source : cryptopotato.com
DeFi aficionados are always looking for different ways to earn in the decentralized finance market. However, the list of trading, staking, and farming platforms available in the space can be quite overwhelming for new entrants.
Most of the time, traders have to use different platforms for their DeFi activities such as charting, trading, staking, and more. But Sphynx is looking to change that by providing an all-in-one platform for DeFi traders and investors.
What is Sphynx?
Sphynx is an all-in-one decentralized exchange built on the Binance Smart Chain (BSC) for staking, trading, holding, and farming tokens, and more.
Sphynx offers a single platform that has everything a trader or investor might need to successfully navigate the DeFi market, including a consolidated wallet that gives users a view of their digital assets, dynamic charts, farms, staking portals, and more.
It is designed to allow users to trade and conduct other related activities quickly, which is achieved through the automated configurations of the user experience.
The platform automatically configures whatever action users take on the platform. For instance, when users search for a particular token on the platform, the swap is automatically configured so that it is set for traders to buy. Also, if traders wish to sell any of their digital assets, they just simply click on the particular asset, and the swap will be automatically configured to sell.
The Sphynx platform offers users several utilities that are all geared toward making their trading and investing experience seamless. Some of them include:
- Papyrus Charting
The Sphynx Papyrus charts allow users to chart, research and place orders for any token on BSC. Using the charts, traders can check for several important trading information, including market cap, liquidity, and order books, without leaving the platform.
- Consolidated Sphynx Wallet
The platform provides users with a consolidated Sphynx Wallet that enables them to store their assets, trade directly from within Sphynx at any time, and reduce transaction costs when tokens are transferred between the different platforms it offers.
- Nile Staking Pools
Sphynx Nile Pools allow DeFi projects built on BSC to boost rapid adoption by distributing a portion of their tokens to SPHYNX token holders. Nile Pools also allows existing projects to develop a relationship with the Sphynx community of loyal supporters.
- Pyramid Farming
The Sphynx Pyramid farming is for users to earn SPHYNX tokens by creating liquidity for their desired pair and subsequently providing liquidity to the Pyramid. Sphynx offers a mouth-watering APR as an incentive for users to provide liquidity for their favorite DeFi projects.
- IDO LaunchPad
The Sphynx launchpad is geared toward providing a platform for new promising DeFi projects to be launched without the developers having to go through the hassle of getting an audience and building a community, as they would have an already developed community on Sphynx.
- ETH Bridge
The SphynxSwap platform offers an Ethereum to Binance Smart Chain bridge with their launchpad and DEX features, allowing users to be able to easily switch between the two networks hassle-free.
SphynxSwap is an automated market maker (AMM) that allows any combination of two tokens to be swapped on the platform.
Users can swap their tokens quickly and not worry about high transaction fees. Sphynx also allows investors to earn passively by staking their tokens on the platform. It has a yield farming feature where users can stake liquidity provider (LP) tokens and earn SPHYNX.
The SPHYNX Token
SPHYNX is the native cryptocurrency of the platform. It is a BEP-20 token with a total supply of 1 billion SPHYNX.
The token has a minting function that can only be accessed by MasterChef for farms and staking platform. MasterChef is a smart contract that controls what a farm can do and how. It is the master code that runs all operations.
Sphynx intends to continue developing its platform and expanding its product offering as the crypto industry continues to grow.
Some future integrations that Sphynx is currently working on include:
- NFT MarketPlace
With the NFT space currently making waves, Sphynx aims to embrace it fully. The Sovereign Sphynx Council consists of 8,888 NFT collectibles that will reward holders with a small percentage of fees charged on the platform. The Sphynx NFT Marketplace is still under development and will go live soon.
- Cross-chain Trading
Sphynx plans to expand to other smart chains aside from BSC to foster the interoperability of crypto assets, including the launch of an ETH bridge.