# Updates: Migrating to Ethereum Mainnet In light of the recent incidences of Multichain, one of the most critical cross-chain infrastructure for Fantom and other networks, we have taken proactive steps to expedite our migration from Fantom to ETH mainnet. \ \ The multichain announcement on June 1, 2023: And a warning sign from Stargate on disabling the USDC pool on Fantom: As we have witnessed many catastrophic project failures in the past year, we believe it is necessary to take precautionary actions to protect the Spartacus treasury from unforeseeable circumstances and force majeure. The migration is also consistent with the long term vision of the Spartacus project. As of June 8 2023, we have completed $20M of treasury DAI migration from Fantom to Ethereum mainnet. The assets are located in a team managed multisig wallet here: We will keep the community posted on further updates and plans on the mainnet. Spartacus team June 9, 2023 # Announcing Spartacus 2.0 The next phase of Spartacus Finance ![](https://2388325517-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FoB2XoFRsouQpmJtnaVKc%2Fuploads%2FFiPMfVr76tvNW1S94dhY%2Fshallwebegin.jpeg?alt=media\&token=a06c55ae-72ed-4aad-9d8e-b72c79386962) ## Part I - A New Endeavor In the past few months we have witnessed some of the most exciting innovations, namely Solidly, on Fantom network. However, with Andre leaving the project, Solidly is failing to become the ideal DEX it was set out to be. After extensive research and development in working on the ve-economics, we have come to realize the huge potential of building a true, community owned ve(3,3) DEX, a product that has so much potential to even challenge Curve / Convex on Ethereum mainnet. That is why we are going to launch our own ve(3, 3) dex, spartacus.exchange, the SPEX. SPEX is going to offer a superior level of capital efficiency, strong community incentives, and long term rewards for stakers, leveraging design strengths from Curve, Convex and OlympusDAO. It is going to be a ve(3, 3) exchange, with necessary updates and improvements. #### Design principles of the Spartacus ve(3, 3) DEX: 1\. It is designed to be a dex for everyone, not just for big projects as Solidly was. 2\. It is designed to have the most market competitive fees for both LPs and traders. SPEX will become a perpetual revenue generating engine. 3\. It is designed to be a capital efficient engine to capture sustainable, long term values. \ We aim to establish SPEX as one of the leading DEXes on Fantom. However, we will not stop there. We believe that the capital efficiency of ve(3, 3) will find its best application on the Ethereum mainnet, where SPEX will be open for an even broader crypto community. We will continue to develop Spartacadabra cauldrons/degenbox strategies based on SPEX and Spartacadabra will be one of the launch partners. More details will follow in a separate article.
## **Part II - A redemption option for existing SPA holders** There has been community feedback on allowing holders to redeem SPA at RFV. We believe that such an option should be available to all existing SPA holders. A snapshot (at block number: 35376574, ) has been taken for holders of SPA, sSPA, wsSPA, wsSPA-FTM LP, and bentobox wsSPA stakers at the time of writing. Addresses from the snapshot above will be auto-whitelisted with the amount they held at the time of snapshot, and SPA holders from the snapshot will be able to redeem their SPAs upon community approval (vote coming). This is done to protect long term SPA holders from arbitrators.
