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Overview

Understanding SPUSD - The tradeable wrapper for soul-bound sUSDC

SPUSD Overview

SPUSD (SoulPeg USD) is a revolutionary innovation that bridges the gap between soul-bound security and DeFi liquidity needs. It's a tradeable ERC20 token that represents wrapped sUSDC, enabling users to access liquidity without sacrificing their staking yields.

Why SPUSD?

While soul-bound sUSDC provides unparalleled security against flash loans and exploits, it lacks the liquidity that many DeFi users need. SPUSD solves this dilemma by offering:

🔄 Liquidity On Demand

Convert your locked sUSDC to tradeable SPUSD whenever you need liquidity, without unstaking or losing yield generation.

💱 DEX Trading

Trade SPUSD on PancakeSwap and other decentralized exchanges. Deep liquidity pools ensure minimal slippage.

🏦 DeFi Integration

Use SPUSD as collateral in lending protocols, provide liquidity for yield farming, or participate in other DeFi opportunities.

🎯 Maintained Peg

SPUSD maintains a 1:1 peg with USDC through arbitrage mechanisms and the ability to unwrap back to sUSDC.

How It Works

graph LR
    A[USDC] -->|Stake| B[sUSDC]
    B -->|Wrap| C[SPUSD]
    C -->|Trade| D[DEX]
    C -->|Unwrap| B
    B -->|Unstake| E[USDC + Yield]
  1. Stake USDC: Deposit USDC to receive soul-bound sUSDC
  2. Wrap to SPUSD: Convert sUSDC to tradeable SPUSD (1:1 ratio)
  3. Trade or Use: Trade SPUSD on DEXs or use in DeFi protocols
  4. Unwrap: Convert SPUSD back to sUSDC when needed
  5. Unstake: Redeem sUSDC for USDC plus accumulated yield

Key Features

1:1 Backing

Every SPUSD is backed by exactly 1 sUSDC held in the wrapper contract, ensuring full collateralization.

Instant Conversion

Wrap and unwrap between sUSDC and SPUSD instantly through the StUSDCWrapper contract.

Lock Support

For investors with vesting schedules, SPUSD supports locked tokens that become tradeable after the vesting period.

No Additional Fees

Converting between sUSDC and SPUSD incurs no protocol fees - only standard gas costs.

Smart Contracts

| Contract | Address | Purpose | |----------|---------|---------| | SPUSD Token | 0x40fF3deA2EEC93a7B71879874DC4407918DA77A6 | ERC20 token contract | | StUSDCWrapper | 0x0e8fB2E774b827711e0F86069931C1321113238e | Handles wrap/unwrap operations |

Use Cases

Emergency Liquidity

Need funds urgently? Wrap your sUSDC to SPUSD and sell on PancakeSwap without losing your staking position.

Yield Optimization

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

Portfolio Management

Rebalance your portfolio by trading SPUSD without the need to unstake and wait for lock periods.

Collateral

Use SPUSD as collateral in lending protocols while your underlying sUSDC continues earning yield.

Security Considerations

  • SPUSD inherits the security of the underlying sUSDC
  • The wrapper contract is immutable and cannot be paused
  • All conversions are atomic and cannot be front-run
  • Lock mechanisms prevent trading of vested tokens

Next Steps

Ready to start using SPUSD? Check out our How to Wrap Guide to begin converting your sUSDC to tradeable SPUSD.

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