Bringing CeFi and DeFi together
We are really excited to announce that Foxify have passed our due diligence process and are confirmed to be doing their IDO with us this month.
Most of us use centralized and decentralized exchanges on a daily basis. But these exchanges have their trade offs.
Centralized exchanges have issues with security, decentralized exchanges have issues with usability.
What if there was a way to solve both issues at once?
Selection:
Before we take a closer look at Foxify and why we feel they are set to be a game changer in their field, we wanted to give you an insight into how we select projects who IDO with us, it is not straight forward!
We believe in quality not quantity.
All projects have to go through and pass an in depth due diligence process. Find out more about how we select projects here and we have also included a few tips on how to conduct your own due diligence.
Now let’s get into the good stuff…
Who are Foxify?
Foxify is a first-of-its-kind, a decentralized trading platform offering peer-to-peer options and perpetuals trading. Foxify blends the best of both worlds, the trading experience of CeFi and the security of DeFi.
Centralized Exchanges
Problem
Not your keys, not your crypto: When a user deposits crypto funds on a centralized exchange, the user is at risk because the exchange can restrict the user from accessing his funds.
Not only that, the exchange can get exploited which can make users lose their deposited asset. This has happened many times in the crypto space.
Solution
Decentralization: In decentralized exchanges, users have total control over their assets and can withdraw these funds anytime. Foxify is completely run by smart contracts and this enables users to store their assets in the in-built non-custodial wallet.
This means there is no single point of failure that can be exploited.
Problem
KYC: Centralized exchanges also require users to reveal their online identity which not everyone is comfortable with. Also, this personal info can be used against the user if it falls into the wrong hands.
Solution
Foxify’s decentralized platform solves this because the user will not have to reveal their personal information. Only the user’s email is required and this email is only required to access the non-custodial wallet, so is completely optional.
Decentralized exchanges
Problem
Complicated UI and UX: Defi exchanges are known to have a complicated UI that many beginners find hard to navigate.
Solution
Foxify’s OptiTrade Technology solves this by creating a customizable UI that users can adjust to their taste, making the trading experience seamless
Problem
Cross-chain swap difficulty: Sending crypto assets to and fro blockchain protocols on decentralized exchanges is usually a hassle. Bridging can take hours if you are not familiar with the process.
Solution
Foxify allows users to bridge their assets across blockchains with ease.
Foxify serves as the bridge between centralized and decentralized exchanges; why choose one when you can have both?
Stand-out features of Foxify
- CeFi experience with DeFi security
- 50x leveraged perpetual trading (with zero slippage)
- Gasless experience
- Customizable UI OptiTrade technology
- Technology to trade any asset pair globally
- Triple audited: Foxify is audited by Certik, Halborn & Hacken
Who is Foxify built for?
Experienced traders
- Cross-chain swaps
- Gas less experience
- 50X leveraged trading
- Technology to trade any pair
New traders
- Customizable UI and UX
- Non-custodial wallet
- On-ramp and off-ramp features
- Email wallet creation
- Academy & educational resources
Everyone
- Stake Foxify’s token and earn a percentage of trading fees generated within the platform
- Provide liquidity into the PLP and earn a share of platform trading fees in USDC
Notable Foxify products
Non-custodial wallet
Foxify will offer a non-custodial wallet that is secure, user-friendly, and seamless. Users will be in total control of their funds.
Users can create a wallet simply by clicking on a link, which is sent to their email or phone. The link is unique to the user and contains a secure authentication token, which allows them to access their wallet without needing to remember any passwords.
Foxify Trading Co NFTs
Foxify Trading Co is a collection of NFTs on Arbitrum, that offer a discount on Foxify trading fees. The NFTs are tiered and the discount varies accordingly.
- Gold = 25% discount on trading fees
- Silver = 10% discount on trading fees
- Bronze = collect 5 and merge into Silver
The collection is available to purchase on the secondary market via OpenSea.
Foxify Academy
Foxify will focus on education and there will be multiple sources available for users to learn. Video and written content will be readily available.
Due Diligence report
When we assess projects, we cover a range of factors in our due diligence. The leading factor is always the team of course.
Critical factors we assess:
Team, serviceable obtainable market size (size of the opportunity the team can realistically seize), and stickiness (are people using the platform and coming back to use it again).
What specifically stands out at Foxify is that Danny Winn, the founder and CEO, delivered 700% growth in a bear market with his previous crypto project, after LUNA had crashed.
