

• View the Latest Auto-Yield APY before proceeding.

• The app will automatically show how much USDs you can mint. Then click on ‘Mint USDs’ and review ‘Max Slippage’.

• Then, you have to approve 2 transactions on your wallet - Approve and Sell USDC - after clicking ‘Confirm’.

• You can now view your USDs balance in your wallet.

Redeeming USDs

1. Go to the homepage and connect your wallet.

2. Select the Redeem tab and enter the amount of USDs you would like to redeem.

3. You can also select the maximum slippage for the transaction and then select the token in which you want to redeem. You can view the redemption fee and redemption amount as well.

4. Now, click on 'Redeem USDs' to redeem.

Stake SPA

1. Visit the stake page.

2. Choose amount of SPA you want to stake, lockup period and you can check veSPA balance corresponding to that.

3. Click on Stake to stake your SPA.

4. Once the transaction is processed, you can see your

   • veSPA balance

   • SPA staked

   • Expiry date

Extend Lockup for staked SPA

1. Click on the 'Extend Lockup' button.

2. Select how much you want to extend your lockup period. You can see the updated expiry date and veSPA balance.

3. Click on Extend Lockup.

Increase Staked Balance

1. Select additional amount of SPA tokens you want to stake.

2. You can see veSPA balance corresponding the same lockup as your existing veSPA balance.

3. Click on Stake to stake additional amount of SPA. The new veSPA balance will also expire at the same time as the previous balance.

The End of Middlemen. The Birth of Financial Autonomy.

Imagine a world where you never need a banker, broker, or financial advisor again.

Where your finances run on logic, not paperwork.

Where you are in full control.

SperaxOS is that world.

It’s not just another crypto app. It’s an AI-powered financial operating system that replaces middlemen with autonomous agents. Built on smart contracts and real-time logic, it empowers users to earn, invest, and manage capital without intermediaries.

No friction.

No gatekeepers.

No hidden fees.

Just smart contracts working for you—24/7.

USDs is a yield aggregator which generates auto-yield natively. Currently, USDs is live on Arbitrum, the largest Layer-2 Ecosystem of Ethereum. Eventually, Sperax will build a system of interoperability so that USDs will be natively deployed to all major blockchain platforms.

The highlights of this protocol:

1. Auto-yield - Users holding USDs in their wallets automatically earn organic yield. No staking is required by the end user. Users do not need to spend gas calling the smart contract to claim their yield.

2. Layer 2 native — Cheaper transaction fees on Arbitrum make this protocol retail investor-friendly.

Though all the Sperax and SPA functionality lives on Arbitrum now - it might happen that some early users still have SPA on the chain Sperax started with - Ethereum.

From today's perspective, SPA held on Ethereum can be used only for transfers between on-chain accounts or for depositing SPA to CEXs supporting SPA deposits on Ethereum. SPA on Ethereum can't be used for staking, yield farming (Farms on Sperax DApp), or for voting on Snapshot.

If you still have SPA on Ethereum Mainnet, you need to bridge it from Ethereum to Arbitrum in order to unlock SPA potential in DeFi.

The Arbitrum bridge accepts a wrapped form of SPA (wSPA), so first of all you must wrap your SPA on Ethereum in order to bridge it. Don’t worry, the value of your tokens will not change.

Below you can find instructions for transferring SPA to Arbitrum. Please make sure you have some ETH in your wallet to manage gas fees when wrapping and bridging SPA. Please remember: wSPA has no other function except being an intermediary token for bridging. Please don't try to send wSPA to any CEX or sell it - the transaction may fail or you can lose your tokens. Use wSPA only to bridge it to Arbitrum and get your SPA on Arbitrum.

Additionally, if your tokens do not appear after swapping or bridging, make sure you manually add to your wallet.

Inherits: Farm

Author: Sperax Foundation.

Farms build for pairs/ pools in which fee can be claimed can extend and override _claimPoolFee function of this contract.

