What is Sphere Finance DeFi and what is its SPHERE token all about?

With the crypto space evolving, the focus seems to be shifting from traditional buying and selling of assets to “passive income”. The term passive income is commonly associated with decentralized finance or DeFi.

Recently, the hacking of Ronin Network, which powers the popular blockchain-based game Axie Infinity, made the news. however, despite a slew of hacks of DeFi protocols, the sector is gaining traction. It claims to allow crypto holders to earn revenue by staking their tokens. In networks based on the proof-of-stake consensus method, staking powers the validation of transactions.

Now, a new cryptocurrency, Sphere Finance, is claiming to provide a “market-fixed” annual percentage yield (APY) through autostaking. Let’s know more.

What is Sphere Finance cryptocurrency?

The project claims to become the S&P 500 index of the DeFi space, something that has yet to be proven. For now, it states its primary function as enabling autostaking of governance tokens. The project would, it says, focus on holding governance tokens that use the Polygon blockchain network. It also talks about a daily return on investment (ROI).

Sphere Finance is claiming that its users can become “proxy” holders of various governance tokens. By achieving this, the users may play a key role in the voting process and governance of those projects. In a bid to attract enthusiasts, Sphere Finance is highlighting payouts every 30 minutes from staking.

Also read: APE and WAVES: 2 cryptos that made news in Q1 2022

Sphere Finance crypto (SPHERE)

SPHERE token is what the project says would be used to hold governance tokens of other projects. The token is very new, and hence nothing can be predicted about its price in the near term. Separately, the project states it would use the initial launch funds to acquire governance tokens, something that has yet to be undertaken.

Also read: What is Ankr protocol and its native ANKR crypto?

SPHERE crypto price

The project mentions SPHERE crypto’s availability on QuickSwap, a decentralized exchange (DEX). The token recently touched the price of US$0.05, according to CoinMarketCap.

Its price was nearly US$0.006 on March 21, 2022, and it has since been on a rise. But since all cryptos are volatile, SPHERE token price prediction can be very speculative.

SPHERE token price movement

Data provided by CoinMarketCap.com

Bottom line

DeFi is a popular segment within the wider cryptocurrency space, and so is the staking of tokens. But this does not mean it is absolutely safe. The recent hacking of Ronin Network shines a light on how the field is vulnerable to attacks and losing cryptos to hackers.

Sphere Finance is a fairly new entrant, and since it is claiming high returns to users through the autostaking feature, being cautious is recommended.

The network’s token, SPHERE, has appreciated over the past nearly 10 days. However, the token has a long road ahead before it can make a place for itself in the large-cap cryptos category dominated by BTC and ETH.

Also read: RAD crypto rises: Can Radicle be ‘decentralized’ GitHub?

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

 

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