# plsSPA

<div align="left"><figure><img src="/files/XnUK6ElpQX82wMivADZb" alt="" width="150"><figcaption></figcaption></figure></div>

A quick reference on [plsASSETs](https://docs.plutusdao.io/plutus-docs/products/plsassets).

**plsSPA** is the **liquid receipt token for 4-year max locked veSPA**, created in collaboration with **Sperax**, a leading stablecoin protocol on **Arbitrum**.

Instead of locking SPA for up to 4 years to earn max yield, users can gain exposure by holding plsSPA, a token that represents SPA as already **max locked veSPA**. This gives users:

* **High yield** — returns are based on the highest [veSPA tier](https://www.app.sperax.io/stake): a 4-year lock. For context, at the time of writing <sub>(May 13th, 2025)</sub>, a 1-year lock earns \~3.34% APR, while a 4-year lock earns \~14.05% — **over 4x higher**.
* **Liquidity** — unlike veSPA, which is fully locked and non-transferable, plsSPA can be **traded, farmed, or sold at any time**. Plutus takes on the lock risk, so you don’t have to.
* **No lockups** — get **all the benefits** of long-term veSPA exposure **without committing** your SPA for years.

plsSPA can be pooled into a [LP Token](/products/plsassets.md#liquidity-pool-tokens) via the Plutus [dApp](https://plutus.fi/Pools).

## Staking and Rewards

We currently offer **two ways** to earn with your plsSPA:

### 1. [plsSPA Single-Stake](https://www.plutusdao.io/stake)

The **simplest option**, stake plsSPA directly into our native staking contract.

* **No pairing required**
* **Pure yield exposure** to veSPA rewards
* **Backed by our 4-year locked veSPA position**
* Rewards are currently paid out in **xSPA**.&#x20;

Ideal for holders who want **passive yield** without managing LPs or maintaining a ratio.

### 2. [Sperax Demeter Farm](https://www.app.sperax.io/farms)

This pool is available on **Sperax**, powered by the **Demeter framework**, a no-code solution for DAOs to deploy and manage DEX liquidity.

To participate:

* Provide a **1:1 ratio of plsSPA and SPA** into the pool.
* Earn rewards in **xSPA, plsSPA, and SPA.**
* Support plsSPA:SPA liquidity while boosting your reward potential.

Best suited for users looking to **maximize yield** while **contributing to ecosystem liquidity growth**.

## Getting plsSPA

The recommended way to enter plsSPA is by swapping directly on [Camelot DEX](https://app.camelot.exchange/?token1=0x5575552988a3a80504bbaeb1311674fcfd40ad4b\&token2=0x0d111e482146fe9ac9ca3a65d92e65610bbc1ba6).

* Pegged trading pair **plsSPA:SPA**
* Currently trades at a **discount to backing**, making it the most cost-efficient entry point

<sub>As with all plsASSETs, a direct SPA → plsSPA</sub> [<sub>conversion</sub>](https://www.plutusdao.io/convert) <sub>option exists through the Plutus contracts. However, this is</sub> <sub></sub><sub>**not recommended**</sub> <sub></sub><sub>at this time, as it will result in an</sub> <sub></sub><sub>**immediate loss in value**</sub> <sub></sub><sub>relative to the market price.</sub>

<sub>Plutus maintains a soft floor of 0.8 for all plsASSETs, including plsSPA. Regaining and defending peg is a top priority to ensure long-term confidence and value in our ecosystem.</sub>

## Sperax Project Info

[Sperax Discord](https://discord.com/invite/cFdcvj9jMm)

[Sperax Docs](https://docs.sperax.io/)


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