Weekly Update: March 18th- March 31st
This week's update (or should we say two week update) is focused on updating the major information regarding all the changes mentioned in the last update. We are drawing so close to the migration to one token supply. At the time of writing this, liquidity is being migrated day by day and chain by chain for the anticipated completion date of the 4th of April.
Sphynx Swap 2.0
*Update*
The new swap functionality is now live on multiple chains including ETH, BSC, and Arbitrum. An entire UI update is also in the works as well for a surprise release some time soon.
Coming within the next few weeks is the new version of the swap on the Sphynx dApp and Sphynx Mobile App. The new swap will not require and switches between liquidity pools in order to trade, and will instead track all major DEXs on supported chains and give users the best price to buy and sell at automatically. This opens up new arbitrage opportunities on the platform, as well as provides a more user friendly experience for newer traders.
Unlike a simple aggregator, it should be noted that Sphynx retains the functionality of a DEX with this new system by having liquidity as part of the system, and the ability to add to liquidity pools for different pairs.
Hyper Pools
*Update
Each type of LP will have their own pool, there is no mixing of LP. So if you have BNB/SPHYNX and BSC bridge liquidity with USDT, they will need separate pools. The Hyper Pools are expected to go live at the completion of the merger. The following minimums and maximums have also been released for multipliers.
LVL 1: LP- No maximum
LVL 2: Sphynx Tokens- Min 10K Max 4M
LVL 3: Scions- Min 4 Max 16
LVL 4: Aegis- Min 3 Max 9
Hyper Pools at Launch
Sphynx / Apex
Sphynx / Cro
Sphynx / BNB
Sphynx / BRC
Sphynx / LOOP
USDT Bridge Hyper Pool
BSC
CRO
BRC
USDC Bridge Hyper Pool
BSC
CRO
BRC
Native Hyper Pool
BNB
BRISE
LOOP
Investors can build their Level 1 using any of these liquidity pairs for Sphynx or/and Bridge LP (Single Asset) or/and Natives (Single Asset)
Lonzo gave many details about the long awaited and highly speculated Hyper Pools. Let's first breakdown the levels:
Level 1: LP Tokens (Bridge Pool LP and Sphynx Pairs)
Level 2: Sphynx Tokens
Level 3: Scion NFTs
Level 4: Aegis NFTs
Level 5: Referral Bonuses
You must put LP Tokens into the pool to unlock other levels ($50 minimum). LP Tokens are what is given when you provide liquidity for people to trade with. For instance if you put $1000 USDC in the CRO bridge, you get 1000 LP Tokens. There is no risk of impermanent loss with single asset farming like USDC or USDT as they are stable.
The LP acts as the base for your pool. So, if you put $1000 in LP, your base is $1000. The other levels each add a multiplier on top of that bringing your earnings to 1x, 2x, 3x the initial investment you put in and so on. So you would be earning Sphynx, Natives, and USDT as if you put $4000 in for instance instead of the $1000 worth of LP.
The chain your LP comes from dictates the Scions you can put in, and in turn, the native you earn. For example: CRO Bridge LP means Scion CRO NFTs means you earn CRO as the native. There will be different Hyper Pools for each chain LP. All pools will be on the BSC with assets being bridgeable to enter the pools.
The Aegis NFTs are truly universal as stated before and can be used in any pool you like. 1 Aegis unlocks the ability to earn USDT, and 3 unlocks them as a multiplier for the entire pool.
Further broken down:
Bridge LP - Users can add LP on any chain and bridge it to BSC to enter the Hyper Pools to Earn Native of THAT chain.
Bridge NFT - Users can bridge their NFT from any chain to BSC to add it as their Level 3 for the Hyper Pool.
Migration
*Update
The migration is set to be completed Tuesday, April 4th. Liquidity is currently being migrated chain by chain.
Ratio information has been released at this stage as well. For every chain Sphynx tokens are on, aside from CRO and BRISE, investors can expect a 1:1 ratio of the new tokens. Due to the marketcap difference of CRO and BRISE to the others, there will have to be a ratio. We will make this as close to 1:1 as feasible.
If you notice above, no mention of what Sphynx tokens are required for the Hyper Pools was stated. That is because very soon there will be one supply of Sphynx Tokens, and thus one Sphynx. This means that we will be migrating to new contracts as we prepare for the launch of the Sphynx Chain. What does that mean for you?
If you are holding or staking Sphynx, nothing. We will airdrop you the new tokens you don't need to do anything.
If you are farming, you will suffer no permanent loss. We will have a process in place for you to swap your current LP tokens for new LP tokens. The process will be very easy and you can start earning again right away. More details on this process will come soon.
