Sperax
SPA
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Sperax (SPA) presents a mixed profile characterized by active development initiatives contrasted against weak community traction, structural centralization risks, and micro-cap liquidity constraints. On the development front (7/10), the team has demonstrated ongoing technical deliveries, including the SperaxOS mainnet launch across Arbitrum and BNB Chain in mid-2026 and regular developer tooling updates. Team and governance (6.5/10) reflect a public leadership team with a multi-year operating history since 2019-2020 and established ecosystem partnerships, despite unverified on-chain DAO mechanisms. Conversely, Tokenomics (6/10) is constrained by severe market price deterioration and opaque foundation vesting schedules despite structured lockups and ve-token utility. Market and Use Case (3/10) scores poorly due to micro-cap valuation ($3.59M-$4.71M), thin trading volume, and fierce competition in decentralized stablecoins. Community Support (2.5/10) shows minimal on-chain engagement and outdated governance activity. In Security (4/10), no verifiable comprehensive third-party audit was identified in retrieved sources, and heuristic scans highlight proxy upgradeability with non-renounced ownership and major holder concentration (34.7%). No qualifying red-flag events, hacks, or regulatory enforcement actions were affirmatively established in the incident ledger. The overall score represents the exact mathematical weighted average across all six evaluated sections.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Sperax (SPA)
Sperax (SPA) is the governance and utility token of the Sperax protocol, a decentralized finance project established around 2019–2020 by founders Yunchuan Wei and Frida Cai. Operating primarily on Arbitrum and BNB Chain, the protocol supports the USDs auto-yield stablecoin ecosystem. SPA has a fixed maximum supply of 5,000,000,000 tokens and is designed for vote-escrow governance participation and fee-sharing mechanisms tied to the adoption of USDs. Ongoing technical development includes the SperaxOS infrastructure planned across its supported blockchains.
The project currently operates as a micro-cap asset, with market capitalization figures consistently evaluated between $3.59 million and $4.71 million alongside thin trading volumes and severe historical price deterioration. While token allocations include defined vesting schedules for the team, treasury, and staking rewards, specific foundation vesting terms remain unverified in protocol documentation. On-chain activity reflects a modest holder base with limited transfer volume and outdated public governance interactions.
From a security and structural standpoint, no verifiable third-party code audit from a recognized security firm was identified in evaluation records, with existing assessments limited to automated heuristic scans. These scans highlight central control risks, including unrenounced owner privileges over upgradeable proxy contracts and major holder concentration of approximately 34.7%. The protocol has no recorded history of smart contract exploits, stablecoin depegs, or regulatory enforcement actions.