Introducing : Spherium Finance
Currently, the crypto ecosystem is experiencing a “DeFi boom,” taking the fintech sector by storm and changing the financial world from its foundation.
But during this financial evolution, there are many problems that are yet to be solved that could be a hurdle in the process of DeFi’s mass adoption. Even the big guns in the DeFi space are ignoring these issues. The biggest ones being — user accessibility and cost.
Imagine you want to buy a token from a Decentralized exchange. You will have to go to exchanges like Uniswap and pay Ethereum as a gas fee, which could be variable according to its price. Sometimes, these gas prices could increase so much that you practically avoid buying or selling your assets.
After purchasing an asset from Uniswap, if you want to stake or farm those assets for an annual yield or ROI, you have to go to platforms like Aave or Compound finance and stake your token there, where you have to pay fees for depositing your assets.
Similarly, suppose you want to transfer your cryptocurrencies to another blockchain. In that case, you may have to transfer your asset to another platform and swap your tokens paying high fees in the process. These platforms generally have complicated interfaces, which could be intimidating to new users.
To make the most of this newfound technology, you have to pay high fees and jump from platform to platform, which is clearly a tedious and, in some cases, slow process. Replacing cryptocurrencies with traditional finance could be challenging considering the above-mentioned issues. In a day to day life, a consumer cannot switch platforms this way, nor can a retail trader afford to pay high fees while jumping from one platform to another, giving a huge chunk of their profits to these protocols.
These above-mentioned potentially disruptive issues in the process of mass adoption gave rise to Spherium Finance.
The solution: Spherium
Powered by Ethereum, Binance, and Polygon (the Matic network), Spherium finance is made to solve the issues mentioned above by providing an all-in-one platform accessible and operable by virtually everyone on this planet.
Spherium finance offers a number of financial services, including a universal wallet, token swap platform, markets, and international blockchain liquidity transfer platform.
The goal of Spherium is to act as a global financial solution for cryptocurrencies extending their fundamental financial services even to the unbanked. This is done by providing features like :
A Unified DeFi landscape
An all-in-one DeFi experience where you can stake, borrow, lend or swap cryptocurrencies from the Spherium wallet.
Better rewarding mechanism
Compared to other DeFi protocols, Spherium offers relatively higher incentives or rewards to both traders and borrowers.
What makes Spherium unique is its interoperability with low prices. The Spherium protocol will be implemented on both the BSC and Ethereum blockchains parallel. Spherium will run on the polygon network(previously known as Matic) to decrease the ETH gas fee, an Ethereum Layer-2 solution lowering gas fees. This cross-chain interoperability feature will allow users to swap their tokens from Ethereum to Binance; also, the non-Ethereum token’s transactions will be facilitated via RenVM.
Why will Spherium disrupt the DeFi space?
Spherium is a unique solution to a potential deal-breaking problem because of some of the most unique and valuable features in the DeFi ecosystem.
HyperSwap is a decentralized platform for swapping ERC-20 chain-based tokens using an Automated market Maker that is focused on profit bookings for liquidity providers rather than the arbitrage traders by decreasing the volatility and bringing the asset price to market price. HyperSwap uses BSC and Ethereum Layer-2 solutions to reduce gas fees with the main chain’s security assurance.
SphereComp is a decentralized pool-based lending protocol that is built to create Ethereum’s DeFi money market. The SPhereComp money market is a pool of multiple tokens that can give interest rates based on demand and supply law.
Ther Sphere wallet is not your regular decentralized wallet; just like the whole platform, the Sphere wallet will act as an all-in-one wallet. This means every Web-3 based mobile wallet that can interact with Sphereium’s ecosystem could be accessed with Sphere wallet. Some of the names in the list include MetaMask, Coinbase wallet, Trust wallet, and many more.
The SPH token is the governance token of the Spherium ecosystem, made for multiple use cases, including incentivizing users, user discounts, and lesser borrowing interest rates. These are just for new or short-term use cases; for long-term users, there will be events for holders, gas-less transactions, staking rewards, and many more exciting perks.
The Spherium team is full of potent individuals with high credibility and years of professional experience. Let us look at the core team members that are responsible for making such a remarkable ecosystem.
Alex Bernstein — CEO
Alex Bernstein is a Munich-based IT data security and startup specialized attorney with over 20 years worth of experience. He is Europe’s one of the most proficient blockchain technology lawyers and has a keen interest in DeFI.
Sash Jeetun — COO
Sash Jeetun is the co-founder and a London-based investor who is also a DeFi enthusiast. Before Spherium, Sash has been closely involved with many successful blockchain-based projects as a fundraiser or as an advisor.
Aanchal Thakur- CIO/CSO/Deputy CEO
Aanchal Thakur is a banking and blockchain consultant and has experience of over 15 years. She has been supporting multiple NFT and DeFi projects working in different roles.
Our two cents
Spherium finance will bring the best of DeFi to a single place, making sure that more and more people can utilize cryptocurrencies and blockchain technology to their full extent. Spherium is a complete DeFI package with swaps, inter blockchain liquidity providers, and money markets. In the future, Spherium can function as a DeFi banking solution. It has every ingredient for being a perfect project for both investment, usability and adaptability.