I took over as CEO just over 6 months ago and it has been a hell of a ride since then. But the journey for Sphere is far longer than that.
When the business first came into being, it was in 2021 and at the height of the bull market. When I took over my plan was to pivot the business into one that was ready to launch in a far more bearish market. My aim was to get us to a point where we could launch our Token in Q2 2023.
In this update I am going to cover everything from where we are, to what we have planned and how you can support. There is a lot that I will go over, but I wanted to share with you as much as I could.
The month of May is set to be the biggest month yet for Sphere, so LFG…
Q2 2023 is here, so what now?
The hugely exciting news is that we are going to be launching at the end of this month, SXS will be live soon!
We have our exchange locked in, we have our tokenomics finalized and we are ready to go.
You as a community have been hugely supportive of us as a project and as CEO there are a few things I want to go over with you.
We will be launching on Ethereum and not Solana. The main reason for this is that we feel there is more support for Ethereum right now, and we wanted to launch on a blockchain that we felt gave us the strongest foundation to grow from, in the future.
For those that have won airdrops and whitelist places, there is a link to a form at the end of this update, ‘Sphere IDO and launch — new address submission form’ where you will need to fill in your new details. However, try not scroll straight there, please read this update in full.
The price is right
We needed to look at our valuation and our listing price. During a bull market the project was rightly looking at a higher valuation, however during a bear market a high valuation can not be supported. This means we have decided on a lower market valuation and one we feel has a far stronger chance of finding support. Further details will be in our full tokenomics, which will be launched next week.
It’s all about the Tokenomics
When pivoting a business during a bear market and getting ready to launch, it is crucial that tokenomics reflect this change. The team and I have put a lot of work into the tokenomics to ensure they are fair, set the business up to give it the best possible chance of long-term growth, and also allow the business to deliver on its previous commitments.
As mentioned above, we will be launching our full tokenomics next week.
Whitelists and airdrops
If you have won a Whitelist place for our IDO in the past your spot is secure, however there is the new address submission form at the end of this update that you will need to fill in.
On the airdrop front, we will be giving away 2.5m SXS to our community and as part of our listing. If you have won a Sphere airdrop in the past, you will need to complete the new address submission form, at the end of this article.
Airdrops are free for winners and a great way to reward the community. But, they do cost the business.
Over the years we have done quite a few airdrops and some of these were during a bull market, and a lot were a year or more ago. It is a delicate balancing act to deliver on these airdrops, but not put at risk the business. With this in mind, there will be a few changes.
- Anyone who has won an airdrop and completes the new address submission form, will get an airdrop*
- All airdrops will be in SXS.
- There will be a vesting schedule put on all airdrops, this will be confirmed in our tokenomics.
- Finally, we will be reducing some of the airdrop amounts we are giving. The reason for this is simple: some of the biggest airdrop competitions/ commitments were done when the market was much higher than it is now, when our potential valuation was higher and when the business had more funding.
We do hope you support us with these changes. The bear market has been tough on all projects, being focused on cash flow is key, especially at the time of launch and rewarding our community, without putting at risk the project is our goal.
Remember, the great news is that we will be giving away over 2.5% of the total supply of SXS tokens via airdrops to our community and also as part of our listing to the wider ecosystem.
Again, if you have won a whitelist place for the Sphere IDO or an SXS airdrop in the past, please be sure to fill out the new address submission form at the end of this update.
*The Sphere team will need to confirm your win in our records.
We are going to be running an IDO, the price will be 20% below the listing price and it will be 100% unlocked at launch.
Further details will be launched soon.
A lot of whitelist place winners were from our original call out 2 years ago. We know that some of these might no longer be active. We will see what re-engagement is like and if there is free space we will consider a final whitelist competition. We will keep the community updated on this via our Telegram channel.
At Sphere we are big on trust and transparency, we know our community is what makes us and we want you to know that we are all in it for the long term.
When we launch our Tokenomics, you will see that over 50% of all tokens will be locked for at least a year and this includes all team tokens. We will also be sharing relevant links with the community prior to launch so that anyone can verify this on-chain at any point during the year, should they wish.
Ready for some Hype?
Launchpads perform really well during a bull market and especially during the early stages of a bull market.
Our focus is getting Sphere set up and launched to ensure you, our community, benefit from this potential massive upswing. The fact we are multi-chain, we have a good refund policy in place, have a strong committed team, a great platform, our own airdrop portal and are now fully mobile compatible for IDOs, is setting us up really well.
But this isn’t all
On 10th May, we are going to be doing a major announcement with a brand new Layer 2 and Sphere will be their official launchpad partner. This is set to be huge and we can’t wait to share more news with you soon.
We need you!
One thing I have seen over the years is that an engaged, supportive, positive and vocal community is what makes or breaks a project. We can have the best backend, amazing partnerships and exciting developments, but if our community is not supportive, then no one will know. So we need you now more than ever.
However, we don’t want this to be a one way street. We want you to benefit from your support, not only in increasing positive sentiment and therefore wider support for SXS, but we want to give you some SXS too. We have therefore created two ways that you can support Sphere and also benefit directly from doing so.
Are you a Sphere Ninja? We are creating a monthly SXS reward pot, which will be worth $1,500, that will be split equally every month between all Sphere Ninjas that support the project. If you are a Sphere Ninja this is live now. So get tweeting, posting, commenting, retweeting etc. Our moderators are watching and you will be rewarded.
If you are a community member, we are setting up a monthly SXS reward pot, which will again be worth around $1,500, for you too. This is open to anyone who supports the community in a vocal and/ or proactive way. This could be creating memes or stickers, it could be writing an article about why you like Sphere, it could be posting a number of tweets about the value sphere adds to the space, it maybe a video you have done about Sphere, it could just be you being really engaged and positive within the community. This is live so get creating content! At the end of every month there will be a form our moderators will share, where you will be able to link through to the content you have created in the past month and this will enter you into the chance to win a percentage of the SXS reward pot.
We need you, so what are you waiting for?
If you have won a Sphere whitelist place in the past, or you have won an SXS airdrop please ensure you fill in the ‘Sphere IDO and launch — new address submission form’. Be sure to read the full instructions at the start of the form and complete all steps.
Thank you all for your continued support and encouragement. We know it has taken some time to get to this point, but we feel we are stronger for the journey and at a place now, where we can all be super excited for the future.
Please always reach out to our awesome team of moderators on our official Telegram and Discord channels if you have any questions. They are there to answer anything that is on your mind…
Beware of Telegram, Online and Twitter groups trying to impersonate Sphere. Always ensure you are on our official channel or groups.
IDO — the risks
Any investment has risk and an IDO is no different. It is important to us that you understand the risks associated with taking part in an IDO. Please read the article we have put together here, which looks at some of the risks and why it is so important you do your own research and due diligence.