Sphere Finance is less than 4 months old and operates on the Polygon blockchain. It bills itself as “The S&P 500 of Crypto.” Essentially, Sphere Finance is like an index fund. Investors buy and hold the $Sphere token. This allows the Sphere Finance protocol to buy governance tokens in other projects. By owning governance tokens in other projects, the Sphere token theoretically increases in value as the Sphere Finance protocol and its investors exert increasing levels of influence on other projects. $Sphere token does not need to be staked and it is deflationary, meaning it gets bought back or burned, which also theoretically increases the price of $Sphere, depending on market conditions. At a high level, Sphere Finance consists of its protocol-owned treasury, protocol-owned liquidity, and taxation mechanism.
Market Listing
CoinGecko and Dexscreener. Not yet ranked. Recently migrated to a new contract. $232M market cap. 35k holders. You can check price action on dexscreener.
Website
Here is the Sphere website. The identities of the Sphere team are not known. They participated in KYC programs through Certik and The Obsidian Council, but I was unable to verify because a link in their whitepaper claiming proof of this is broken. This is important because most decisions being made for the protocol are made by the core team. Sphere has plans to allow community voting in the future, but that has not happened yet. This could be concerning for some investors. Sphere Finance has multiple partner projects including Penrose, Dystopia, Tetu, and Overnight with Preon and Little Star coming soon. Sphere Finance has a robust roadmap that appears to be on schedule. But as far as road maps go, this is a good one, with many updates and additions planned.
Social Media
Sphere Finance is on Twitter. 32.5k followers. Good engagement on recent posts.
The Sphere Finance Discord channel can be found on the Sphere Finance website. 32k Discord members. Seems like the standard Discord channel with plenty of interaction and the usual back and forth among investors and people with questions and spreading fud :).
They also have a YouTube channel called SphereTV.
Whitepaper
https://docs.sphere.finance/. Seems to answer most basic questions and they’ve been updating their roadmap with pertinent updates.
Audits
Sphere Finance has several audits from trusted sources Certik and Solidity Finance. The Certik audit caught 3 Major problems but they were mitigated by the team. One of the major findings was a lack of a multi-signature treasury wallet but that was fixed. The Solidity Finance audit only found low-priority items.
Scam Checks
Unable to find any data utilizing the following sites:
Thoughts
Sphere Finance is a new protocol with an undoxxed team. The overall concept of acquiring as many governance tokens as possible is interesting. I don’t think many protocols are doing this. The protocol has been audited by reputable firms which is a huge bonus. It might be a good option for those investors that like to buy and hold a coin for the long term.
Disclaimer
This is not financial advice. I am not a licensed financial advisor. Market conditions are extremely volatile in the crypto industry. Always do your own research before investing.
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