Why Sphere Finance (SPHERE) crypto surged 32% today?

Highlights

• Sphere Finance (SPHERE) is a protocol created to revolutionize the decentralized finance (DeFi) space with an Auto-staking mechanism. 
• Sphere Finance is powered by Polygon. 
• The token is up 670% to US$0.04687 at 10:51 am ET on Thursday from its all-time low on March 21, 2022. 

Sphere Finance (SPHERE) token surged over 32% to around US$0.04687, while its volume increased by 48.22% to US$3.58 million in the trailing 24 hours to 10:51 am ET on Thursday.

The token is up 670% from its all-time low on March 21, 2022. This sharp rise and fall of digital assets reflect the volatility of the crypto market.  

Sphere plans to launch several games in the second quarter of 2022, including a deflationary, positive-sum lottery where no one loses, and there will be 10 winners every three days.

On Thursday, it announced the 10 winners from its second pool. According to Sphere, it also deposited US$410.98 in its charity wallet. 

What is Sphere Finance (SPHERE)?

Sphere Finance is a protocol created to revolutionize the decentralized finance (DeFi) space with an auto-staking mechanism. Its protocol, an auto-staking instrument, aims to make staking as simple as a transaction. The Sphere Finance is powered by Polygon. 

The SPHERE token is automatically staked on Sphere protocol, which offers compounding capabilities and an attractive market-fixed annual percentage yield (APY) of 99,900%. Its whitepaper further states that the token gives a daily return on investment (RoI) of 1.910%. 

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The protocol seeks to make governance acquisitions easy for investors. The user can get exposure to a diversified portfolio of projects across different chains with just one token.

Its partially anonymous core team makes most of its decisions. However, the project intends to turn the protocol into a community-driven model.

Also Read: Why is Dogecoin (DOGE) gaining attention?

Data Source: coinmarketcap.com

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How it works

The token holders benefit from governance on different protocols by having just one SPHERE token. The protocol turns the SPHERE token holders into governance holders of other protocols as Sphere Finance seeks to blackhole governance tokens into the treasury.

With its high APY and steady investments, Sphere Finance wants to transform the auto-staking protocol into a one-of-a-kind index fund like the S&P 500 index in the stock market. It wants to establish itself as an S&P 500 of crypto in the DeFi space. 

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The token has a market capitalization of US$100 million and a treasury balance of US$10.25 million, as per its website. Sphere Finance has a total of 17,377 wallets. SPHERE’s total supply is 5.23 billion. The token can be purchased from the QuickSwap crypto exchange.

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Bottom line:

Given the volatile nature of crypto assets, investors must exercise due diligence before investing in digital assets.

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