plsSPA
A quick reference on plsASSETs.
plsSPA is the liquid receipt token for 4-year max locked veSPA, created in collaboration with Sperax, a leading stablecoin protocol on Arbitrum.
Instead of locking SPA for up to 4 years to earn max yield, users can gain exposure by holding plsSPA, a token that represents SPA as already max locked veSPA. This gives users:
High yield — returns are based on the highest veSPA tier: a 4-year lock. For context, at the time of writing (May 13th, 2025), a 1-year lock earns ~3.34% APR, while a 4-year lock earns ~14.05% — over 4x higher.
Liquidity — unlike veSPA, which is fully locked and non-transferable, plsSPA can be traded, farmed, or sold at any time. Plutus takes on the lock risk, so you don’t have to.
No lockups — get all the benefits of long-term veSPA exposure without committing your SPA for years.
Staking and Rewards
We currently offer two ways to earn with your plsSPA:
The simplest option, stake plsSPA directly into our native staking contract.
No pairing required
Pure yield exposure to veSPA rewards
Backed by our 4-year locked veSPA position
Rewards are currently paid out in xSPA.
Ideal for holders who want passive yield without managing LPs or maintaining a ratio.
This pool is available on Sperax, powered by the Demeter framework, a no-code solution for DAOs to deploy and manage DEX liquidity.
To participate:
Provide a 1:1 ratio of plsSPA and SPA into the pool.
Earn rewards in xSPA, plsSPA, and SPA.
Support plsSPA:SPA liquidity while boosting your reward potential.
Best suited for users looking to maximize yield while contributing to ecosystem liquidity growth.
Getting plsSPA
The recommended way to enter plsSPA is by swapping directly on Camelot DEX.
Pegged trading pair plsSPA:SPA
Currently trades at a discount to backing, making it the most cost-efficient entry point
As with all plsASSETs, a direct SPA → plsSPA conversion option exists through the Plutus contracts. However, this is not recommended at this time, as it will result in an immediate loss in value relative to the market price.
Plutus maintains a soft floor of 0.8 for all plsASSETs, including plsSPA. Regaining and defending peg is a top priority to ensure long-term confidence and value in our ecosystem.
Sperax Project Info
Last updated