Statement from Spectrum Protocol
Dear Spectrum Community:
In only 1.5 months, Spectrum will reach its first anniversary. We are a very first protocol in Terra and we never think it will collapse this fast.
We joined Terra because we love the culture here. Most protocols drive changes through governance rather than a single person. Tokenomics improvement on Spectrum was also proposed by the community not the dev. Most protocols open source their codes for transparency including us. We got auditing not only from auditors, but also devs around the world. We can say that Terra is a very good prototype for a decentralized ecosystem.
Competition in Terra was quite fun. Many protocols in Terra come with fresh ideas that you cannot find in other chains. Some apps connect DeFi to the real world usage and create value. Spectrum itself doesn’t only compound but also tried to offer different strategies like auto-stake, auto-vote (withdrawn), Pylon liquid vault, single asset vaults on top of our unique tokenomics and intuitive user interface. At peak, Spectrum once achieved $240M TVL and SPEC market cap reached $45M. One thing that we feel really sorry is that we do not yet have a chance to launch these products:
- Leveraged farms for Alpha Homora V2 and Borrowed farms, a high yield delta neutral strategy build on top of leveraged farms. Auditing is about to complete and planned to launch in this month.
- xAstro staking and spAstro, this should be highest yield for xAstro staking: smart contract codes finished and about to start audit.
- Luna slow-burn vault, a secret product to be announced soon. This should be the highest yield for luna staking with the option for investors to exit any time. Smart contract codes finished, it was about to start auditing also.
During the past few days, it was the very difficult time for our community, team, and everyone in the ecosystem. We feel truly sorry for those who lose. Our team got the huge effect also. Only good thing is that this could be a chance for our team to take a break after long fight for a year.
As of now, the dust still has not settled and the path is still unclear. We are evaluating all possible options going forward.
Spectrum website and the compounding will keep operating.
Till then, stay strong and stay safe.