Functions

veSPA holders or stakers get SPA token rewards in proportion to their veSPA balance. Users have an option to stake their SPA rewards directly into the staking protocol instead of claiming, thereby compounding their veSPA balances.

veSPA holders or stakers will receive 2 kinds of rewards. Both kinds of rewards are distributed with the same mechanism and in the form of SPA tokens:

1. 100% of the USDs Fees generated by USDs protocol.

2. Incentives sponsored by Treasury to bootstrap the Staking protocol - This emission has been set to 0 through governance.

1. USDs Fee Rewards

The USDs protocol fees collected will be distributed across all veSPA holders on a pro rata basis. With the fees collected by the USDs protocol the Staking protocol will purchase SPA tokens from the market and distribute the SPA tokens amongst all veSPA holders.

2. Incentive Rewards

A separate SPA reward budget was set aside from Treasury to bootstrap staking protocol. Incentive rewards for staking were initially set at a fixed daily distribution number of 54.794 K SPA. This number was later changed through governance and set to 0 to reduce SPA inflation, and xSPA rewards have been increased to 420,000 per week as per .

The yield and fee income are swapped for SPA tokens before distribution. The SPA that is bought back from the open markets using 30% (SIP-66) of the auto-yield and 100% of the fees is stored in: (Arbitrum One).

Distribution of Staking Rewards

Staking reward distribution happens on a weekly basis. New weeks start on Thursdays at 00:00:00 UTC. Rewards are distributed at the end of each week.

‘Stake-Reward-Claim-Repeat’ is a four-step cycle:

1. Stake SPA - In Week 1, you stake SPA and obtain veSPA. Reward accumulation starts from Week 2.

2. Reward distribution for Week 2 occurs at the end of the Week 2

   • Total staking reward available for distribution in Week 2 is based on USDs fee income that was collected, the yield that was generated by the USDs protocol and the daily distribution rate of the SPA staking incentives for Week 2

   • User’s share of staking rewards for Week 2 is calculated based on their veSPA balance at the starting of Week 2 relative to the total veSPA supply at the starting of week 2

Calculation of Staking Rewards

Total SPA Rewards for the week = Staking Incentive Rewards + USDs Fees Rewards + USDs Yield Share Rewards

where Staking Incentive Rewards = Daily Incentive Rewards*7

USDs Fees Rewards = USDs Fee earned*USDs Price / SPA price

USDs Yield Share Rewards = 50%*USDs yield earned in the week * USDs price/ SPA price

The above formula is an assumption, actual SPA rewards from USDs fees and yield would differ based on the asset prices in the open market

Total SPA Rewards for the week = R

Total veSPA balance of the protocol at the start of the week = V

User’s veSPA balance at the start of the week = v

User’s SPA staked at the start of the week = s

User's staking duration in years = d = v/s

Weekly Reward Earned by a user = r = (R/V)*v

Staking APR

= (Weekly Reward Earned by a user /SPA staked by user)*(365/7)*100%

= (r/s)*(365/7)*100%

= (R/V)*(v/s)*(365/7)*100%

= (R/V)*d *(365/7)*100%

Staking APY

= [{1+ (Weekly Reward Earned by a user /SPA staked by user)}^(365/7) -1] * 100%

= [{1+ (r/s)}^(365/7) -1] * 100%

= [{1+ (R/V)*(v/s)}^(365/7) -1] * 100%

= [{1+ (R/V)*d}^(365/7) -1] * 100%

Calculation of APY assumes that the weekly rewards are re-staked in the protocol.

Git Source

Inherits: Farm, IERC721Receiver

Author: Sperax Foundation.

This contract contains the core logic for E721 farms.

State Variables

nftContract

depositToTokenId

Functions

onERC721Received

Function is called when user transfers the NFT to this farm.

Parameters

Returns

withdraw

Function to withdraw a deposit from the farm.

Parameters

_getLiquidity

Function to get the liquidity. Must be defined by the farm.

This function should be overridden to add the respective logic.

