Sphere Finance’s AMA Delivered on its Promise to Melt People’s Minds
Today, Sphere Finance held an AMA that featured its creator and developer Simsala, YouTuber Jesse Eckel, and other individuals behind the project. The goal of the AMA was to introduce investors to new components to Sphere.
Simsala (Sim) started off by sharing statistics on SPHERE and his amazement in the growth and numbers of the project. One great number is that over $100,000 now sits in the charity pool. But the growth has been amazing and quick.
But is it sustainable? These DeGen projects haven’t been able to back their APYs and their desired growth. Sphere Finance changes that today with the goal of becoming a project that major investors, whales and other individuals/companies will seek to purchase and hold for the long-term.
During today’s AMA, they started with Perpetual APY, then discussed its newest project, Penrose, at length.
The issue with current APY, our protocol really doesn’t care what happens. They want to fix the to an APY to a 365 duration. What this basically means the APY will always be sustainable and dynamic to what the market says about the project.
The APY can increase as more people sell, then decrease as more people buy. It will adjust to always be sustainable. There is no inflation from the APY any longer. It is fully backed by the revenue from the protocol. There is nothing out there like it.
Honestly, SPHERE wants to actually back it’s APY, not create an arbitrary number just to attract investors and then fail.
Instead of participating in Curve or Convex wars, they are building the new generation of them… Penrose.
Penrose (which is like Convex, on Etherium) is a dex aggregator. This is the first satellite project of Sphere. They can come and lock their tokens for a shorter period of time and benefit as if they were locking for a much longer period of time. This also means that Penrose it has more control and governance rights over the Polygon chain, with the eventual move to dominate other chains.
Sphere incubates Penrose. 18% of the entire circulation of Penrose is in Sphere’s treasury. This is huge, because it allows aggressive growth for the treasury. The “beautiful part”, according to Sim, is the it allows Sphere to dictate where and how the liquidity goes.
Ultimately, Sphere Finance is moving to dominate many, many chains, while creating long-term investment and wealth for its community. Sphere is acquiring and creating positions to generate strong, aggressive growth with the desire to become a top-ten cryptocurrency.
Simsala is a genius and his vision is one that many will create great wealth from. Sphere isn’t just a coin, it’s a project that investors need to get on board with now and will only regret should they sit out on the sidelines.
Y0u can watch the entire AMA below.
To learn more, visit Sphere Finance.
To track $SPHERE, visit here.
Join the Sphere Community on Discord, visit here.
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