Spherium AMA Recap

03 Sep 202007:08

AMA

Spherium AMA Recap

Myko (CryptoDiffer)

Hello, everyone!😁

We are glad to meet here:

Aanchal Thakur, Deputy CEO

Sash Jeetun, COO

Aanchal Thakur

Hello everyone..

Glad to be here with this wonderful community

Myko (CryptoDiffer)

hello, nice to e-meet you

Aanchal Thakur

Looking forward to answering as many questions as possible 🙂

Myko (CryptoDiffer)

that would be nice!
Our team has prepared 3 questions for you to start with:
The first will be introductory
so if you ready we can start

Aanchal Thakur

Yes.. please

Myko (CryptoDiffer)

well!
Q1: Can you introduce yourself to our community?

Aanchal Thakur

Hi

I am Aanchal Thakur, Deputy CEO and Co founder of Spherium Finance

I have been in the IT industry as functional consultant for about 13 years now. My experience has been in Banking, Finance, Cards and Blockchain industry.
I have also been involved in strategy and compliances side of things for multiple blockchain projects. I have been in Blockchain industry for over 4 years now and it has been an amazing journey.

By qualification, I am a Chartered accountant, Information system auditor and Blockchain Expert (Functional)

Sash Jeetun

Hi I’m Sash the COO of Spherium finance, been in blockchain since 2014, I have extensive knowledge in blockchain in terms of product, advisory and investment, before taking the plunge into building our own DeFi based startup.

Myko (CryptoDiffer)

Great! Thanks for your answers!
Let’s move on to your project!
Q2: Can you introduce Spherium to us?

Aanchal Thakur

Yes . In brief :

Spherium Finance is Mobile first Cross chain interoperable platform which will provide multiple DeFi products on One platform.
We are building on BSC and Ethereum and layer 2 will be built on Polygon.
Users will get the option to use AMM and lending solutions, on BSC and Ethereum on the same platform and will need only single token(SPHRI) for getting all the benefits that various DeFi products on offer at Spherium.

Myko (CryptoDiffer)

Nice answer! now we’ll talk a little about current results and upcoming goals)
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?

Aanchal Thakur

You mean, about the project milestones??

Myko (CryptoDiffer)

exactly!

Aanchal Thakur

Sure..

HyperSwap, which is the first cross chain interoperable AMM solution is ready for launch. This is our first DeFi offering on platform. One audit has been completed, we are waiting to get the second audit done.

Spherium platform token (SPHRI) is also launching on 22nd May with Triple IDO + IEO.

We have a long development schedule and our milestones are all set. In the next 2 quarters, we will launch our mobile application, layer 2 solution on Polygon, staking and also SphereComp, which is lending solution, for our users

Myko (CryptoDiffer)

woah! thanks for an detailed answer)
we have one more question before moving to the community part!
Q4: What are the USPs of Spherium finance?

Aanchal Thakur

This is something important for community to know, so let me take some time to explain

Myko (CryptoDiffer)

sure!

Aanchal Thakur

Spherium is not an Aggregator. we want to explain that

Spherium finance is the only platform, which is Cross chain interoperable AMM

And this is just the first product, soon we will launch, first cross chain interoperable Lending product as well

Plus it will be available on Mobile as well as desktop. This too is a first in the space of Defi.

The transaction costs will be cheaper on BSC and Polygon, so user experience will be better.

Also, for using all these, you need to hold only one token for multiple applications.

Myko (CryptoDiffer)

Great! Thank you much for such informative answers!

Aanchal Thakur

🙏

Myko (CryptoDiffer)

It is time to move to the community questions part.

Aanchal Thakur

Cryptodiffer Community

Inspite of my few years of experience in the crypto space, I still find it a little bit difficult to use products like Compound, Uniswap and the likes, and if a project cannot guarantee it users best experience possible, it would be difficult for such project to be adopted by the masses. Does Spherium take into account the newbies and non crypto expert while building it platform? Can anyone make use of Spherium without having to go through any difficulty?

Aanchal Thakur

This is the main reason for us to build Spherium.

