SphynxSwap (SPHYNX) allows its customers to trade, stake and farm assets without leaving one app
SphynxSwap, a high-performance decentralized cryptocurrency exchange on Binance Smart Chain, powered by an automated market-making engine, combines all of the red-hot DeFi-specific experiences of 2021 in a single ecosystem.
Introducing SphynxSwap: decentralized exchange, farming environment and staking module
Launched in early 2021, SphynxSwap is among the most feature-rich decentralized finance (DeFI) ecosystems on Binance Smart Chain, which is the fastest and cheapest “corporate” smart contracts environment.
— Sphynx Swap (@SphynxSwap) October 29, 2021
SphynxSwap was invented by Zaidoun “Lonzo” Al-Owbydi, cryptocurrency veteran and former senior risk audit manager of PricewaterhouseCoopers (PwC).
At its core, SphynxSwap is a DEX with AMM; its novel orderbook design allows it to execute trades with 10-second latency only with negligible operational fees. Such impressive speed is accomplished due to automated configurations of the user experience that should be considered as yet another “killing feature” of SphynxSwap.
No KYC or registration through third-party applications is required to start trading on SphynxSwap. Its trading experience is 100% noncustodial: SphynxSwap does not control users’ funds, personal data or keypairs.
Besides decentralized cryptocurrency trading, SphynxSwap boasts staking, farming, lottery and digital collectibles (NFTs) modules.
In the “Staking” module, SphynxSwap investors can lock their tokens in various flexible and fixed passive income programs. By doing so, stakers can earn periodic rewards in SPHYNX token with high annualized percentage yields (APYs).
Not unlike “Staking,” the “Farming” module allows investors with various levels of expertise in blockchain and cryptocurrency to earn on their idle liquidity. To benefit from the operations of SphynxSwap farming, users lock their “liquidity provider” (LP) tokens into liquidity pools tailored for different cryptocurrencies.
Sphynx Wallet is a user-friendly noncustodial multi-currency digital assets wallet. It is designed for the storage and transfer of various cryptocurrencies. For many SphynxSwap users, it acts as the first endpoint in the crypto segment.
SphynxSwap Lottery module takes 1% of tokens involved in transactions into the lottery pool. On a daily basis, SphynxSwap distributes prizes between all participants of “lucky draws.” This module is also suitable for any sort of decentralized prediction market.
Last but not least, the SphynxSwap team is creating a decentralized marketplace for digital collectibles (non-fungible tokens, or NFTs). Its inaugural collection, The Sovereign Sphynx Council, includes 8,888 NFTs. Owners of these tokens are rewarded with a percentage of the fees collected on the platform.
Native token of DeFi ecosystem: What is SPHYNX?
SPHYNX token is a core native digital asset of the SphynxSwap architecture and the pivotal element of its tokenomics. Simply put, SPHYNX holders receive a share of fees raised from all users of the platform.
The SPHYNX supply is capped at 1 billion tokens; 43% are allocated for the tokensale with a six-month lock-up, while 7% are allocated for LP bonuses.
SPHYNX tokens can be obtained directly from a specific website created by the SphynxSwap team. To purchase SPHYNX, users need nothing but to connect their MetaMask and hold some Binance Coins (BNB).
Both the product and the token’s design are audited by CertiK, one of the most credible third-party security audit vendors in the blockchain and smart contracts sphere.