Spectrum Protocol - Everything you need to know about SPEC Token

Many people join the crypto market to seek high-yield earning opportunities. Therefore, Yield Farming has always been an attractive area of any blockchain ecosystem. With regard to Terra, Yield Farming is still a blue ocean market as there are few competitors in this field. The two most notable names are Spectrum Protocol and ApolloDAO.

In this article, let’s find out more about one of these two outstanding yield-aggregator projects on Terra - Spectrum Protocol.

What is Spectrum Protocol?

Spectrum Protocol is the first yield optimizer on Terra. Launching from July 2021, the current TVL of Spectrum Protocol is $181M, only after 4 key protocols of Terra (Anchor, Lido, Mirror, Terraswap).

Spectrum Protocol offers users a way to maximize their profits on Terra with 2 main investment strategies:

• Auto - compound: Increase users’ earnings by automatically compounding the yield-farming rewards back to their initial deposited LPs.
• Auto - stake: Increase users’ earnings by automatically staking rewards to the respective governance pools.

In addition, by farming on Spectrum, users also receive SPEC token rewards, which are automatically staked in the governance pool of Spectrum to earn an additional revenue share from the protocol.

How does Spectrum Protocol work?

This is how the 2 investment strategies of Spectrum Protocol work:

For you to easily understand, I will take Mirror as a specific example. In real cases, you can replace Mirror Farm with any other farms that Spectrum Protocol offers (Anchor Farm, Pylon Farm,...).

Auto-compound: The rewards will be automatically collected from Mirror Farm every hour. These rewards are then converted into UST + mAsset on Terraswap and deposited back into the initial pool. This way, users can earn the highest possible APR. 

Auto-stake: The rewards from Mirror Farm again will be automatically collected every hour. These rewards are then staked in the Mirror Governance Pool. This strategy is the best fit for long-term investors who want to optimize the governance income and tokens to participate in voting. 

What is SPEC token?

SPEC is the native token of Spectrum Protocol. Users can hold SPEC to join governance activities of the protocol. 

Detailed information about SPEC token

SPEC Key Metrics

• Token Name: Spectrum Token
• Ticker: SPEC
• Blockchain: Terra
• Token Standard: CW20
• Contract: terra1s5eczhe0h0jutf46re52x5z4r03c8hupacxmdr
• Token type: Governance
• Max Supply: 40,000,000 SPEC
• Circulating Supply: 3,706,138 SPEC

SPEC Token Allocation

SPEC Token Sales

SPEC is a fair launch token.

SPEC Release Schedule

SPEC is a fair-launch token and will be minted for 3 years. SPEC has a development genesis token of 9% (3,600,000 SPEC) to govern the platform. These tokens will be frozen for 50 days after the launch of the protocol and released at a fixed rate over 3 years.

SPEC Token Use Cases

SPEC token use cases are:

• Governance: Stake SPEC to have the right to vote on Spectrum Protocol.
• Farming: Join Vaults on Spectrum to earn auto-compound yield.

How to get SPEC token

Currently, you can buy SPEC from Terraswap or directly on Spectrum Protocol.

How to buy SPEC token

Updating...

How to store SPEC token

You can store SPEC on Coin98 Wallet by following these steps:

Step 1: At the main screen of Coin98 Wallet, click Receive.

Step 2: Search for SPEC token.

Step 4: Copy your SPEC wallet address and send SPEC tokens to this address.

Spectrum Protocol Roadmap

To be ready for anticipated competition on Terra when more projects launch, Spectrum Protocol is building new features to strengthen the platform: 

• Single Asset Farming.
• Borrowed Farming.
• Short Farming.
• Fixed-term SPEC Staking.

Team, Investors, and Partners

Team

The team behind Spectrum Protocol is anonymous. From its whitepaper, we just know that its team is a group of Thailand developers who have experience in IT consulting and enterprise application development.

Partners

Spectrum Protocol received support from Terraform Capital. 

Is Spectrum Protocol (SPEC) a good investment?

I hope that from all the mentioned information, you can get a basic understanding of Spectrum Protocol to start researching more about this project. It is hard to tell firmly whether any project/ token is a good investment or not. 

However, I will provide you with some key highlights of Spectrum Protocol so that you can do your own research and make your own investment decisions:

Spectrum Protocol is built on Terra, which is in the top 4 blockchains with the highest TVL and is still recording an upward trend.

With regard to the yield-optimizer stack on Terra, Apollo DAO is the most notable competitor of Spectrum Protocol. Currently, Spectrum Protocol is still outperforming Apollo DAO in terms of TVL. It can partially be explained by its larger number of vaults and more competitive APY than its competitor.

Similar project

• On Terra: Apollo DAO, Stader Labs,...
• On other blockchains: Beefy Finance (BSC), Yield Yak (Avalanche),...

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