End of month AMA with our CEO
Warm greetings to you from all of us at Sphere! It’s been an incredible journey in 2023 so far and we appreciate you for sticking with us through it all. Although the recent weeks have been a little bit quiet, we want to let the community know that a lot has been going on behind the scenes.
We knew some of you might have questions for our CEO concerning where we are now and where we want to be, so we kicked off a new ‘end of month AMA’ (Ask Me Anything) with our CEO, Alex. These end of month AMAs will give our community the opportunity to ask any questions they might have as well as give us a chance to brief you on what we have been up to, and what we all have to look forward to. Remember, if you have any questions that you want answered urgently, our team of mods are on hand day and night to help you.
Our first End of month AMA, took place last week, below is a quick recap in case you missed it.
ALEX: Welcome everyone to the AMA session, but before the questions I would like to thank the community for being patient with us so far. Although things have been quiet recently, there is still a lot going on behind the scenes. September, October and November are looking quite busy in terms of IDOs, we have a large number of projects that have passed our advanced due diligence process and we are in the process of conforming dates with them.
As you all know, we are in a bear market and many projects are nervous to launch within these market conditions. We understand, and we wouldn’t put any pressure on them to launch with us in a hurry.
Also, $SXS staking will be live very soon, the contract is currently being audited and we are working on the front end. We will update the community when it is ready.
On the staking front, let me give you a quick insight on what you can expect when staking goes live. As a launchpad our main aim of staking is to ensure tier holders can unlock their benefits. However, we will also be rewarding those that stake with us. Basically the longer you stake and the higher your SXS tier the more SXS reward you will get. We are also factoring in an early supporters pool as well. This combined with ease of use and our enhanced tier holders benefits package, means there is alot about to go live.
Now let’s get to the questions:
Question: Are the projects you will be launching getting exclusively launched on Sphere or on other launchpads as well?
Alex: Some IDOs will be, but not all. This might sound strange to say, but as a launchpad, we are actually very supportive of projects that want to do multi launchpad IDOs, we feel this is a great way for a project to get wide exposure and therefore interest. However, with a multi launchpad IDO, we always want to ensure the launchpad conditions are the same, the projects is not over exposed and it is all managed professionally.
Question: The $SXS withdrawal fees from Bitget are very expensive, exceeding the ETH withdrawal fees.
ALEX: We are really sorry about the fees, but we have no control over that. Bitget is an independent exchange and they have a structure and way they work. However, we will flag up thise concern with them on your behalf.
Question: Is there a $SXS plan for multichain L2?
We will not be doing that now, maybe sometime in the future. Our focus at the moment is to roll out staking and to get high potential projects to launch with us.
Question: What is your runway with the current investments you have?
ALEX: We have a solid runway in place. Sphere has been here for quite a while now and we are committed to delivering value to our community, projects, and partners. We are going nowhere and we will ride out this bear market. Remember launchpads tend to do really well in a bull market, especially the early stages, and we will be here for that and many future bull markets too.
Question: How would you generate revenue? I heard you don’t charge for IDO raises below 100k.
ALEX: Good question. We want to see great projects launch and we don’t want our fee structure to hold this back. For strong projects looking to do raises under $100k and that may not have strong investment in place, we will look to do a no fee raise for them. However, for the majority of projects we charge a fee.
I also wanted to mention that our fee model is based on success, we do not charge any up front fees, and our fee is only taken after a successful IDO.
Our main aim is to bring great projects to you, our community, our fee model will never come in the way of that.
Question: How many total team members does Sphere have and your monthly expenses?
ALEX: Currently we are a team of 16, covering a range of areas including development, design, moderation, marketing, content, and due diligence. Unsurprisingly our development and due diligence teams are our two biggest ones.
Question: Any plans to partner with other top launchpads and launch projects with them?
ALEX: We actually do have light touch partnerships with some launchpads. We collaborate with a few in the industry maybe not on a daily basis, but we do have close connections with some of the main ones.
To be honest, most launchpads have closed doors in terms of collaborations with other launchpads so we do not push too much for that.
Question: How many chains does Sphere support now? How many more do you plan to add?
ALEX: We currently support the following chains: ARB, BNB, SOL, ETH, MATIC, MNT and AVAX. There are no plans to add more chains to this list for now. However this is an area we are always looking at and if a really strong project comes to us to IDO, but is on a chain we don’t currently support, we will always do what we can to do an IDO for them.
Question: Do you buy back tokens?
ALEX: Yes, we do. We buy back and send to a burner wallet where the tokens cannot be retrieved. We have a burn every 3rd Friday of the month and it is publicly verifiable.
The plan is to burn 5M $SXS tokens within the first 24months. We buy back tokens that are already in circulation, so it can have a positive impact on the token supply.
Alright, thank you all for joining, and keep an eye out for coming announcements. Have a great weekend everyone!
Official links
Sphere is now on Threads! Give us a follow here
Official Sphere Channels:
Twitter
Telegram
Discord
Medium
Instagram
Official Website
