Total Value Locked$271,329
TVL by Chain
Arbitrum$271,329
Ethereum$0
Key Metrics
Fees 30d$356.95
Fees 30d by chain
Arbitrum$356.95
Fees 7d$87.62
Arbitrum$87.62
Fees 24h$0
Arbitrum$0
Cumulative Fees$19,994
Arbitrum$19,994
Revenue 30d$122.27
Revenue 30d by chain
Arbitrum$122.27
Revenue 7d$37.62
Arbitrum$37.62
Revenue 24h$0
Arbitrum$0
Cumulative Revenue$6,128
Arbitrum$6,128
Holders Revenue 30d$122.27
Holders Revenue 30d by chain
Arbitrum$122.27
Holders Revenue 7d$37.62
Arbitrum$37.62
Holders Revenue 24h$0
Arbitrum$0
Cumulative Holders Revenue$6,128
Arbitrum$6,128
Market Cap$264,469
$SPA Price$1
Fully Diluted Valuation$264,469
$SPA Volume 24h$59,987
CEX Volume$0
DEX Volume$59,919(99.89% of total)
Staked$642,334(242.88% of mcap)
Protocol Information
SperaxUSD (USDs) is a stablecoin and yield-automator on Arbitrum. USDs is 100% backed by collateral that is sent to DeFi strategies to produce a yield. This yield is then distributed to holders in a gasless manner, making compound interest easy.
Audits:
Methodology
TVL: Counts all collateral locked to mint USDs.This collateral is either sent to DeFi strategies to produce an organic yield, or is stored in the VaultCore contract of the USDs protocol. Some TVL is classified as staking. This component of TVL consists of all SPA staked in Sperax’s veSPA protocol.View code on GitHubFees: Yield harvested on the USDs collateral basket (strategy interest + rewards) plus USDs mint/redeem fees.View code on GitHubRevenue: 30% of the yield plus 100% of mint/redeem fees, used to buy back and burn SPA.View code on GitHubHolders Revenue: 30% of the yield plus 100% of mint/redeem fees, used to buy back and burn SPA, accruing value to SPA holders.View code on GitHubHacks
Date: Feb 4, 2023
Amount: $250,000
Classification: Token & Share Accounting
Technique: Unbacked Mint
Chains: Arbitrum
Language: Solidity
Target Type: Token
Competitors
Sperax USD history
TVL is the default DefiLlama definition, which excludes Staking. Daily values are UTC snapshots from Dec 24, 2021 to Oct 20, 2026.
All-time high TVL: $23.4m on Apr 2, 2022. All-time low TVL: $247,110 on Dec 24, 2021.
Daily TVL, Sep 21, 2026 to Oct 20, 2026
| Date | TVL |
|---|---|
| Sep 21, 2026 | $514,369 |
| Sep 22, 2026 | $517,853 |
| Sep 23, 2026 | $517,854 |
| Sep 24, 2026 | $520,089 |
| Sep 25, 2026 | $526,329 |
| Sep 26, 2026 | $524,309 |
| Sep 27, 2026 | $523,955 |
| Sep 28, 2026 | $523,803 |
| Sep 29, 2026 | $522,711 |
| Sep 30, 2026 | $521,985 |
| Oct 1, 2026 | $522,629 |
| Oct 2, 2026 | $521,942 |
| Oct 3, 2026 | $520,429 |
| Oct 4, 2026 | $520,353 |
| Oct 5, 2026 | $519,833 |
| Oct 6, 2026 | $520,105 |
| Oct 7, 2026 | $520,280 |
| Oct 8, 2026 | $520,436 |
| Oct 9, 2026 | $519,677 |
| Oct 10, 2026 | $520,034 |
| Oct 11, 2026 | $520,031 |
| Oct 12, 2026 | $520,239 |
| Oct 13, 2026 | $519,499 |
| Oct 14, 2026 | $500,788 |
| Oct 15, 2026 | $501,817 |
| Oct 16, 2026 | $431,799 |
| Oct 17, 2026 | $433,368 |
| Oct 18, 2026 | $433,784 |
| Oct 19, 2026 | $271,401 |
| Oct 20, 2026 | $271,263 |
TVL at each month end, Nov 2024 to Oct 2026
| Date | TVL |
|---|---|
| Nov 30, 2024 | $905,678 |
| Dec 31, 2024 | $883,596 |
| Jan 31, 2025 | $997,441 |
| Feb 28, 2025 | $884,481 |
| Mar 31, 2025 | $844,877 |
