Spartacus Review

What is Spartacus?

Spartacus is a treasury reserve protocol running on Fantom blockchain. It is a fork of Olympus, which introduced a concept of the Protocol Owned Liquidity (POL) via the bond mechanism. POL guarantees users that there is always sufficient liquidity for normal market operation.

Launched in October 2021, Spartacus is fulfilling its mission to build a community-owned protocol for a decentralized reserve currency.

How does Spartacus work?

Similarly to Olympus, Spartacus offers so-called asset bonding. Bonding provides liquidity and the reserve assets or the Spartacus DAO, as well as the value backing for the SPA token.

Essentially, bonding is exchanging an asset in return for the protocol’s native token SPA. Bonds were offered at a discounted price initially to incentivize users to sell to the protocol. At times, the bond ROI can become negative, either due to the high demand for bonds, or when SPA token experiences a sharp decrease in price. In this case, users are advised to refrain from bonding and wait until the discount will increase. Bonds also have a vesting period of approximately five days.

Received SPA tokens can be automatically or manually deposited into the Spartacus staking pool in return for sSPA tokens, which then can be wrapped and sold on SpookySwap.

Spartacus has a side project called Spartacadabra, which is a version of Abracadabra’s Magic Internet Money and Spell ecosystem. Just like Abracadabra, Spartacadabra lets you borrow against your crypto assets.

How to use Spartacus?

The Spartacus app can be accessed via MetaMask and WalletConnect wallets.

There are no fees on Spartacus.

The SPA token

The Spartacus native SPA token is a Fantom-based token. It is the project’s reserve currency and the governance token of Spartacus DAO. The SPA token is backed by a basket of assets (DAI, SPA-DAI LP tokens, etc). Price of backing per SPA can be found on the project’s dashboard.

Totally 37,000 SPA tokens were minted at the launch of the project. 

The larger portion of 30,000 SPA was sold to the community members at the Liquidity Bootstrap Event (LBE). Initial price of SPA token was 10 DAI per 1 SPA token for 500 unique addresses, with each address limited to 60 SPA. The funds raised from the LBE event were used to bootstrap the liquidity and provide initial treasury backing for the SPA token.

The additional amount of 7,000 SPA was used to pair with DAI to initialize liquidity. New SPA tokens are minted or old tokens are burnt to rebase the reserved assets.

Is Spartacus safe?

The Spartacus team is completely anonymous, but the builders of the project can be contacted via Discord.

Partners

Spartacus has integrated Spookyswap for quick and easy purchase of SPA and FTM (Fantom) tokens

What's next?

Spartacus is planning on diversifying the basket of treasury with support on FTM, WETH, and other strategic assets such as MIM or fUSD. Also, the additional service called Spartacus Pro is expected to be launched. This service will allow any project to lock liquidity and have protocols own the liquidity.

Links

https://docs.spartacus.finance

https://snapshot.org/#/spartacusdao.eth