{% hint style="info" %} RFV of SPA = risk free value of treasury (DAI, FTM, DAI in LP) / (total supply - SPA in LP). {% endhint %} * All DAI from SPA treasury will be included in the total RFV, including the 3M Dai in Lambda-2Pool LP and on all farming FTM/Tomb tokens on the multi-sig wallet. * The final RFV will fluctuate depending on the SPA/DAI ratio in the SPA-DAI pool. A vote will be proposed soon and we will start preparing the redemption contract once the redemption option is approved by the community. Farming assets will be returned to the treasury upon approval. The 3M Dai in Lambda-2Pool will remain invested in the Curve LP to ensure the backing of Lambda. The SPA emission (the APY) will be set to 0 to prepare for this process, and resume thereafter. All redeemed SPAs will be burned and taken out of circulation. We will keep building out Spartacus 2.0 regardless of the redemption voting result. ## **Part III - back to the future: SPA 2.0** For SPA holders who choose to stay with us on the new journey and all future SPA holders, we have some great news for you: 1. All SPAs will be perpetually backed by the SPA treasury, and receive RFV value in case of a full distribution of treasury. 2. 50% transaction fee earnings on Spartacus DEX will be used to buyback SPA, maintaining constant buy pressure. 3. SPA holders (post redemption) will receive 2% of the SPEX emission in perpetuity (pro rata) on Fantom, as well as emission rewards on Ethereum mainnet. SPA treasury will be airdropped 10% of the total supply of SPEX. SPEX is going to have some of the most market competitive pools comprised of major tokens such as FTM, DAI and USDC. Funds in these pools will perpetually earn 0.1% transaction fee on all TXs on volatile assets and 0.01% fee on stable assets, allow them to be the perpetual value creating engines for SPEX and SPA holders. ## **Part IV - More on spartacus.exchange** SPEX is the native token for the Spartacus ve(3, 3) exchange. Since Spartacus DEX is designed for everyone (not just big projects), there will be a fair launch to bootstrap liquidity where 100% of the raised funds will be used to initiate SPEX-FTM liquidity on the new DEX. There will be SPEX allocation reserved to partner projects on Fantom. We are going to reach out major protocols on Fantom and SPEX will be an open community for all projects. Spartacadabra will be one of the launch partners. Partners who receive veNFT airdrop can direct emissions to any pool of their choice. Emission rates on major pools and the SPEX-FTM pool will be managed by the SPEX DAO, whose main job will be to optimize protocol parameters, adjusting emission rates on major pools and battling malicious behaviors. SPA, Charm and Lambda liquidities will be gradually migrated to the new DEX in the future. We will share full details about the launch plan and tokenomics of SPEX in the near future. We expect to launch SPEX in about two weeks. #### In summary, we are confident with our Spartacus 2.0 plan: 1. A community owned ve(3, 3) dex, SPEX 2. A redemption option for existing SPA holders 3. A sustainable value creation engine Again, we thank you for all your support in Spartacus and Spartacadabra from the very beginning. We hope to see you in our new journey! Spartacus team # Introducing Spartacus The largest treasury reserve protocols on Fantom network ![](https://2388325517-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FoB2XoFRsouQpmJtnaVKc%2Fuploads%2FIHVPPkJiAQq11k3nyr5o%2FSPABanner3T301.png?alt=media\&token=2fe22b15-628e-4aed-8707-9f15c6a12d0a) ### The rise of Spartacus Let’s start off by saying Zeus from OlympusDAO has done a marvellous job in creating the "Protocol Owned Liquidity" (POL) concept. A community is formed when everyone bonds the underlying assets into a common reserve currency, creating a strong “bonding” for the whole community. As Spartacus we carry on the legacy and we shall aim higher and something even bigger. We lay out a few phases for Spartacus’ future: ### Phase I - the rise of the glorious gladiator A Spartacus won’t be a Spartacus without the support of the Spartacus community. Rather than giving the early access to