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Sphynx Network, what is it?

Août 20, 2021
4.87 (885 votes)

Sphynx Network, what is it? Learn more about Sphynx Rewards, Sphynx Liquidity and Sphynx Distribution with direct access to the site.

Sphynx Network

Sphynx Network is aiming to improve the fundamental nature of DeFi by using alchemy in blockchain technology to comply with the next generation of yield farming and liquidity mining by implementing the NFT stake.

Sphynx Network, what is it?

This is a decentralized token built in Solidity, using the BEP20 standard and running on the BSC network, audited and secured by EtherAuthority.

The goal is to use the alchemy of blockchain technology to build the next generation of yield farming and cash extraction by bringing the full potential of NFTs into the DeFi space.

This token offers the traditional DeFi option of placing your LPs in different pools and earning SPH, which will be the governance token of the platform.

The alchemy of blockchain is to use LPs to hit and wager an NFT, once, to unlock multiple rewards from different platforms simultaneously!

Sphynx Network is a disruptive project targeting to use the full potential of NFTs into the DeFi space

Sphynx Network aims to provide a functional product as a card battle platform, where LPs are used to hit NFTs with different elements such as (psychic, light, sound, air, fire, water, earth and attributes such as (rarity, age, natural ability, active score, armor and weapon score, fame score, magic item score, agility, charisma, stamina, intellect, strength, etc.), to unlock multiple rewards.

What makes SPH different ?

Sphynx Network is focusing on changing the fundamental nature of DeFi and liquidity mining, staking will be more dynamic and flexible by implementing the transferable function that unties the LP stake from the user’s account. Staking will be linked to a transferable NFT!

When staking with Sphynx Network, you will no longer need to unstake your assets if you want to stop staking, you can simply delegate a percentage of your stake from the NFT to an exchange and place a sell order!

Sphynx Network will create a secondary market for the already staked tokens and when you are done staking, you can just go in the market and sell your NFT, since all the details will be stored in there.

You can also breakdown the NFT into smaller pieces. You can unstake the NFT, the process will be the same as with a regular LP. In this process NFT won’t be burned but emptied and the staked funds plus accumulated and unredeemed rewards will be transferred to you.

If you don’t want to sell all of your staked tokens you can simply put a percentage of that out in the market and keep the rest, the value of the NFT will be updated and a new NFT will be minted for the buyer or added to their NFT if they already have one!

Sphynx Network, allocation:

Sphynx Network

Why get stuck in providing liquidity forever ?!

When you lock your SPH/BNB liquidity token with Sphynx Network, it will be locked forever in the platform, but while the LP tokens are locked in the staking contract, the value is not. This is done by the beauty of minting an NFT at the time of staking, which will wrap the value in a transferable BEP-721 token. Everything about the stake will be stored in that data which is unique for every token.

A 10% fee will be taken out of the NFT’s value and be redestributed to the protocol and holders to encourage NFT liquidity mining.

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