Weekly Update: February 3rd 2023- February 10th 2023
What week it has been in the market, at least the latter half. Swirling rumors of the US Government wanting to ban staking for retail investors sent the market into a slight panic this Thursday. Kraken has reached an agreement with the SEC to pay $30 million and shut down their version of crypto staking. The effect that the US banning staking would have on the market is really unknown at this point. However, some suggest that in the short term this could be a big boon to decentralized finance due to the built-in protection by its very design from regulatory oversight. In addition, a lack of other options could drive people to look deeper into decentralized finance and the staking opportunities within just below the surface. Regardless of future events, Bitcoin continues to hold over the support line at 21.6k, ETH at 1.5k, and BNB at $305. A slight dip to be sure, but more time will tell if that is all it is.
In the decentralized world, Sphynx has continued their onslaught of adding multiple chains to the platform to give users the most options possible. Last week Sphynx added the Avalanche chain to their ever growing list of supported chains. This week saw the addition of Arbitrum, one of the hottest chains on the block right now. Sphynx now offers the full support of the chain on the dApp including charting, swapping, bridging, and more. Support for the most recently added chains in the Sphynx DeFi app is coming as soon as an Apple clearance for the update will allow.
Also for this week, Sphynx Labs CEO, Lonzo, dropped the news that another chain will be added to the Sphynx Labs Platform next week on the 15th. The Sphynx Community has been abuzz with speculation at what the next chain could be, but they need not wait long to find out.
Changes to the dApp have also been a major priority with Lonzo stating:
“As we’ve added more chains and projects to our platform we’ve also been able to improve performance significantly, especially on things such as:
- Charts load time
- NFTs load time
- Transactions load time
- Info bar load time”
In other exciting news, in celebration of the Aegis Sphynx NFT Mint going live, we are giving a prize package to two lucky minters, and something extra special to everyone that mints 20 or more Aegis!
1 BSC Scion NFT
$100 (BSC) Bridge Stable LP (USDT)
1 Aegis NFT
50,000 Sphynx BSC Tokens
1 CRO Scion NFT
$100 (CRO) Bridge Stable LP (USDT)
1 Aegis NFT
50,000 Sphynx CRO Tokens
Sphynx Ultimate Believer Bundle
Mint 20 Aegis Sphynx NFTs and Receive:
Genesis Sphynx NFT
$500 Bridge LP (USDT)
100,000 Sphynx Tokens
Aegis Sphynx NFT
Full information can be found at the Gleam link here: https://gleam.io/competitions/cXA5h-sphynx-aegis-giveaway
There is much more to come with Sphynx. Stay tuned for Sphynx’s Weekly Updates posted every Friday, or be informed on the Sphynx Telegram, Twitter, and Instagram pages.
Thank you for reading, and have a great week!
Sphynx Labs Links
Aegis Sphynx Mint: https://thesphynx.co/council/56
Sphynx Mobile App on Apple App Store: https://apps.apple.com/app/sphynx-defi-app/id1626361848
Sphynx Mobile App on Google Play Store: https://play.google.com/store/apps/details?id=com.sphynx