With the Spherium website complete, the next step is to incorporate the Layer 1 solution platform web app.
Spherium Finance is a one-stop platform for navigating the DeFi universe in top gear, complete with cross-chain capabilities and optimized protocols on Layer 2. The platform offers a ‘complete suite of financial services’ including the usual DeFi features in a token swap platform, money markets, and inter-chain liquidity transfers.
Spherium has distinguished itself from the DeFi marketplace with a decentralized and secure wallet for its products and services, facilitating multiple wallet integrations. The budding DeFi platform is aiming to make numerous affordable and unique products for traders to play around with.
The Hyper Edge
At first glance, many new DeFi platform entries can appear to be clones of another. Without being able to distinguish key differences, traders and swappers will have little incentive to switch. So what is the edge that Spherium offers? Let’s review their products.
HyperSwap
- The only mobile-first AMM on the market and first of its kind
- Transaction slippage is paid in a higher proportion to liquidity providers than to arbitrage traders, incentivizing more users to utilize the liquidity pool as a farmer.
- Liquidity providers benefit from slippage protection and mechanisms to avoid impermanent loss.
- Cheaper costs as HyperSwap will operate with the retail trader in mind. Compatible with not just Ethereum but Binance Smart Chain and extending its Layer 2 capabilities to reduce gas fees.
- Utilizes cutting-edge cross-bridge protocols.
SphereComp
- Decentralized pool-based lending protocol.
- Algorithmically tied interest rates based on true supply and demand for the asset. Loans are not matched individually between lenders and borrowers but taken from the pooled fund. Borrowers pay interest which is paid proportionately to the liquidity the lenders provide.
- No negotiating terms like maturity, interest rate or collateral.
Spherium Wallet
- Non-custodial and mobile wallet for ERC20 + BEP20 tokens which can be connected to any DeFi platform via WalletConnect. The Spherium team will ensure wallet security and safety.
- To be released on Android then made available on iOS.
- Integrated payment gateways and native crypto-to-fiat offboarding.
- Plans to integrate “post-quantum cryptography powered security and multi-sig aggregation capabilities.”
Road Ahead
The promise of potentially game-changing DeFi tools has garnered attention from decentralised finance users. With the Spherium website complete, the next step is to incorporate the Layer 1 solution platform web app. This will allow for Spherium to IDO with 100k tokens in circulation with 10% distributed in the seed round. Much of the platform is going to be rolled out in Q2 of 2022 and more detailed tokenomics will be released further into 2021.
So far, Spherium has shown its willingness to enter and buy seven blocks in the NFFT Blockverse, a fillable board of blocks that give holders the opportunity to edit and change the content within the smart contract. See if you can spot them yourself.
There is a long road of development ahead for Spherium but a clear vision. DeFi users are relishing the chance to use their Spherium wallet to stake their ERC20 tokens directly from their phone or desktop or use it as a virtual debit card to make direct cryptocurrency payments.