| Apr 30, 2025 | $911,042 |
| May 31, 2025 | $851,488 |
| Jun 30, 2025 | $834,283 |
| Jul 31, 2025 | $845,211 |
| Aug 31, 2025 | $824,767 |
| Sep 30, 2025 | $818,038 |
| Oct 31, 2025 | $808,897 |
| Nov 30, 2025 | $887,724 |
| Dec 31, 2025 | $842,877 |
| Jan 31, 2026 | $801,194 |
| Feb 28, 2026 | $748,999 |
| Mar 31, 2026 | $712,033 |
| Apr 30, 2026 | $622,424 |
| May 31, 2026 | $545,116 |
| Jun 30, 2026 | $522,153 |
| Jul 31, 2026 | $514,903 |
| Aug 31, 2026 | $522,285 |
| Sep 30, 2026 | $521,985 |
| Oct 20, 2026 (latest) | $271,263 |
TVL at each year end, Dec 31, 2021 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2021 | $298,218 |
| Dec 31, 2022 | $2.39m |
| Dec 31, 2023 | $1.03m |
| Dec 31, 2024 | $883,596 |
| Dec 31, 2025 | $842,877 |
Fees, revenue and holders revenue by UTC calendar month, Jul 2025 to Oct 2026
| Month | Fees | Revenue | Holders revenue |
|---|---|---|---|
| Jul 2025 | $705.41 | $214.46 | $214.46 |
| Aug 2025 | $2,465 | $745.11 | $745.11 |
| Sep 2025 | $2,366 | $710.08 | $710.08 |
| Oct 2025 | $2,835 | $859.10 | $859.10 |
| Nov 2025 | $1,682 | $529.32 | $529.32 |
| Dec 2025 | $1,802 | $549.77 | $549.77 |
| Jan 2026 | $1,451 | $444.01 | $444.01 |
| Feb 2026 | $902.21 | $279.74 | $279.74 |
| Mar 2026 | $960.26 | $299.29 | $299.29 |
| Apr 2026 | $709.86 | $221.61 | $221.61 |
| May 2026 | $783.49 | $251.64 | $251.64 |
| Jun 2026 | $1,006 | $305.26 | $305.26 |
| Jul 2026 | $548.17 | $166.77 | $166.77 |
| Aug 2026 | $1,034 | $311.96 | $311.96 |
| Sep 2026 | $605.97 | $186.19 | $186.19 |
| Oct 2026 (to date) | $138.28 | $53.28 | $53.28 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/sperax-usd
Frequently asked questions
What is Sperax USD's TVL?
As of Oct 20, 2026, Sperax USD has $271,329 in total value locked. TVL has decreased 47.6% over the past 30 days.
What chains does Sperax USD operate on?
Sperax USD operates on 2 chains: Arbitrum and Ethereum. Arbitrum holds the largest share at 100%.
How much has Sperax USD generated in fees and revenue?
Over the past 30 days, Sperax USD generated $356.95 in fees. Of that, $122.27 was protocol revenue. Based on the trailing year, the annualized rate is $12,855 in fees and $3,976 in revenue.
What is the USDS token price and valuation?
USDS is currently trading at $1. Its circulating market capitalization is $264,469, ranking it #5,028. Its fully diluted valuation is $264,469. Supply currently stands at 264,658.43 circulating, 264,658.43 total supply.
How has USDS performed recently?
USDS is up 0.1% over the past 7 days and up <0.1% over the past 30 days. Its all-time high is $2, reached on Dec 1, 2022. The token is currently 50% below that level.
How does Sperax USD's TVL compare to similar protocols?
Among Yield Aggregator protocols tracked by DefiLlama, Sperax USD ranks #55 by TVL. The category holds $1.278b across 190 protocols, and Sperax USD accounts for <0.1% of that total. Similar protocols include CIAN Yield Layer, Yearn Finance, Beefy, vfat.io, YO Protocol, Harvest Finance, Superform, Badger DAO, YieldFi, and Nucleus.
Has Sperax USD ever been exploited?
Sperax USD has 1 recorded security incident. The most recent incident occurred on Feb 4, 2023 and involved $250,000. It was classified as Token & Share Accounting.