CRYPTO MARKET INTELLIGENCE / ASSET DOSSIER

Sperax.

spa · coingecko:sperax

EVIDENCE · NOT A RECOMMENDATION

This dossier explains why the asset surfaced, what the stored evidence says, what changed, and which limitations remain. Deterministic signals are research questions, not investment conclusions.

Price$0.002777

Market cap$5.31M

Active signals2

Total / circulating2.59×

Longest active streak6

Snapshots compared6

Why it surfaced

high dilution

Total supply is high relative to circulating supply

Current streak: 6 snapshots · triggered 6/6 observed snapshots

data quality investigation

Provider relationships disagree or map one protocol to multiple assets

Current streak: 6 snapshots · triggered 6/6 observed snapshots

What changed

high dilution

continuing · streak 6 · 6/6 snapshots

data quality investigation

continuing · streak 6 · 6/6 snapshots

Latest fundamental observations

Metric	Period	Value	Observed
tvl	point in time	$33,454.76	2026-10-18T04:35:46.584Z

Historical changes

Metric	Window	Change	Boundary
market cap usd:point in time	7d	0.54%	2026-10-11T04:30:48.000Z → 2026-10-18T04:20:53.000Z
tvl usd:point in time	7d	-0.50%	2026-10-11T04:49:10.103Z → 2026-10-18T04:35:46.584Z

Market snapshot

Circulating supply: 1.91B
Total supply: 4.95B
Max supply: 5B
Provider updated: 2026-10-18T04:20:53.000Z

Evidence coverage

Verified/provider links: 3
Stored fundamental observations: 12
Calculated history rows: 2
Signal comparison: prior snapshot

Evidence synthesis

Generate or open a cached AI research brief constrained to this dossier's stored evidence, calculations, and limitations.

Open AI research brief

Rule evaluations

revenue growth declining multiple · excluded · no signal

Insufficient actual 30-day revenue or market-cap history

Limits: No observations · No observation within 2 days of the 30-day boundary

Inputs and calculation

{
  "inputs": {},
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

activity growth stagnant market cap · excluded · no signal

Insufficient actual 30-day activity or market-cap history

Inputs and calculation

{
  "inputs": {},
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

improving tokenholder value capture · excluded · no signal

No observations

Limits: Requires holders revenue and fees at both boundaries

Inputs and calculation

{
  "inputs": {},
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

peer valuation difference · excluded · no signal

Missing revenue, market capitalization, or a peer-group median

Limits: Peer groups require a shared canonical sector and at least three eligible assets

Inputs and calculation

{
  "inputs": {},
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

fundamental deterioration · excluded · no signal

Insufficient actual 30-day fundamental history

Inputs and calculation

{
  "inputs": {},
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

high dilution · included · signal

Total supply is high relative to circulating supply

Limits: Supply fields are provider-reported and do not describe unlock timing

Inputs and calculation

{
  "inputs": {
    "circulatingSupply": 1912749169.2935894,
    "totalSupply": 4954840406.597588
  },
  "calculation": {
    "totalToCirculatingRatio": 2.590428732705969
  },
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

data quality investigation · included · signal

Provider relationships disagree or map one protocol to multiple assets

Inputs and calculation

{
  "inputs": {
    "identityConflict": true
  },
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

Provenance and raw evidence

Classification evidence

[
  {
    "assetId": "coingecko:sperax",
    "kind": "sector",
    "value": "yield_protocols",
    "status": "classified",
    "reason": "Canonical mapping from DeFiLlama category Farm",
    "sourceProvider": "defillama",
    "sourceRecord": "2387",
    "observedAt": "2026-10-18T04:35:46.584Z"
  },
  {
    "assetId": "coingecko:sperax",
    "kind": "asset_type",
    "value": "protocol_token",
    "status": "classified",
    "reason": "Canonical type mapping from DeFiLlama category Farm",
    "sourceProvider": "defillama",
    "sourceRecord": "2387",
    "observedAt": "2026-10-18T04:35:46.584Z"
  }
]