investors or a selected elite groups, we want everyone in the Spartacus community to have a fair chance of participation. Introducing Liquidity Bootstrap Event (LBE) for $SPA, the governance token for Spartacus DAO. Our LBE will be open for all. Similar to Olympus IDO, the Spartacus LBE will be the main source to provide initial liquidity and treasury’s initial backing for SPA. 30,000 SPA token will be minted for the event. Initial price of SPA token will be 10 Dai/SPA for 500 unique addresses, with each address limited to 60 SPA only. The LBE event will last for 24 hours. This will result in $300K Dai in total sales from the LBE. * The first $200K Dai will be used to bootstrap the liquidity and provide initial treasury backing for the SPA token. * $140K Dai will be paired with 7K SPA token on Spooky swap, establishing the initial extrinsic price of $20 Dai per SPA with initial liquidity of $280,000. * $60,000 Dai will be deposited to the treasury, backing the initial SPA supply. * This will be done within 24 hours after the LBE event. * We will announce the exact time when the initial liquidity will be added, providing total transparency to our community. {% hint style="info" %} **What about the LP token?** The $280K worth of LP token will be deposited to the treasury via a prolonged and controlled bonding process, with 1/100 a time across 100 epochs. {% endhint %} * The rest $100K Dai will be used to support the Spartacus dev work. We believe this is essential for maintaining the health of the Spartacus protocols. Only the fund exceeding the initial $200K will be used for development. That means, if the total raised fund from LBE is only $250K, $200K will be used to initial liquidity and treasury backing, and $50K will be used to support dev work. {% hint style="info" %} **Why we believe this is important?** We are trying to be 100% transparent with the Spartacus community. Both Olympus and Klima raised private rounds via pToken which works like an option but also dilutes the total share in the future. We are proposing a fixed rate round only to ensure the Spartacus DAO can be sustained. Future development work can be funded via the Spartacus DAO through a DAO voting procedure. {% endhint %} We plan to launch the bonding function within 48 hours after the LDE event. We will target 10% discount positive ROI for bonders across the board for both SPA-DAI LP pool and the Dai pool. A total of 37k SPA tokens will be minted during the LBE event (30k for presale and 7k requied to pair with Dai to initialize liquidity). If SPA tokens are not sold out during the LBE, any remaining SPA tokens will be sent back to the Spartacus DAO. Exact launch time of LBE will be announced in our Discord. ### Phase II - sustainable growth and expansion of Spartacus DAO With a successful Phase 1 launch of Spatacus protocol, we have even more ambitious plans for our fellow Spartacus. We would love to share with our community what are on the horizon and we would also want to hear your thoughts as well. 1. Diversifying the basket of treasury with support on FTM, WETH, and other strategic assets. 2. Treasury vault strategies to earn risk-adjusted return with DAO governance. 3. Starting Spartacadabra, our own version of Magic Internet Money and Spell ecosystem. This can be another domain for the Spartacus army to conquer. With a strong community we believe that only sky is our limit. We look forward to hearing back each and all of you on your feedback and suggestions. Are you ready to make Rome tremble?
# Phase I - Project launch Major achievements to date ### Phase I - Project launch Spartacus is the largest decentralized reserve currency protocol on Fantom network based on SPA token, which is backed by a basket of assets (Dai, SPA-DAI LP tokens etc). The backing assets provide an intrinsic value for SPA tokens. Spartacus was launched as an OHM fork on Fantom, by a team of anon devs. Oct 25, 2021 - Spartacus discord was created, the warmup phase for the fair launch. Oct 31, 2021 - Liquidity Bootstrap Event (LBE) raised $300K Dai from 500 wallets at a price of 10 Dai/SPA. The LBE lasts for an hour. * 140K Dai and 70 SPA were added to