Warm greetings to you! The past week was quite an eventful one here at Sphere, with many significant updates and announcements made. Read on so you don’t get left behind as our takeoff to progress unfolds!
SXS Token burn live
On Tuesday, July 18th, we formally announced the SXS token burn. A consistent timely process that will see the removal of 5M SXS tokens from circulation within a 2-year period.
5M tokens are 5% of our total supply of 100M tokens. Don’t know what token burn is? Check out this article that explains the concept of token burn and how it can positively affect a project’s long-term growth.
Our first token burn event occurred On Friday, the 21st of July and we successfully burnt about 157,000 SXS tokens! You can confirm the burn from the burner wallet where we sent the tokens. Visit this page to confirm the transaction.
You can witness the burn event every third Friday of every month at 1 pm UTC. Although the percentage of tokens we aim to burn stays the same, the number of tokens burnt each month will vary due to market conditions.
This burning process is transparent and will be available to view publicly. With this burning process, we hope to increase the scarcity of $SXS which will make $SXS more valuable to its holders.
SXS Staking perks
Ever Since our token launch and listing in June, we have been giving hints about the SXS staking feature. Well, hold on to your hats because SXS staking will go live sooner than you expect. But you might ask, what are the benefits of staking SXS?
If you are an SXS holder and a tier member, then our aim is to deliver real value to you. This will be done in four major ways.
As a Launchpad, if you hold enough $SXS to join a tier, then this dramatically increases your chance of being whitelisted for IDO. The higher the tier the higher your chance.
But, this is what most launchpads do and we felt this wasn’t nearly enough.
So, if you are a tier member, we have come up with the following:
1. If you decide to stake your $SXS you will get a higher APY. It is that simple! The higher your tier, the higher your reward.
2. You will get a higher guaranteed allocation in any IDO you are whitelisted for, compared to anyone who manages to win a place in the public whitelist round. This guaranteed allocation will dramatically increase depending on the tier you are in. The higher your tier, the higher your guaranteed allocation.
3. You will get to vote on key areas/ the future of Sphere. All tier holders will get to vote on key future developments/ opportunities for Sphere. No one else gets to vote. Only tier holders.
From staking to allocations and whitelisting to voting, we feel these areas will deliver true value to $SXS tier holders.
They will not only significantly increase the huge potential opportunities you will get in future IDOs we hold, but they also reward you directly for holding $SXS and they give you a voice in our future direction.
$SXS Airdrop Policy
Before the token burn on Friday, we announced a disclaimer regarding the topic of Airdrops. Aside from the ones already promised, Sphere will no longer be doing airdrops. We will be focusing on our primary goal as a launchpad which is helping projects raise funds in a decentralized manner, and delivering value to investors.
Airdrops are just a way of appreciating the community for the support, more like a “Thank you” gift but unfortunately, many people feel entitled to these Airdrops and get agitated when they don’t receive rewards even without showing any support for the project whatsoever.
And even when they receive these rewards, they sell immediately for a quick profit. Hence the decision by the team to cease Airdrop distributions henceforth.
In spite of that, The Airdrops previously promised will be distributed in due time after a vote by tier holders. We stand by this decision and we hope the community can see the long-term benefit of this.
Going onward…
We still have significant milestones to hit this year and we will keep updating the community on any new developments. We have noticed many comments from community members asking why we haven’t done any IDO this month.
About 4 projects have passed our due diligence process and we are waiting for a go-ahead from them so we can go ahead with the launch. We will not compel them to launch in a hurry.
The entire Sphere team appreciates the community for their continuous support and we promise to keep delivering the best to you. Want to be the first to be updated on our latest developments? Subscribe to this medium page.
Also, Check out our latest article on Token burning
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