Sphere Finance — The New Titano Killer on the Polygon Network?
1.91% Daily ROI and no minimum investment!
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Sphere Financial is a DeFi as A service project built on the polygon network offering a whopping 99,000% APY, or a 1.91% Daily ROI.
They introduce themselves as the S&P500 in crypto. The S&P500 is Index features 500 leading U.S. publicly traded companies. So what they are trying to emulate is that by holding their token $Sphere you could have access to a diversified portfolio in crypto.
It’s safe to say that Sphere is an index fund for Defi. To get exposure to it we need to buy the token $sphere. When purchasing the token there is a 13% tax, a part of that tax goes back to the treasury, and the same is true for when you sell the token. 20% of the token sold is taxed, and part of it goes back to the treasury, the rest is distributed between risk-free value and liquidity.
That money that goes back to the treasury is basically reinvested into other crypto projects. Taking a guess I would say that they are planning to spread the treasury between blue chips coins, farming, stablecoin staking, and maybe some other nodes / passive income projects.
Sphere is the first protocol on Polygon featuring the autostaking mechanism which makes it super easy for new investors. The only step you need to take is to purchase the token and the rebases start working automatically. There is no staking or extra step you need to take to get your rewards.
What I also like about the project is that they have been audited by Certrik, and KYC by Obsidian.
13% buy/transfer tax. And a 20–25% if you choose to sell.
For buying & selling:
- 3% — 5% will go towards the investment treasury which will be used to acquire more governance, buy into a variety of different cross-chain endeavors, fund OTC deals with projects to acquire large sums of appreciating assets at a discount & high-risk degen plays. All of the following will fund the protocol in the long run.
- 5% on the LP to ensure ample liquidity when buying or selling.
- 5%-10% Risk-Free Value, which will hedge against volatility in the market to ensure stability in the price of SPHERE.
As for myself, I invested $292 for 5,220 tokens. If we ignore compounding I should be making around 100 tokens per day. If I choose to cash out, after paying the 20% tax I will be left with 80 tokens per day, more or less.
Looking at my spreadsheet it says that I should get back my ROI in over 80 days. That is of course if the price stays the same. If this continues to go up as it has been doing, then my ROI period should be much lower.
I know many of you will get caught up in the 99k APY, as for me I don’t trust these APY. Not saying it will not happen, but by then there will be so much selling pressure from the first investors that it might not be even worth it. Just take a look at Wonderland.
I would rather cash out 50% and compound 50%. If my holdings go to 6,000, a safer option would be to cash out 400 tokens and leave 5,600. Then repeat the same process over and over each week.
This project is extremely new, so there is not enough information for me to provide about it. Future investment will be done with snapshots. To have a vote on where they should be allocating the treasury funds you will need to be holding some sphere token. If it is well managed, this might become sustainable.
I will be providing another review soon on how much money I’ve made (or lost) on this project. Make sure to read the docs and understand the project before investing a dime in it.
Take a look at my spreadsheet! 😊 If you are into Defi and Passive Income, this might be the best tracker out there for you.
Check the docs and all the features 👇https://www.craft.do/s/B2aqlQL4FWrlt6
Link to buy the spreadsheet 👇https://defichronicles.gumroad.com/l/xwwln
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Disclaimer: This is not financial advice, I am just a guy with a laptop sharing his opinions and experience. This is for entertainment purposes only. Always Do your own research before investing.