Moreso, that his community and investors in the previous startup have continued to back his efforts at Foxify, more than once. Seeing a community follow a founder who delivers, and continues to compound their conviction in the form of dollars, is quite rare in Web3.
On the socials, they are achieving steady growth and the quality and sentiment of the engagement is on the level of what we look for at Sphere. Even given that, they are doubling down efforts on community growth.
Key takeaways:
- CEO with recent former success track for investors in crypto
- Options and perps are a great opportunity, with outsized gains for the project that secures the attention and funds of the market
- The community actually use the early-stage products
- Simple and easy-to-understand interface
- KOLs onboard including Tyson Fury
- Scalable business model, well explained
- Coachable CEO
- Market maker attached
- CEX locked in
- Reasonable iMC
We urge you to consider that nothing is set in stone and that there are no guarantees. We perform due diligence to ensure that projects are ready to launch, however you should be doing your own research (DYOR) and not considering our opinion as any form of financial advice.
Foxify Tokenomics
The following is an insight into their tokenomics, a full breakdown can be found in their whitepaper, accessed via the official website, links at the bottom of this article.
- All private and team token allocations are vested for 12 months
- IDO participants will have 30% unlocked at TGE with the remaining 70% vested over 4 months
- Only 35% of the supply will be unlocked in the first year
- The launch market cap will be under $500k
Utility
Foxify will utilize 2 tokens for users to earn from on the platform:
- FOXIFY
- PLP (Perps Liquidity Pool)
Stake the FOXIFY token to earn a % of trading fees paid in FOXIFY & Stable (50/50). APY is variable and based on trading volumes with a target of 20–80%. Users will be able to auto-stake FOXIFY earnings into the Foxify Perps LP.
Further information can be found in their whitepaper.
Partners
Foxify has already pulled some seriously impressive partners together, both from the ecosystem and from further afield to help grow awareness.
You can find a full list of their partners on the site. However, we have highlighted three below.
Arbitrum
Foxify has partnered with Arbitrum to bring this experience to life. Arbitrum is an EVM-compatible layer 2 scaling solution for Ethereum that allows faster blockchain transactions while keeping fees minimal. Arbitrum is one of the fastest layer 2 solutions with over 50% YoY growth in the number of developers. Arbitrum also has about $1.7B TVL locked and 140,000 daily active users in its ecosystem.
Tyson Fury
Foxify has secured partnerships with boxing giant Tyson Fury. Tyson Fury is a professional boxer who has held the World Boxing Council heavyweight title since 2020. He has a record of 33 wins out of 34 fights. He is a renowned sportsman with a huge fanbase. And his fights have accumulated 25M in viewership.
Certik:
Certik is a pioneer in the application of advanced Formal Verification techniques to smart contract audits. Working with Certik ensures that Foxify benefits from their stringent auditing process. With an expert’s review, automatic formal verification and mathematical guarantees, Certik’s audit can eliminate major exploits that can lead to the draining of smart contracts. This dramatically lowers security risks, which is crucial in protecting traders’ funds as we move to a decentralized future.
Official links
In this article, we wanted to give you a brief insight into Foxify and highlight a few areas why we feel they have real potential. However, it is just a starting point.
We strongly advise that if you are interested in taking part in this IDO, you now do your own due diligence.
Below are a number of links to help you start this process:
- Website
- Beta
- WhitePaper:
- X (formally Twitter)
- Discord
- Telegram
- Options Buying Tutorial
- Options Selling Tutorial
- Google Drive Assets
The IDO
Details of the Foxify IDO will be launched on Monday September 18th.
Beneftis for SXS tier holders will be live for this IDO.
- Increase your chances of being whitelisted
- Get a guaranteed Whitelist place
- Get up to 10x the allocation in this IDO
All this and more are available for SXS tier holders. Find out more here.
Refund and Risk
All projects who do their IDO on our platform have to adhere to our strict refund policy, full details on this can be found here. This policy provides a safety net for all IDO investors for the important 24 hours post-launch.
Although we put significant effort into the due diligence we do, you should never feel this replaces your own due diligence. If you are investing in any project, be that with us or any other launchpad, it is of utmost importance that you do your own due diligence and only invest when you feel comfortable. Please review the article we put together on risk here.
Continuing the Dialogue with Sphere
If there is anything else you’d like to know, or you simply want to say hi, please engage in our various channels:
