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What Is Spusd

Understanding SPUSD - the tradeable wrapper for sUSDC

What is SPUSD?

SPUSD (SoulPeg USD) is a tradeable ERC20 token that represents wrapped sUSDC. It solves the liquidity challenge of soul-bound tokens by allowing users to trade their staked positions without unstaking.

Key Features

🔄 1:1 Backed

Every SPUSD is backed by exactly 1 sUSDC locked in the wrapper contract. This ensures full collateralization and maintains the peg to USD.

💱 Freely Tradeable

Unlike sUSDC which is soul-bound, SPUSD can be:

  • Traded on DEXs like PancakeSwap
  • Transferred between wallets
  • Used as collateral in lending protocols
  • Provided as liquidity for yield farming

🎯 Maintains Yield

When you wrap sUSDC to SPUSD, your underlying sUSDC continues earning Venus Protocol yields. The yield accrues to the sUSDC, not the SPUSD.

🔓 Instant Conversion

Convert between sUSDC and SPUSD instantly:

  • Wrap: sUSDC → SPUSD (get liquidity)
  • Unwrap: SPUSD → sUSDC (reclaim staked position)

How Does It Work?

  1. You have sUSDC from staking USDC in SoulPeg
  2. Wrap to SPUSD when you need liquidity
  3. Trade or use SPUSD in DeFi protocols
  4. Unwrap back to sUSDC when desired
  5. Your sUSDC keeps earning yield throughout

Use Cases

Emergency Liquidity

Need funds quickly? Wrap sUSDC to SPUSD and sell without waiting for unlock periods.

Portfolio Rebalancing

Trade SPUSD to adjust your portfolio without unstaking and losing future yields.

Yield Optimization

Provide SPUSD-USDC liquidity to earn trading fees on top of your sUSDC staking yields.

Risk Management

Use SPUSD as collateral to borrow other assets while maintaining your staking position.

Important Notes

Locked Tokens

If you received SPUSD through investor distribution:

  • Tokens may be locked until vesting period ends
  • You can trade only the unlocked portion
  • Lock status is checked on every transfer

Price Considerations

  • SPUSD typically trades very close to $1
  • Small deviations create arbitrage opportunities
  • Deep liquidity minimizes slippage

No Additional Fees

  • Wrapping and unwrapping incur no protocol fees
  • Only standard blockchain gas costs apply
  • Your sUSDC yield rate remains unchanged

Smart Contracts

| Contract | Address | |----------|---------| | SPUSD Token | 0x40fF3deA2EEC93a7B71879874DC4407918DA77A6 | | StUSDCWrapper | 0x0e8fB2E774b827711e0F86069931C1321113238e |

Getting Started

  1. Have sUSDC in your wallet (from staking USDC)
  2. Go to SoulPeg dashboard
  3. Click "Wrap/Unwrap" in the SPUSD row
  4. Approve and wrap your desired amount
  5. Your SPUSD appears instantly in your wallet

Ready to start? Visit the SoulPeg Dashboard to wrap your sUSDC!