SpartacusDAO was one of many rebase tokens that soared in November 2021. As a result, we decided to include SpartacusDAO in our rebase token experiment that started on December 8th. We spent $1000 buying SPA tokens that we later staked and we have been earning rewards with them ever since. But, in the midst of this, the price of SPA and all other rebase tokens dropped a lot.
This has caused trouble for many of the projects and we have seen many of them throw in the towel, disappear, try to end with dignity, and so on. And yes, that has happened to SpartacusDAO as well. They have ended their DAO as we have known it until now, and to try to make it fair, they made a snapshot and people can now swap their SPA tokens into DAI and wFTM tokens. And believe me when I say this… I was surprised by the result!
The SpartacusDAO redemption
On December 8th, we bought 9.7 SPA tokens worth $1000. Those tokens turned into 17.6 before the project stopped, and at the bottom (a few weeks ago), the tokens were worth less than $200. You can find all the data from the experiment right here.
And now they have ended the protocol (as we have known it until now), and they have then made it so that 1 SPA can be redeemed for almost 51 DAI and 4.70 wFTM (currently worth approximately $6). That means that each SPA with the current prices is worth approximately $57.
So, what happened to our 17.6 SPA?
- Our 17.6 SPA became: 897 DAI and 82 wFTM ($97).
- That makes the total value of the redemption $994 (which is only $6 less than we originally invested!)
Why are we so happy about that?
To understand our joy about this exit you need to take a look at the numbers from all the other projects that is a part of the project and also see those that are no longer a part of the project.
As you see above, the best performing token still a part of the experiment is HectorFinance which is currently worth a bit more than $520. The worst performer, Euphoria Money (WAGMI), is currently worth $70. For both of those, the initial investment was $1000. If you understand those numbers, you will actually understand why we are so happy about the very fair exit we had with SpartacusDAO.
The future of SpartacusDAO (SPEX)
We don’t know a lot about the future of SpartacusDAO yet, but they will probably call themselves SPEX, and they will move away from the staking model and rather use a ve model, run a DEX, and so much more!
Very important, redeem your SPA today
The redemption of SPA tokens started on April 11th and it will be available for 6 days. In other words, do not miss out on this opportunity while it is still out there!
What are your thoughts about SpartacusDAO? Have you redeemed your tokens, or will you just keep them and play join along in the next part of the adventure?