Sperax_Susu

Research at @sperax_io
2020 @Cornell M.S. Financial Engineering
2018 @UVA B.A. Economics and Statistics

[Sperax_Susu @Susu9718]

@chasedevens @sperax_io @MaltProtocol @IronFinance @feiprotocol @fraxfinance @iearnfinance The interest will be airdriopped to users wallets so the USDs itself is still an medium of exchange

[Sperax_Susu @Susu9718]

@sperax_io @MaltProtocol @IronFinance @feiprotocol @fraxfinance 6/6

Arbitrage and Price Stabilization

FRAX: executes it via arbitrage algorithm with buyback and AMO
USDs: doesn't execute the arbitrage. Sperax leaves it to the market participants to call it. USDs also incorporates a dynamically adjusted swap fee to guarantee solvency.

[Sperax_Susu @Susu9718]

@sperax_io @MaltProtocol @IronFinance @feiprotocol @fraxfinance 5/6

Collateral Ratio Stabilization

FRAX: Through buyback, re-collateralization and AMO function
USDs: If undercollateralized, Sperax changes the ratio of return (collateral ratio) when USDs is burned. If overcollateralized, Sperax still deploys users’ collateral and gives back

[Sperax_Susu @Susu9718]

@sperax_io @MaltProtocol @IronFinance @feiprotocol @fraxfinance 4/6

USDs is More Innovative than another hybrid stablecoin
@FRAX

1 Collateral Type
FRAX: USDC as crypto collateral and FXS the algorithmic component.
USDs: a basket of crypto collaterals (USDC, USDT, ETH, WBTC, and UST) and SPA (Sperax governance token) at genesis.

[Sperax_Susu @Susu9718]

@sperax_io @MaltProtocol @IronFinance @feiprotocol @fraxfinance 2/6

Think of USDs as a combination of DAI and Terra.

The dynamic adjustment of collateral ratio makes USDs more like Terra under favorable market conditions and more like DAI under unfavorable market conditions.

[Sperax_Susu @Susu9718]

@sperax_io @MaltProtocol @IronFinance @feiprotocol @fraxfinance 1/6

All existing stablecoins are flawed.

Fiat (USDT, USDC) are severely centralized;
Algo (AMPL, FEI) are volatile;
Crypto (DAI, sUSD) are overly collateralized & capital inefficient.

Hence, to create a truly functional stablecoin, Sperax invented USDs, a hybrid stablecoin.

[Sperax_Susu @Susu9718]

cute

[perchy @TheFutureisDAO1]

Presenting a map of “The Bankless Nation”! (Zoom in for more detail) #bankless #crypto

[Sperax_Susu @Susu9718]

6/6

Arbitrage and Price Stabilization

FRAX: executes it via arbitrage algorithm with buyback and AMO
USDs: doesn't execute the arbitrage. Sperax leaves it to the market participants to call it. USDs also incorporates a dynamically adjusted swap fee to guarantee solvency.

[Sperax_Susu @Susu9718]

1/6

All existing stablecoins are flawed.

Fiat (USDT, USDC) are severely centralized;
Algo (AMPL, FEI) are volatile;
Crypto (DAI, sUSD) are overly collateralized & capital inefficient.

Hence, to create a truly functional stablecoin, Sperax invented USDs, a hybrid stablecoin.

[Sperax_Susu @Susu9718]

5/6

Collateral Ratio Stabilization

FRAX: Through buyback, re-collateralization and AMO function
USDs: If undercollateralized, Sperax changes the ratio of return (collateral ratio) when USDs is burned. If overcollateralized, Sperax still deploys users’ collateral and gives back

[Sperax_Susu @Susu9718]

4) if USDs trades below the peg, collateral ratio will increase, which will make the stablecoin much more tightly collateralized

[Sperax_Susu @Susu9718]

Massive dumping with #IRON! @IronFinance
Since early birds mint the #stablecoins with discounted $TITAN tokens, they arbitrage through the difference between minting cost and selling price.
To mitigate this #USDs incorporates key safety mechanism:

[Sperax_Susu @Susu9718]

3) USDs collateral ratio starts at 95%, higher than IRON, so the worst-case scenario is for the peg to break by only 5 cents.

[Sperax_Susu @Susu9718]

Once confidence in the project fell, limited circulating tokens, combined with a decreased value per token, resulted in the protocol becoming insolvent.

To mitigate this #USDs incorporates key safety mechanism:

[Sperax_Susu @Susu9718]

Arbitrage is the key element to maintain the peg in a healthy market. #USDs will be robust enough to avoid any irregular activity

[Alec @ChefAlec]

@MaltProtocol algo #crypto dollar goes to shit📉

#USDs by @sperax_io ensures arbitrage is profitable, but never executes it🤞

Traders must be the ones executing the arb, otherwise who will be fronting the collateral?

No trader arb = sub $1 #stablecoin

https://t.co/ifjBlJQiIJ