Spookyswap to provide liquidity at 20 Dai/SPA. All SLP tokens were bonded into treasury. * 60K Dai was bonded into treasury * 100K Dai was allocated for initial development work. Nov 2, 2021 - Spartacus officially launched with (Λ, Λ), bonding, staking, and a full blown dashboard, the only treasury reserve protocols with all full metrics. SPA was listed on coinmarketcap and coingecko within first 2 days Nov 3, 2021- First couple of rebases delivered millions and tens of millions of APY. SPA was tracked by debank, zapper.fi Nov 4, 2021 - Spartacus reached $1.5M treasury and $4M total staked value in 48hrs since the launch. Nov 5, 2021 - First community snapshot vote to rein in APY. Spartacus DAO governance started to come in shape. Nov 7, 2021 - Spartacus was listed on ***Fantom Project*** page by Fantom Foundation. Continued rapid growth of Spartacus protocols with $15M treasury and $15M total staked value. Nov 8, 2021 - multi-sig was implemented to eliminate single point of failure. Team plans to introduce 3rd party signers. Nov 9, 2021 - all LBE liquidity was bonded into treasury. Protocols own 99+% liquidity. The treasury held a $15.4M balance with 40,000% APY and 273 days runway. SPA sits on a market cap of $17.3M. ### # Phase II - Sustainable growth and expansion Future plans ### **Phase II -** S**ustainable growth and expansion of Spartacus DAO** With a successful Phase 1 launch of Spartacus protocol, we have even more ambitious plans for our fellow Spartacus. We would love to share with our community what is on the horizon and we would also want to hear your thoughts as well. 1\. **3rd party multi-sig.** We have a few names in mind and if you have a candidate please propose in our #suggestion in discord. * bring in external credits to the project * significant holders of sSPA. good faith in big stakeholders will act in the best interest of SPA. * experienced in DAO governance and technically capable. ETA. We will update the community as we progress. 2\. **Diversifying the basket of treasury** with support on FTM, WETH, and other strategic assets such as MIM or fUSD * The SPA-FTM LP and FTM bonds are ready technically. We are looking for a good timing for deployment. ETA: before Nov 19. Could be earlier. 3\. **Treasury vault strategies** to earn risk-adjusted return * Earning returns on Curve / Geist seems a natural strategy for now. * We are going to deploy a separate contract for this due to security reasons, as currently our treasury is timelocked with multi-sig. ETA: by the end of Nov. need to code up the contracts. 4\. **Spartacadabra**, our own version of the Magic Internet Money and Spell ecosystem. This can be another domain for the Spartacus army to conquer. * We have been preparing for this since launch. This is vital to the growth of Spartacus ecosystem in the long run. * We will be share some screenshots in a few days * What if we can let users mint stable coins with wsSPA, or other wrapped assets sitting idle in their wallets? ETA: by the end of Nov. With a strong community we believe that only the sky is the limit. We look forward to hearing back from each and all of you on your feedback and suggestions. 5\. **Spartacus PRO**. We are looking at how we can tap into the fast growing Fantom ecosystems. Spartacus PRO allows any project to lock liquidity and have protocols own the liquidity. This can be offered as a service. * Initially this service can be offered on a case by case basis. All projects on Fantom are welcome to contact us for the Pro service. * We plan to take this as a standard service by the year end of 2021. # Bonding {% hint style="info" %} **Good to know:** * During the initial launch ceremony, we will incentivize bonding with 20-30% discount for a short period of time. Discounts will be set back to \~10% level after the initial launch phase. * Bonders receive \~10% discounts from Spartacus Protocols and receive vesting SPA tokens in \~ 5 days. {% endhint %} ## The bonding process You will be able to bond Dai or Dai-SPA LP tokens initially. The bond price will be setup to provide \~10-30% positive ROI for all bonders. Bonding is the process of Spartacus DAO accruing