$SPERP Token — Overview

Coming soon — design in progress. Nothing on this page is a commitment to any specific token utility, distribution, or economic outcome. All mechanics described are under active design and are subject to legal review, regulatory developments, and final tokenomics work. A separate, formal tokenomics document will be published before any Token Generation Event (TGE). Until then, treat everything here as direction-of-travel only.

Not an offer to sell securities. This page is informational and forward-looking. $SPERP does not exist yet; no token has been issued, no allocation has been promised to any participant, and points earned today have no guaranteed conversion. Eligibility, mechanics, and availability will depend on the jurisdictions in which the token is offered, and may exclude certain jurisdictions entirely.

What is decided

What is intentionally unsettled

We will not publish tokenomics we haven’t finalized. The following are under active design and will be released as a separate document before TGE:

• Total supply and initial distribution percentages (team, investors, community, treasury)
• Vesting schedules for each allocation
• Emissions curve and long-term inflation target
• Token utility — the specific on-chain rights $SPERP will confer (see “Planned utility” below for our current thinking)
• Launch mechanism — LBP, airdrop, public sale, or hybrid
• Listing venues — which CEXes and DEXes at launch

Planned utility (under design)

These are the mechanics we expect to ship based on current design work. Specifics may change before TGE.

1. Governance over tunable protocol parameters

A limited set of on-chain parameters are candidates for token-holder governance:

• Per-market fee rates (taker/maker) within hard bounds.
• Per-market max leverage within hard bounds.
• Insurance fund target_balance and max_backstop_exposure.
• The composite index weights (currently hard-coded at 50/30/20 for teams, 55/30/15 for players).
• Market additions / sunset decisions.

What governance will not touch: the zero-bad-debt invariants (maintenance margin, backstop threshold), the anti-manipulation rules (18.3% floor), or the program upgrade authority. Those remain constants or multi-sig.

2. Fee discounts

A tiered fee discount based on $SPERP holdings or staked balance. Traders with significant $SPERP exposure pay lower taker/maker fees — rewarding alignment with the protocol.

3. Insurance fund staking (under evaluation)

We are evaluating mechanisms by which $SPERP holders could opt-in to backstop the insurance fund’s solvency. Any such mechanism would carry explicit principal risk — participants would absorb losses if Layer 3 ADL is invoked — and would only be offered subject to legal review and regulatory clearance in the relevant jurisdictions. Specific terms (eligibility, rate, lock-up, jurisdictional restrictions) are not finalized and may not appear in v1.

4. Points redemption

Points earned during the pre-launch program convert to $SPERP at TGE at a to-be-announced ratio. See Points Program for earning mechanics.

5. Treasury and protocol-revenue mechanics (under evaluation)

A portion of protocol revenue may be allocated to ecosystem-aligned mechanics — examples being explored include buyback-and-burn, treasury reinvestment, or grants programs. The specific mechanism, eligibility, and jurisdictional availability are unsettled and depend on the outcome of legal review. Any mechanism that resembles a yield, distribution, or return tied to token holding will not ship in jurisdictions where it cannot be offered compliantly.

Why a token at all

SportsPerp works as a protocol without a token. USDC collateralization, permissionless liquidators, open-source keepers — the core mechanics have no token dependency. The token exists for three reasons:

1. Align incentives across participants. Traders, liquidity providers, keepers, and long-term believers should share in the protocol’s success. A token is the standard mechanism.
2. Provide additional risk capital, subject to legal feasibility. Beyond protocol-treasury funding of the insurance fund, opt-in mechanisms by which token holders could backstop solvency are under evaluation — see “Planned utility” above. Whether such mechanisms ship depends on legal and regulatory review.
3. Bootstrap liquidity and awareness. Rewarding early traders and liquidity providers with points that convert to $SPERP gives the protocol a credible distribution mechanism for reaching a critical mass of users before mainnet’s 2026 World Cup window.

Why “coming soon” and not “launched today”

Two reasons:

• Tokenomics deserve more design care than a pre-launch window allows. Launching a token before the protocol has a stable mainnet and a real user base leads to predictable failure modes: mercenary capital, pre-TGE leaks, and governance capture by speculators rather than users. We’d rather ship a high-quality token after the product earns a user base than the reverse.
• Regulatory surface area. Sports-performance perps are already novel; launching a token concurrently with that surface adds complexity. Separating the two — protocol first, token after — is the simpler path.

Tentative timeline

The timeline is target, not commitment. We will not ship a token until its design and the protocol’s stability justify it.

Stay posted

• Follow the protocol on official links for tokenomics updates.
• Run a position on devnet today — every transaction contributes to the pre-launch activity history that will inform points allocation at mainnet.
• Build on top: SDK integrations, keepers, analytics dashboards all qualify for ecosystem points at launch. See Points Program.

Further reading

• Points Program — the pre-token rewards layer.
• Roadmap → Devnet to Mainnet — the product milestones the token launch is gated on.