What is $SPX for?
SPX is essentially the fuel for an "institutional-grade liquidity engine," aimed at solving two major pain points in the DeFi market:
High slippage for retail investors: Ordinary people often face high price differences when swapping tokens on DEXs (like Uniswap) due to thin liquidity.
High barriers for market makers: Professional institutions need to build complex hedging systems to provide liquidity for small tokens, which incurs significant costs.
Sperax builds the underlying trading pool with modular technology, allowing professional market-making strategies (like arbitrage and dynamic pricing) to be "plug-and-play" on-chain. The SPX token is used to activate and govern this engine.
Core functions of the token
Incentivize liquidity
Market makers stake SPX: Exchange for protocol revenue rights (a share of transaction fees), similar to a "market maker license."
Users stake SPX: Earn protocol income dividends (in USDC), binding long-term holders.
Governance voting rights
SPX holders decide on key parameters: such as fee rates, new asset launches, and treasury fund usage.
Protocol "gas"
Certain on-chain operations (like creating new trading pools and calling advanced market-making algorithms) require burning SPX.
Technical highlights
Dynamic pricing algorithm: Introduces a "spread control" similar to traditional finance, reducing retail slippage.
Multi-chain deployment: Compatible with efficient chains like Arbitrum and Optimism, competing for Layer 2 users.
Anti-MEV design: The transaction packaging mechanism reduces the likelihood of frontrunning bots exploiting retail investors.
In summary
SPX is the pioneering token betting on "professional market-making capabilities on-chain" — if Sperax can tackle the tough challenges of institutional-level liquidity, SPX may become a key component of DeFi 2.0; if the technology or ecosystem fails to break through, it may easily fall into homogeneous competition.
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