This means that the goal of one token is within our capabilities and will be happening. Total supply will be stated, and Lonzo has said he will burn 1 billion right from the start.
So everyone understands, the Hyper Pools have enabled us to do this and serve as incentives to provide liquidity for things like our bridges that bring real yield to everyone with low risk. More people providing LP = more people using our services = more real yield for everyone. So irrespective of market conditions or token price, you are still earning.
Emissions will only occur on the BSC, and taxes will be dropped to encourage trade across the different chains Sphynx is currently on.
Sphynx LP will be added to major DEXs with the migration as we do not need to hold the LP ourselves to get the fees for trading. This is great for more exposure and more volume.
Sphynx Pay
Lonzo gave more details on Sphynx Pay as well today. There will be three ways Sphynx Pay is being incorporated:
API (for buying on websites using Sphynx)
Visa/Mastercard (Crypto to traditional fiat for purchases)
Sphynx Pay (physical QR system for accepting payments in crypto)
Visa/MasterCard will require some form of intermediary. The ultimate goal is for Sphynx Pay to function as much as a peer 2 peer system as possible.
Lonzo has the first business lined up to accept Sphynx Pay, and they are a franchise in New Zealand and Australia with many daily transactions. More to come.
Sphynx HQ
In more incredibly bullish news Lonzo stated that Sphynx will soon have three physical locations in strategic locations:
Dubai
New Zealand
And likely Miami
These will serve as a place to host clients and gain sales. This gives legitimacy to Sphynx and something real and tangible. Lonzo had the following to say:
"With Sphynx HQ we can make bigger moves through simple things like product launches and so on as we can connect with people IRL.
We are building long term relationships with everyone we work with.
It’s these types of events that will move us.
Not call channels, not YouTubers, not what the other 99.99% are doing.
If we are building different we have to move different."
Lastly, we have a tentative time frame for things coming soon given to the community by Lonzo:
April:
New UI update
New Bridge (V2)
New Launchpad
New Swap (V3 to include CEX liquidity)
HQ Office Move In
Hyper Pools
Merge
May/June:
Sphynx Pay Launch (Physical Store)
Futures Trading Implementation
BTC Conference Event Sponsor (USA)
HQ Office 2 Move In
We are very excited for the future both imminent and a little farther out. We have plans to push the migration to get Sphynx Labs to where it deserves to be.
In the meantime, 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
Website: https://sphynxlabs.co
Telegram: https://t.me/sphynxlabs
Twitter: https://twitter.com/SphynxLabs
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
This past week, the market has still maintained a generally positive sentiment. The BTC Fear and Greed index sits now in greed, more long positions are being opened, and whispers of recovery are turning to regular proclamations. This positive sentiment is reflected in the prices of major coins still holding positively from last week with BTC at $23k, ETH at $1.6k, and BNB at $330. Will those still pessimistic calling "bull trap" be proven right? We certainly hope not.
Things in the Sphynx Labs camp remain positive and bullish as the team is gearing up to release more utilities than they already have recently in the coming weeks.
This past week has seen Sphynx Labs doing multiple AMAs to push the Aegis Sphynx NFTs that are currently minting now. Soon, the Hyper Pools will be released with never before seen functionality to earn three assets from one pool. The Aegis Sphynx serve as the final level to unlock earning USDT with one NFT, and a final multiplier for every three staked.
The Aegis Sphynx NFTs are also the only public chance to become a node validator on the upcoming Sphynx Labs Chain. You must hold an Aegis as a prerequisite to be a validator, along with other requirements. The ability for passive income from validation, especially on a new chain, cannot be overstated.
Speaking of new chains, Sphynx Labs has also added full Avalanche Chain support to the Sphynx Ecosystem. Users of the Ecosystem can now use the dApp to trade, chart, farm, stake, and bridge easily on Avalanche. Soon, both Avalanche and the also recently added Polygon will have support in the Sphynx DeFi App as well.
In another major update, Sphynx Labs has changed the tax on all $SPHYNX tokens to the following:
CRO, BRISE, APEX, and LOOP $SPHYNX
1% Buy/9% Sell
BSC $SPHYNX
1% Buy/18% Sell (Will go down gradually)
The team has worked hard to build with sustainability in mind to make a 1% buy tax possible for everyone. This buy tax will go exclusively to a burn.
Support for another chain is coming soon as well on February 7th. Be sure to follow along closely in the Sphynx Labs Telegram as new revelations are coming quickly.
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
Website: https://sphynxlabs.co
Telegram: https://t.me/sphynxlabs
Twitter: https://twitter.com/SphynxLabs
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