Identity relationships

[
  {
    "assetId": "coingecko:sperax",
    "protocolId": "1194",
    "protocolSlug": "sperax-usd",
    "method": "chain_contract",
    "evidence": "DeFiLlama address=arbitrum:0x5575552988a3a80504bbaeb1311674fcfd40ad4b; CoinGecko platforms.arbitrum-one=0x5575552988a3a80504bbaeb1311674fcfd40ad4b",
    "status": "requires_identity_verification"
  },
  {
    "assetId": "coingecko:sperax",
    "protocolId": "5154",
    "protocolSlug": "sperax-demeter-v2",
    "method": "chain_contract",
    "evidence": "DeFiLlama address=arbitrum:0x5575552988a3a80504bbaeb1311674fcfd40ad4b; CoinGecko platforms.arbitrum-one=0x5575552988a3a80504bbaeb1311674fcfd40ad4b",
    "status": "verified_provider_relationship"
  },
  {
    "assetId": "coingecko:sperax",
    "protocolId": "2387",
    "protocolSlug": "sperax-demeter",
    "method": "chain_contract",
    "evidence": "DeFiLlama address=arbitrum:0x5575552988a3a80504bbaeb1311674fcfd40ad4b; CoinGecko platforms.arbitrum-one=0x5575552988a3a80504bbaeb1311674fcfd40ad4b",
    "status": "verified_provider_relationship"
  }
]

Research statuses

[
  {
    "assetId": "coingecko:sperax",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "analyzable",
    "method": "global",
    "reason": "At least one deterministic screening method is eligible"
  },
  {
    "assetId": "coingecko:sperax",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "insufficient_historical_data",
    "method": "global",
    "reason": "One or more historical methods lack actual boundary observations"
  },
  {
    "assetId": "coingecko:sperax",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "requires_identity_verification",
    "method": "global",
    "reason": "Provider identity relationships conflict"
  },
  {
    "assetId": "coingecko:sperax",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "revenue_growth_declining_multiple",
    "reason": "Insufficient actual 30-day revenue or market-cap history"
  },
  {
    "assetId": "coingecko:sperax",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "activity_growth_stagnant_market_cap",
    "reason": "Insufficient actual 30-day activity or market-cap history"
  },
  {
    "assetId": "coingecko:sperax",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "improving_tokenholder_value_capture",
    "reason": "No observations"
  },
  {
    "assetId": "coingecko:sperax",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "peer_valuation_difference",
    "reason": "Missing revenue, market capitalization, or a peer-group median"
  },
  {
    "assetId": "coingecko:sperax",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "fundamental_deterioration",
    "reason": "Insufficient actual 30-day fundamental history"
  },
  {
    "assetId": "coingecko:sperax",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "requires_manual_investigation",
    "method": "global",
    "reason": "At least one deterministic research signal triggered"
  }
]

Human review decisions

[]

Full fundamental evidence

[
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:3062",
    "protocolId": "5154",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-09-22T21:51:30.762Z",
    "value": 30097.364651353982,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:3025",
    "protocolId": "5154",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-09-24T00:45:17.400Z",
    "value": 31907.691289208477,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "c9ebdfa7-8140-48de-9184-9cab30c2f5a7:2986",
    "protocolId": "5154",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-09-28T02:01:00.253Z",
    "value": 34929.53384896605,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "a37eade5-b5bd-4300-8bbc-62904da0a3f6:3008",
    "protocolId": "5154",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-10-06T16:53:29.731Z",
    "value": 33860.27174360136,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "5fde7da8-3c37-4879-8995-06f079ce2348:2991",
    "protocolId": "5154",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-10-11T04:49:10.103Z",
    "value": 33450.42132603771,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:2886",
    "protocolId": "5154",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "value": 33454.75659650012,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:3623",
    "protocolId": "2387",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-09-22T21:51:30.762Z",
    "value": 9541.92576434969,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "643a86d5-0f73-414c-92e0-793343ff7d6c:3587",
    "protocolId": "2387",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-09-24T00:45:17.400Z",
    "value": 10105.13164691425,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "c9ebdfa7-8140-48de-9184-9cab30c2f5a7:3587",
    "protocolId": "2387",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-09-28T02:01:00.253Z",
    "value": 10737.539963625204,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "a37eade5-b5bd-4300-8bbc-62904da0a3f6:3596",
    "protocolId": "2387",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-10-06T16:53:29.731Z",
    "value": 10613.39040155205,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "5fde7da8-3c37-4879-8995-06f079ce2348:3601",
    "protocolId": "2387",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-10-11T04:49:10.103Z",
    "value": 10423.311810223966,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:3462",
    "protocolId": "2387",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "value": 10199.386718754153,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  }
]