AMA with Spherium Finance
Nebo: @Sash0i @vgelton Welcome to our community! It’s great to have you here with us today.
Elton: Thank you for the invite! It’s great to be here with you guys
Sash: Hey guys I’m Sash the COO of Spherium finance, here to answer any of your questions.
Moe: Hello guys, thanks for being with us!
Could you please briefly explain what you guys are trying to build @ Spherium?
Elton: Sure, we are trying to build a complete suite of financial services comprising a universal wallet, token swap platform, money markets, and inter-blockchain liquidity transfer.
We are trying to solve the fragmentation of service offerings in the DeFi landscape.
Moe: Yes I think it’s very interesting that you went for an integrated approach for providing DeFi services, it can help convert more people to DeFi by making it simpler to use these services. Are there other projects trying to build something similar currently?
ie. who are your competitors today?
Sash: So in that spectrum we feel our nearest competitors are either dex swaps or lending protocols such as compound and Aave.
Moe: Right, those provide different services but I haven’t seen someone going for an integrated approach — am I right?
Elton: Each of our products has a competitor. For example, our HyperSwap has as competitors Uniswap, Pancake Swap, etc. Our SphereComp, where our users will be able to lend and borrow their tokens will be competing with Compound. However, our ecosystem as a whole is non-existent in the DeFi landscape, and no one is trying to build something similar. The individual competition of our products may be tough, but we are positive that our integrated ecosystem is unique, and this integration will solve basic user issues, such as needing to manage many accounts to access swap, lending/borrowing, and wallet services.
Moe: That’s what I thought, thanks for confirming :)
Could you share details about your token and how it’s going to be used within your ecosystem across the different services ? I’m guessing it’s going to be a single token with several utilities?
Sash: Our token holders will be able to swap, stake, lend, borrow & vote in our governance, plus so much more. There’s more utilities that we will share when time comes. Our token holders can also reduce gas fee by using our BSC bridge. Which is ready to roll at launch 🚀.
Sash: Can’t wait to share our app launch with you, if you don’t want to miss this opportunity follow us on our telegram channel whereby we will make announcements.
Nebo: Will surely do.
Is TGE around the corner?
Also, what can we expect from Spherium on the long term? What are your plans?
Sash: Yes, you are the first to hear it and let me tell you TGE date will be announced tomorrow here: https://t.me/SpheriumCommunity
Nebo: great news!
Sash: Our long term plan is to be the binance of DEX’s. In short we want to improve user experience but also be the place where they can perform most transactions without the jargon and difficulties they face on other DEX’s.
Nebo: Great — feels like the best is yet to come!
I’m sure the community has lots of questions to ask — So let’s have them!
Member 1: Until what corner of the world do you plan to arrive? that is, to what extent in the world do you think SPHERIUM will be solving people’s problems with their infrastructure?
Sash: Yes big time, we want to be accessible everywhere globally, truly borderless and decentralised wherever you live, and whoever you are. Whether you are a farmer or a millionaire or a student. We will do that by making sure we build products that are really needed in the real world of decentralised world, because we think banks are so 1990s. They failed millions.
Member 2: Is it difficult to use SPHERIUM in an existing infrastructure, do you have to follow certain rules to be able to use it?
Sash: Yes, because of lack of regulations around this however we aim to tackle that by being the first DeFi to provide KYC and to users because we know regulators are lurking.
Member 3: There is fierce competition in the finance industry. Obviously, there are other projects that look like you. How will SPHERIUM deal with its rivals? Do you have details to guide users to you?
Kansakiroku: We have some USPs like we are the only cross chain AMM
Spherium will be available on Mobile (again a first)
And will offer Defi at lower cost.
These should help us beat competition.
Member 4: Does the name SPHERIUM ‘ have any meanings? What makes you to select such a name? Also Can you explain how is your Tokenomics Distribution? How many tokens Will be minted? And How many tokens Will be locked by the team?
Kansakiroku: Spherium comes from Sphere
We believe that Spherium Finance ecosystem is a circular Defi ecosystem, which will encompass most of the products that users need.
Total supply of tokens is 100 million. Most of it will be locked as supply at TGE is less than 6%.
Member 5: From the whitepaper, I understand that Spherium will use certain offchain solutions to offset high transaction fee, and also oracle to obtain accurate price data, What security measures are in place to prevent an attack on offchain data?also, how sustainable is the mechanism for reducing impermanent loss on your platform?
Sash: The solution to impermanent loss is being worked upon yet. It is being built and tested. We will get it thoroughly audited before launching the same. We will use Polygon(previously Matic), as a side chain solution to counter the high transaction cost of Ethereum.
They are safe and secure.
Member 6: On moving forward through your roadmap, what are your most important next priorities? Does the SPHERIUM team have enough fundamental (Funds, Community, etc?
Kansakiroku: We are launching AMM — Hyperswap soon.
Next milestone will be launching staking solution and then mobile application.
In the next 2 quarters, we will have AMM, staking, layer 2 built on Polygon and Mobile application live.
Plus, our platform is already cross chain interoperable, this supporting BSC and Eth.
Member 7: Vast majority of Crypto projects are built just for the sole purpose of amassing wealth for themselves. So, I want to know the SPHERIUM you aim to add to crypto industry that will bring greater abundance to the industry?
Kansakiroku: We want to make Defi accessible to all.
The ecosystem is so fragmented right now, that it is difficult for layman.
Also, the cost of transactions is high. Small investors can’t enter he space.
There is no mobile compatible solution available.
We are solving a lot of issues of this industry, so that we bring that adoption, that everyone talks about.
It’s not easy to replace the traditional financial ecosystem, without building user friendly solutions.
Member 8: Smart contracts are susceptible to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you tested it through any of the parties?
Sash: We’re aware of the security risks and that’s why we’re getting our contract audited by some of the best names in the industry, including Quillhash and more auditors to be announced soon, we are also open to more auditors to come and audit our contracts.
Member 9: Is there any plan to burn the SPHRI Tokens in future….. like which are not sold in initial rounds……etc?
I have seen your recent post that you 3.3 Million in seed and private, is this final or are we looking for still more partners to come?
Saw gate as an investor which nis GREAT, so we have a free listing in that exchange 😜?
What are your initial listing exchanges Tier1, 2 or 3?
Who are doing the audits for SPHERIUM and what they have said?
Are we ahead of our competitors in this game? or if behind are planning to cross them in future and do better/best what they are doing?
Sash: Yes we don’t have plans to do token burns.
Our team and investors tokens are vested, no one from the team will get access to their tokens for at least 8 months from now, this is not considering we have been working on this for more than a year now.
Member 10: What are the benefits of holding SPHERIUM token as long term investment? Can you tell us about the motivation and benefits for investors to keep the SPHERIUM token in the long run?
Sash: The token will grow, with more liquidity pouring in and TVL in our ecosystem the higher value the token will gain, therefore it makes our $SPHRI governance token a super ideal candidate for a place in the top 100 at least.
Member 11: A lot of people will want to know what the strength of SPHERIUM is but I want to know the weaknesses and problems faces? How do you plan to solve it?
Elton: Spherium is built with end-users in mind, people who do not have access to fundamental banking services and DeFi adopters. Our current suite of services is geared towards them, but we’ll introduce products for financial institutions in the future depending on the market demand.
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