GAIZEN
日本語
← Back to the list

StakingYield (vault) · Base

Superform (SPCX SuperVault)

Author's status: ActiveUpdated: 2026-10-25

I deposit SPCXc (a SpaceX stock token) in the SPCX SuperVault on Base.

Staking

Token
$SPCXc
Typical APY
About 20% a year (variable)
Rewards
Paid in USDC and sUP (a receipt for deposited UP, Superform's token). The base yield is 0%; it is all rewards
Note
The yield is DefiLlama's figure on 2026-10-25; it was about 42% in early October. SPCXc is Coinbase's SpaceX stock token on Base (a 1:1-backed B20 token for non-US users, launched 2026-09-04). It carries no shareholder rights. This vault holds only about $220K, and its yield moves a lot with the rewards on offer.

Valuation

FDV (fully diluted)
$96.2MMarket cap $23.2M
FDV ÷ revenue
2988xRevenue, last 365 days $32K4250x on the last 90 days × 4 (annualized $23K)
FDV ÷ holder returns
4147xBuybacks, burns and distributions over the last 90 days: $6K (×4 to annualize)
Note
The figures are for UP, the reward token, not for the SPCXc you deposit. Protocol revenue is small (about $32K over the last 365 days), so the multiple against FDV is very high.

As of 2026-10-25. FDV and price from CoinGecko; revenue and holder returns from DefiLlama. The denominator is revenue, not profit, so this is closer to a price-to-sales ratio than a P/E. The author treats FDV ÷ revenue of 5x or less as cheap, but it moves a lot with revenue swings and unlocks.

TGE and points

Current state
UP is listed after the December 2025 token sale. This vault's yield is paid as rewards, so it falls when rewards fall.
TGE
$UPListed
Points program
No points

Team, funding and user base

Base
Unverified
Founders / leads
Vikram Arun (co-founder, CEO)Builds vaults (SuperVaults) that route deposits across many DeFi yield sources automatically. SuperVaults v2 combines variable-rate lending with fixed-term Pendle positions.
VC funding
$9.5M$6.5M seed in November 2022 and a $3M strategic round led by VanEck Ventures on 2024-12-12 ($9.5M in total). A $3M UP public sale on 2025-12-18 ($4.7M committed, on cookie.fun / Legion). The company puts the total at $11.5M including the token sale.
Key investors
VanEck Ventures, Polychain Capital, Circle, BlockTower Capital, Maven11 Capital, CMT Digital, Amber Group, Arthur Hayes
X followers
122.8K@superformxyzas of 2026-10-25
User base
About 180K active users (December 2025, official announcement)Superform press release (Chainwire, 2025-12-18)

Risks and caveats

  • All of the yield is rewards (USDC and sUP); the base yield is 0%. If rewards drop, the yield drops right away.
  • Part of the reward is paid in UP, so a lower UP price means a lower real yield.
  • SPCXc is a stock token issued by Coinbase and carries no shareholder rights (votes, dividends). There is issuer credit risk, and US users cannot use it.
  • The vault holds only about $220K, so withdrawals arriving together could run into thin liquidity.
  • Smart-contract risk applies. SuperVaults were audited by yAudit and Spearbit-affiliated researchers (official announcement).

Links

Invite codes

You can enter this referral code when signing up in the Superform app (app.superform.xyz), or sign up through the invite page (join.superform.xyz/3Q33YW) — no need to use the referral link below. The author may earn a referral reward when you sign up this way.

Start on Superform (SPCX SuperVault) (ref link)

This is a referral link. The author may be rewarded when you sign up or trade. What is written here is not tied to those rewards.

Sources

This page is for information only and is not a solicitation to use any crypto asset or service. Airdrops and their amounts are not guaranteed, and you may lose the funds you deposit.