liquidity and the reserve assets, and providing the value backing for the SPA token. Spartacus protocol gradually owns the liquidity through the bonding process. With bonding, SPA 's intrinsic value is established. More details to come on how to bond via Spartacus UI. # Staking {% hint style="info" %} **Good to know:** Stakers receive auto-compounded rebase rewards from Spartacus Procotols. {% endhint %} Stakers are aiming for long term, passive rebase returns. The rebase rewards come from proceeds of the bond sales. The rewards to stakers are pro rate to their staked amount. To earn long term rewards, the best strategy would be bond + stake. The rebase schedule will be set up on an epoch basis which means the rebase will occur periodically. You receive rebased rewards automatically and there is no extra steps you need to take if you plan to keep staking. # (Λ, Λ) {% hint style="info" %} **Good to know:** (Λ, Λ) is the Spartacus reference to the (3, 3) strategy on Olympus. {% endhint %} (Λ, Λ) represents the "bond + stake" strategy, the best strategy for everyone collectively in Spartacus DAO from the Game Theory perspective. ### What is (Λ, Λ)? It represents the (3, 3) in game theory, the best strategy with highest scores for all Spartacus collectively, assuming * staking = +2 * bonding = +1 * selling = -2 Given 2 actors in all scenarios, the total scores of the protocols: * both actors bond & stake = (3, 3) = 6 * one bond & one stake = (3, 1) = 4 * if one sells = (1, -1) = 0 * if both sell = (-3, -3) = -6
In Spartacus, SPA can only be minted or burned by the protocol and it also guarantees that each SPA is always backed by some amount of 1 Dai. # SPA tokens SPA token contract has been deployed on Fantom network prior to our liquidity bootstrap event: 0x5602df4A94eB6C680190ACCFA2A475621E0ddBdc
# Treasury Treasury address: 0x8CFA87aD11e69E071c40D58d2d1a01F862aE01a8 The treasury and DAO contract are 24hrs timelocked for now. We will be looking for someone prominent in crypto space to be one of the multi-sig. # Contracts #### SPA token 0x5602df4A94eB6C680190ACCFA2A475621E0ddBdc #### DAI 0x8D11eC38a3EB5E956B052f67Da8Bdc9bef8Abf3E #### SPA-DAI LP token 0xfa5a5f0bc990be1d095c5385fff6516f6e03c0a7 #### LBE contract: 0x51AAc5B1988Ea8d7cFaA272D12FaF0087Aa6A7e6 #### Initial LP Timelock 0x0f598c5D52Ca7e7814fafDC29DF18866bB1ff158 #### SPACirculatingSupplyContract 0x37AaB9929f821B737B9Bd0658E97F820A9c92076 #### SpartacusBondingCalculator 0x5DdD235421e4c27c84F26A43B5a1ad657E64ED61 #### SpartacusTreasury 0x8CFA87aD11e69E071c40D58d2d1a01F862aE01a8 #### SpartacusDAO 0x3292D7d72Ea46cb67186Cd7131fe47333F7c7008 #### DAI Bond 0x5D449738986ab34280373502031D1513581Cb649 #### SPA-DAI LP Bond 0x8927a01AcBb4820f848711e2B7353d62172053b9 #### SSpartacusERC20 0x8e2549225E21B1Da105563D419d5689b80343E01 #### SpartacusStaking 0x9863056B4Bdb32160A70107a6797dD06B56E8137 #### StakingHelper 0xbd39045344cD9b8FB4622959725D65e49dB2D090 #### StakingWarmup 0x585DaC823A952Ff67b1BF73F7d754550db7bc2CD #### BondStakingHelper 0xE5CaC314269AEE7eDE108e3465974DBEDb9E4EC3 #### Github repo: # DeFi 2.0 Glossary #### APR, Annual Percentage Rate The annualised interest rate, not accounting for compounding. #### APY, Annual Percentage Yield The annualised interest rate, accounting for compounding. #### BCV, Bond Control Variable The scaling variable controlling bond prices. A higher BCV means a lower discount to bonders and higher inflation of the protocol. A lower BCV means higher discount for bonders and lower inflation of the protocol. #### DAO, Decentralised Autonomous Organisation A governance mechanism by which decisions are more trustless and collaborative. Votes are made using a governance token, in our case sSPA. #### PCV, Protocol-Controlled Value The value of the treasury that is controlled by the protocol. A higher value is better. #### POL, Protocol-Owned Liquidity The amount of its own liquidity the protocol owns. Higher is better. #### RFV, Risk-Free Value The amount of funds the treasury guarantees as backing for SPA. #### TVL Total Value Locked The total sum of the value staked in the SPARTACUS DAO in Dollars. A growing TVL is a sign of growth.