Hi amazing Sphere community,
In the last few weeks we have been working on ensuring Sphere is set up for the long term, no matter what the market brings. We want to make sure we are a project that not only delivers real value now, but we are best placed to give huge opportunities for all our community during the next bull cycle.
Our community means everything to us and as such we wanted to share the below with you. Please do read in full.
Bear Market
As we are all aware, we are currently in a bear market. Bear markets are tough for everyone, however it is when the good projects survive and build.
At Sphere we have a strong community, we have global partners and an ecosystem of leading advisors. But like everyone, we need to review how we are set up and ensure we are best placed to develop during a bear market and we are positioned well for a future bull cycle.
As such we are doing three things.
Refund policy
We are putting in place a 100% refund policy for our community. This will be active from point of IDO until 24hours after project launch. This is only phase 1 and phase 2 will be developed over the next few weeks.
Investing is risky at the best of times, but we want to do all we can to protect our community and encourage projects to really think about their launch plans. More details on this refund policy and how it will develop will be launched soon and it will be in place for the time of our next IDO.
We want you to be able to invest with confidence and we want projects to really focus on delivering value for investors.
Internal changes
We are changing the structure a bit internally. Our current CEO will be moving over to a lead advisor role and our current CMO will be stepping up to the role of CEO. Other changes taking place are back end to ensure Sphere is best placed to not only survive the bear market, but to also develop and grow.
As our community you won’t notice any real change. But we wanted to ensure you were briefed. It is also important to note that all our Founders are still very passionate and actively involved in the project on a day to day level.
TGE
As you will be aware, we have been speaking to our advisors as well as to exchanges. We have been particularly focused on trade volumes and how new projects have been performing. During a bear market, all projects are impacted, but this is compounded for new launches.
We are in a place where we can launch, our audits our complete, our exchanges are lined up. However, if we launch now we would be extremely worried about the ability to hold key token price points. We have therefore decided to postpone our launch.
We know a number of you will be frustrated by this, however if you know the crypto space then we are certain you will understand the strategy here.
As per above. We are ready to launch, so as soon as market conditions improve we will be ready to go. But we are not going to rush this. We want to ensure the market is picking up significantly with activity on exchanges being strong.
In conclusion
Our aim has always been to create a trustworthy launchpad for you to invest through. There are things we have got wrong, there are lessons we have learnt. But we have taken actions and listened to your feedback. This is something we will always do.
It is the same with our launch. We could have launched quickly, but we made the decision to show what we could do first. We didn’t and don’t want to take any money from our community until we were setup and until market conditions made sense to do so.
We feel we are positioning ourselves to not only survive the bear market but to also build out our offering. We then want to get ready for a future bull market and have a project in place that has experience, a strong track record, a passionate community and trust behind it.
We hope you understand and support the above decisions.
We are ready, are you
We are now in a strong position for the bear market, we are putting in place investor protection that will ensure you can take part in IDOs with confidence and we already have a pipe line of top quality projects ready to go.
Bear markets are tough, but we feel that if we have the right protection in place and we bring on board amazing projects, then this bear market can create huge opportunities for you all.
Thank you from everyone at Sphere. You are what make us. The refund policy was your idea and as it develops we hope it will be game changing.
Beware of scams
Please always ensure you only follow our official accounts and you are on our website.
Always make certain you are on our official channel or groups.
