Weekly Update: July 15th- July 28th 2023
It has been an interesting few weeks in the market as everything continues to hold rather steady in the big two. US politicians continue to seemingly be pandering to crypto users prior to the upcoming election, or at least Bitcoin users. In a stunning resolution, XRP was also ruled to not be a security, much to the chagrin of the SEC. It seems clear that we are headed for the legitimization of the crypto industry if this current trend holds, though many battles likely remain to be fought for regulation that is sensible.
In other news a line of people around the block waited to have their eyes scanned for World Coin Digital ID. Many are calling this the first step towards a dystopian nightmare scenario, time will tell. In more disturbing news, a crypto influencer and millionaire was found dismembered in Argentina. Police are currently investigating the situation.
Current live standings at the time of writing this are as follows:
The news for Sphynx Labs this week is thankfully much happier. Lonzo, CEO of Sphynx Labs had much to say in regards to the upcoming developments of Sphynx Labs listed below. Some of the biggest news to come out of last week was the start of the process to burn our circulating supply down to 1B total supply.
“Remember the point is to bring down our circulation to 1B (cause that’s what would be available in the open market). There’s 5 chains, each chain contains 4B supply. In the end we will end up with random amounts on each chain circulating but the total being 1B between each other. Removing out of circulation preserves the price and MC. If I send it to a dead wallet then we will save the mc and price but we will never make 1B MC = $1 price (4B mc = $1 is how it will be). If I do a true burn then we will loss the current MC, no impact on price. So as you can see it’s tough and you don’t get second chances when you do it. That’s why removing the tokens out of circulation and having the option to do a real burn later is the best option in our current circumstances. All that matters is the circulating supply.” -Lonzo
In addition, the cross-chain token bridge is now live for everyone to use. This bridge allows users to trade any one token for any other token on a different blockchain. Essentially, it is a regular swap you are used to, just with cross-chain functionality.
Eg. If you wish to swap BNB to ETH or BNB to CRO directly, you can.
Current Supported Chains:
The Sphynx Pay Physical Card is also coming within the next two weeks. This card will require KYC, but will include much higher limits and be reloadable.
- KYC Required
- Up to $150,000 Limit
- Google & Apple Pay available
- ATM withdrawal enabled
- Customisable card available (Extra Cost/Free for Level 4 Max Hyper Pools )
This is another aspect of Sphynx Pay as a whole ready to go. We aren’t done though, as we have many more things in the pipeline for Sphynx Pay and Sphynx as a whole.
⁃ More Sphynx Merch
⁃ Sphynx API (Phase 1, P2P payment)
⁃ Sphynx Physical Crypto Card
⁃ Sphynx API (Phase 2, Multi Asset P2P payment)
⁃ Any Token Bridge (Launch with 6 chains)
⁃ Bitcoin Light Network Integration
⁃ Sphynx API (Phase 3, Multi Chain P2P payment)
⁃ CEX Listing(s)
⁃ Wallet Extension Release
⁃ Any Token Bridge (2 more chains integrated)
⁃ ETH/ARB Hyper Pool
⁃ In Store Sphynx Pay release
As we always say, good things take time. We are working to make sure everything we do is made well and released at the right time. We are very excited to get to everything on our list, and we are sure you guys are excited to see it.
Thank you to everyone that believes in Sphynx Labs and the team. We are rolling forward full steam with things no one else is even trying. Once the world knows of us, there is no stopping the train.
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