## Name of Project / DAO / Company
## Application type
## Proposal overview
Sperax USD is a hybrid stablecoin that is mostly backed by explicit, protocol-owned collateral, and partially by algorithm. Sperax USD uses ETF/Tether Foundation style arbitrage to ensure a tight peg at $1. This keeps the price of USDs in a tight band around $1.00, offering users the stability benefits of explicit collateral stablecoins with the scalability benefit of algorithmic stablecoins.
Collateral in the protocol is deposited in Aave markets to earn returns. We believe that the launch of our liquidity incentives for USDs will cause at least $15M in liquidity to be deposited into Aave.
About the LM campaign
Our mobile app, Sperax Play, we are onboarding our 600k users into our stablecoin and we don’t want to mitigate slippage. Customers will be transferring from centralized exchanges with size, and want to easily transfer from their stablecoin or major asset to USDs.
To ensure there is adequate liquidity, we will be allocating 250M SPA from the bootstrapping liquidity budget to compensate early market makers for their generous contribution to the Sperax ecosystem.
Once adequate liquidity is reached on Arbitrum, Sperax Foundation and Sperax DAO will allocate SPA to trading pairs on partner layer 1 ecosystems.
Positioning within Harmony Ecosystem
Once a liquid market is established on Hamony’s DEX, achieved through liquidity incentives, dApp developers on Harmony will have a few tool at their disposal: a high interest savings account that acts as both a store of value and a medium of exchange.
Sperax Play mobile front end app, can act as a conduit for Southeast Asian and US community to access Harmony products. The Sperax community is very active and looking for venues ways to interact with the crypto and defi ecosystem in a fun, user friendly way. As we expand Sperax Play’s financial service offerings, Sperax outsource financial services to Harmony dApps, expanding optionality for Sperax users. We will list the rates offered, with a “powered by Haromy X” logo next to it.
The project launched and funded in 2019. The project is currently using snapshot voting for governance. The project is working with Compound governance contracts to begin the transition to a fully functional, decentralized DAO.
Sperax Play Key User Metrics
Week of September 20
total users increased by 8%↑ to 611.13k users
sessions increased by 14%↑ to 916.02k sessions
page views increased by 15%↑ to 2.89m page views
new user count increased by 19%↑ to 17.2k new users
Twitter: 36k Followers
Telegram: 13,000 Member Community
Sperax USD Twitter: 4,000+ (1 month old)
Email Newsletter: 56,0000
## Proposal ask
Harmony to match a liquidity incentive budget provided by Sperax.io. Our proposal is to match 25M SPA worth, at an exchange rate of $0.05 this is $1,375,000
At todays exchange rate of $0.15, Harmony would provide ~9,100,000 ONE tokens for the incentive budget.
## Metrics for success
TVL of the stablecoin-USDs pool