Parameters

Returns

Errors

UnauthorisedNFTContract

NoData

Git Source

Inherits: Farm

Author: Sperax Foundation.

This contract helps in creating farms with increase/decrease deposit functionality.

Functions

_updateSubscriptionForIncrease

Update subscription data of a deposit for increase in liquidity.

Parameters

_updateSubscriptionForDecrease

Update subscription data of a deposit after decrease in liquidity.

Parameters

_increaseDeposit

Common logic for increasing a deposit.

Parameters

_decreaseDeposit

Common logic for decreasing a deposit.

Parameters

Events

DepositIncreased

DepositDecreased

Errors

DecreaseDepositNotPermitted

InsufficientLiquidity

Git Source

Inherits: Ownable, ReentrancyGuard

Author: Sperax Foundation.

Exposes base functionalities which will be useful in every deployer.

State Variables

FARM_REGISTRY

farmImplementation

farmId

Functions

constructor

Constructor.

Parameters

updateFarmImplementation

Update farm implementation's address.

Only callable by the owner.

Ensure that _newFarmId is correct for the new farm implementation.

Parameters

_collectFee

Collect fee and transfer it to feeReceiver.

Function fetches all the fee params from farmRegistry.

_validateNonZeroAddr

Validate address.

Events

FarmCreated

FeeCollected

FarmImplementationUpdated

Errors

InvalidAddress

NewFarmImplementationSameAsOld

Git Source

Inherits: IRewarderFactory, Ownable

Author: Sperax Foundation.

This contract deploys new rewarders and keeps track of them.

State Variables

oracle

rewarderImplementation

Functions

constructor

Constructor.

Parameters

deployRewarder

Function to deploy new rewarder.

Parameters

Returns

updateRewarderImplementation

Update rewarder implementation's address

Parameters

updateOracle

Function to update the oracle's address.

Parameters

_validateNonZeroAddr

Validate address.

Parameters

Minting USDs

To mint new USDs, minters only need eligible collateral. Currently, the protocol is accepting USDC.e, USDC and USDT as collateral and more tokens might be added to this list in the future. However, USDs tokens are fungible and redeemable in the same way, independent of their underlying minting collateral. It acts as an IOU on the pooled collateral.

The protocol will mint 1 USDs by collecting 1 USD worth of collateral.

Collateral tokens required = No. of USDs tokens minted/Min (Price of collateral in USD, 1 USD)

When a collateral token is worth less than 1 dollar, it will be treated with its actual market price. However, when it is worth more than 1 dollar, it will be treated as 1 dollar. Hence, USDs will always be fully collateralized or over-collateralized.

Sperax has launched its off-chain governance process. On-chain governance protocol will be launched next. Through governance, community can make changes to the USDs protocol parameters, bring in new partnerships, new yield opportunities etc.

Sperax Off-Chain Governance Process:

The Sperax DAO governance process primarily utilizes the Sperax DAO Governance . In order for a proposal to be accepted, it must go through the following phases:

Summary / Abstract

Earlier in 2023, SperaxDAO decided on the SPA budget for emission through Gauge () and redirecting veSPA emissions to bribes on Gauge (). Every week, Gauge emits 2.9 M SPA and veSPA voters are bribed 383K SPA. This SPA should be used more prominently and assertively to drive USDs growth and bring new adoption.

Buyback contract is designed to decentralize the SPA buyback process while adding a boosting mechanism to continuously grow USDs TVL with protocol revenue (Yield + Fee). This contract allows users to directly purchase USDs with SPA. The available-for-purchase USDs comes from two sources - USDs mint/redeem fees and USDs yield. The contract distributes 70% of the yield to USDs holders and the rest 30% goes to SPA buyback and burn.

1. Protocol Yield - The yield is collected in multiple tokens through pool fee (USDC, etc.) and farm rewards. This yield is converted to USDs. A portion is sent to buyback contract and remaining to auto-yield reserve.

