What is Sphynx cryptocurrency project and SPHYNX token all about?

Highlights

• Staking assets is claimed to be one easy way to earn passive income through cryptocurrencies
• Sphynx Swap, an NFT marketplace, are a few of the features highlighted by the Sphynx crypto project
• SPHYNX token has soared recently, but its low rank on CoinMarketCap can suggest caution

The total market cap of all cryptos, according to CoinMarketCap, was over US$2.9 trillion at one point in November last year. The same figure came close to US$1.5 trillion at one point in January this year, which reflects the inherent risks that are known to ail the crypto verse.

Risks aside, these assets have become quite popular, and the way to participate in this speculative sector has undergone a big shift over time.

Now, many projects, also known as decentralized finance (DeFi) protocols, claim to enable “passive income” for holders of cryptos. Here, instead of frequent purchase and sale of assets, the participant can lend the holding to earn “interest”.

Today, let’s know about one such project, Sphynx cryptocurrency.

What is the Sphynx crypto project?

The project claims it enables trading, staking and a number of other tasks with a single solution.

It has mentioned a non-fungible token (NFT) marketplace, a wallet, and a launchpad among a variety of services to crypto enthusiasts. Sphynx Swap appears to be the primary offering of the project.

Also read: Tesla tokenized stock and its FTX trading platform: What to know?

The wallet service of Sphynx is claimed to be an enabler for not only storing but also trading an asset. The NFT marketplace, it is stated, would support the trade of digital assets from multiple blockchains.

What is SPHYNX token

The project’s native token, SPHYNX, is available on MetaMusk. The project states that enthusiasts can use both Ethereum (ETH) and Binance Smart Chain to get hold of SPHYNX token. Sphynx Swap app also needs to be linked to execute the trade.

Also read: Bitcoin bond and Bividend: 2 new extensions of Bitcoin?

SPHYNX BSC token price

The price of the token has skyrocketed lately, CoinMarketCap data reveals. Though the trading volume of SPHYNX crypto was not high, its price underwent a sharp rally of over 5,000 per cent.

As of writing, SPHYNX BSC token traded at nearly US$0.006. It ranks very low on the CoinMarketCap list, with no mention of the token’s exact market cap, which makes SPHYNX token price prediction in the near-to-medium term very difficult. Besides, since SPHYNX has yet to list on major exchanges, it may manifest greater volatility. Caution and due diligence must be preferred by enthusiasts.

Data provided by CoinMarketCap.com

Bottom line

Staking of crypto assets to earn passive income in the form of interest seems to be gaining traction. But the hacking of DeFi player Ronin Network is a reminder of how risky the space is.

Sphynx crypto is a participant in the same DeFi sector, but it has yet to become a dominant player.

SPHYNX token has rallied recently, but how it performs in the long run cannot be predicted.

The most crucial factor right now is that the project’s market cap cannot be ascertained, and since it ranks very low, it can be prone to speculation.

Also read: What is Sphere Finance DeFi and what is its SPHERE token all about?

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