   • Swap yield tokens to eligible collateral tokens (for minting USDs) using DEXes based on the path of lowest slippage

Inherits: Farm

Author: Sperax Foundation.

This contract helps in creating farms with expiry feature.

State Variables

veSPA is SPA locked with the "vote escrow" mechanism (ve-). This is the mechanism of locking tokens for relatively long pre-defined time periods. On staking SPA, the staker receives non-tranferrable tokens veSPA.

The veSPA balance will depend on the amount of SPA tokens locked and the user's chosen lockup period. Stakers can lock their tokens for a maximum of 4 years or a minimum of 7 days. A higher lockup period means a higher veSPA balance for the same amount of SPA staked.

veSPA value = SPA tokens staked * (Lockup Period in days / 365)

Below table shows how veSPA value will be determined

veSPA balance will decay linearly with time. At the end of lockup period, veSPA balance will reduce to 0 or (0.01917*staked SPA tokens) based on the withdrawal method user chooses while staking the SPA. Two withdrawal methods were available to the early stakers, they will work till the end of their lockup period. For all the new stakers method 1 (Auto-cooldown) stays the only available method.

1. Auto-cooldown - veSPA balance reduces to 0 at the end of lockup period and staker is able to withdraw locked SPA balance immediately after expiry date

2. Stay Staked at Residual Value - Stakers can opt to remain staked at the end of the unlock date at a residual veSPA balance (0.01917*staked SPA tokens). They can initiate cooldown when 7 days are left in the staking period or anytime after. After the cooldown period of 7 days is over, they can withdraw the staked SPA tokens. Check outfor more details.

Some important points to consider before locking your SPA tokens:

1. Staking is an irreversible process, once locked the tokens cannot be unlocked before the unlock date. Users cannot prepone the expiry date or reduce the amount of locked SPA.

2. Due to precision issues it may not always be possible to choose an exact unlock date. Users can select the lockup period but the exact unlock date is rounded down to nearest Thursday UTC. Stakers will be able to choose these eligible unlock dates in our .

3. Users rewards per week and voting power will also decrease over time, together with the veSPA balance. The users who are committed to long-term staking can increase their rewards per week and voting power by:

Extension of Lockup

Stakers can extend their lockup such that the lockup expiry date is <= 4 years from the current date. At no point, lockup period can be more than 4 years.

The lockup period cannot be extended in the following scenarios:

1. When a staker’s lockup period has expired and they only have residual veSPA balance

2. When a staker has already initiated cooldown period Example: If a user has 100 veSPA tokens which expire in 3 years, the user can increase the lockup by a maximum of 1 year.

Increasing Staked Balance

Users can also increase their veSPA balance by staking any additional amount of SPA tokens for the same lockup as their existing veSPA balance.

Example: if a user has 100 veSPA tokens which are expiring in 34 days, they can stake any amount of additional SPA for 34 days. The increase in veSPA balance will be calculated based on the same lockup period as the previously staked tokens.

Git Source

Inherits: FarmDeployer

Author: Sperax Foundation.

This contract allows anyone to calculate fees, pay fees and create farms.

State Variables

CAMELOT_V3_FACTORY

NFPM

CAMELOT_UTILS

CAMELOT_NFPM_UTILS

Functions

constructor

Constructor of the contract.

Parameters

createFarm

Deploys a new CamelotV3 farm.

The caller of this function should approve feeAmount to this contract before calling this function.

Parameters

Returns

Structs

FarmData

Overview

Sperax Farms is a protocol that enables DAOs to launch and manage decentralized exchange (DEX) liquidity pools and farms on platforms like Uniswap V2, Uniswap V3, Camelot V2, Camelot V3 and Balancer V2. The protocol simplifies the process of incentivizing liquidity for the DAOs' native tokens without requiring coding expertise. Sperax Farms automates the creation, management, and reward distribution for liquidity pools, providing support in engineering, marketing, and financial incentives.

Launching Farm on Sperax Farms (For Farm Admins)

Inherits: E721Farm, OperableDeposit, ClaimableFee

Author: Sperax Foundation.

This contract is the implementation of the Camelot V3 farm.

State Variables

Git Source

Inherits: Ownable, IOracle

Author: Sperax Foundation

Communicates with different price feeds to get the price

State Variables

tokenPriceFeed

Store price feed data for tokens.

Functions

updateTokenPriceFeed

Add/Update price feed for _token

Have to be extra cautious while updating the price feed.

Parameters

removeTokenPriceFeed

Remove an existing price feed for _token.

Parameters

getPrice

Gets the price feed for _token.

Function reverts if the price feed does not exists.

Parameters

Returns

priceFeedExists

Validates if price feed exists for a _token

Function reverts if price feed not set.

Parameters

Returns

_getPriceFeed

Gets the price feed for a _token given the feed data.

Parameters

Returns

Events

PriceFeedUpdated

PriceFeedRemoved

Errors

InvalidAddress

UnableToFetchPriceFeed

InvalidPriceFeed

PriceFeedNotFound

Git Source

Inherits: IFarmRegistry, OwnableUpgradeable

Author: Sperax Foundation.

This contract tracks fee details, privileged users, deployed farms and farm deployers.

State Variables

farms

deployerList

feeReceiver

feeToken

feeAmount

extensionFeePerDay

farmRegistered

deployerRegistered

isPrivilegedUser

Functions

constructor

initialize

constructor

Parameters

registerFarm

Register a farm created by registered Deployer.

Only registered deployer can register a farm.

Parameters

registerFarmDeployer

Register a new farm deployer.

Only owner can call this function.

Parameters

removeDeployer

Remove an existing deployer from registry.

Only owner can call this function.

Parameters

updatePrivilege

Function to add/remove privileged User.

Only callable by the owner.

Parameters

getFarmDeployerList

Get list of registered deployer.

Returns

getFarmList

Get list of farms created via registered deployer.

Returns

getFeeParams

Get all the fee parameters for creating farm.

It returns fee amount and extension fee as 0 if _user is privileged.

Parameters

Returns

updateFeeParams

Update the fee params for registry.

Parameters

_validateNonZeroAddr

Validate address.

Git Source

Inherits: IFeeCalculator

Author: Sperax Foundation

A contract that calculates fees for minting and redeeming USDs.

State Variables

LOWER_THRESHOLD

UPPER_THRESHOLD

DISCOUNT_FACTOR

PENALTY_MULTIPLIER

CALIBRATION_GAP

COLLATERAL_MANAGER

collateralFee

Functions

constructor

calibrateFee

Calibrates fee for a particular collateral

Parameters

getMintFee

Calculates fee to be collected for minting

Parameters

Returns

getRedeemFee

Calculates fee to be collected for redeeming

Parameters

Returns

calibrateFeeForAll

Calibrates fee for all the collaterals registered

_calibrateFee

Helper function for calibrating fee for a collateral

Parameters

Events

FeeCalibrated

Errors

InvalidCalibration

Structs

FeeData

Inherits: IDripper, Ownable

Author: Sperax Foundation

This contract releases tokens at a steady rate to the Vault contract, for rebasing the USDs stablecoin.

The Dripper contract ensures that tokens are released gradually over time, allowing for consistent and controlled distribution.

State Variables

Introduction

The Security of Sperax’s USDs and Demeter users is paramount. The engineering team and our auditors have invested significant time and resources to ensure that USDs and Demeter are secure and dependable. The USDs and Demeter smart contracts are publicly verifiable. The details and statistics of circulating supply, underlying collateral, collateral strategies, Farms etc are publicly available.

On 1st March 2024 we are launching our bug bounty program. Security researchers, fulfilling the eligibility criteria as mentioned in this document, are eligible for a bug bounty for reporting undiscovered vulnerabilities. The Program aims to incentivize responsible disclosure and enhance the security of the USDs protocol and Demeter.