The DeFi space is completely fragmented, and for every product, you need separate tokens... Learn different processes to use and move around...

Spherium is all in one, one token, one platform, available on mobile and desktop.
We want to bring the layman and new users to the space of Defi

Cryptodiffer Community

What is your long-term vision about the industry which you are working on? Are you afraid some day there will be another project with more innovative technology can replace your project?

Aanchal Thakur

We are building an ecosystem. Right now, there is no ecosystem for DeFi products.

Of course new projects will come and mimic us. But we want to be the first to create the ecosystem and we are an agile team, we will keep on upgrading our products with the improvement in technology

Cryptodiffer Community

From the limited total supply, will there be any token burning in the future to reduce the total supply and automatically increase the SPHRI price? Where can we buy and sell SPHRI now?

Sash Jeetun

Currently our total supply is 100M, we will not burn tokens, there is only 100m ever going to be minted this is taking consideration of our plans, we aim to build different products and which all work on all of ecosystem. Whilst targeting a global market. So 100M does seem to be realistically fair.

Cryptodiffer Community

1. What solution has Spherium come up with to help solve the issue of high gas fee and slow transaction rate?

2. What competitive advantages does Spherium has over product like Uniswap, Aave, and other competitors in the industry? Are you very confident that you will be able to displace them in the future with your solution?

Aanchal Thakur

1. We are building on BSC and layer 2 on Polygon. So the problem of high has fee and scalability is handled.

2. All the products that you have mentioned are stand alone products. None of them is an ecosystem. Just like Binance is not just swap, it has futures, launchpad etc etc etc . That's why, it is a leader. Stand alone products can never compete with complete ecosystems

Cryptodiffer Community

Community is the key to the success of projects, so besides organizing AMAs, what strategy does SPHERIUM have to reach out and exploit new investors?

Sash Jeetun

We aim to be most reachable project, by strategising on different channels as well as making sure we are accessible via mobile and web. This in turn will help us bring Spherium to the global community and borderless
Spherium comes from the word ‘sphere’. For our team, it means we are building a global platform that aims to solve the fragmentation of current services in the DeFi landscape. When we imagine a sphere, we imagine an ecosystem that is globally connected, and thus, benefits users through network effects. We chose this name because we imagine Spherium to be that ecosystem where everyone connects and has access to essential financial services, while leveraging the best advantages of the DeFi movement. We want all stakeholders to be part of this sphere!

Cryptodiffer Community

🥇 Could you give us some information about the partnerships that Spherium has at the moment? What companies are backing your project at the moment? What others are you working on?

Aanchal Thakur

We just announced partnership with NFFT
Another partnership is in pipeline for declaration later today.
We are in discussion with multiple projects, for partnering with them and many projects are reaching out to us.

Please follow our Announcement channel, to get more details.

We have over 20 high quality investors and partners right now and the ecosystem is growing by the day. Do follow us on our anouncement channel

@SpheriumWallet

Cryptodiffer Community

Can you list 1-3 killer features of Your Project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?

Sash Jeetun

- Cross-chain AMMs + Mobile-First solutions (Core Strength)
- Built on Layer-2 Solutions to cut gas fees and boost efficiency
- A single app for everything DeFi.
Our long-term vision is to create a single platform for everything related to DeFi. We want to become a one-stop shop for everything related to DeFi.
We are sure that competition will arise, but we believe in continuous, incremental development. We'll continue upgrading our platform as new solutions emerge.

Cryptodiffer Community

SPHERIUM develops many products, which is an advantage when it can meet almost the needs of users. However, does developing many products make management difficult? How do you ensure the quality of all SPHERIUM products?

Aanchal Thakur

We have in-house development team.of over 10 people and we are always adding to our tech talent.

We are keen on building superior products for use by our community and we are getting everything audited twice

Cryptodiffer Community

❎ I was really struck by the phrase "Make all your crypto assets work" found on your website Can you explain what you mean by that? Can I really generate yield from any token with Spherium?

Aanchal Thakur

Yes...
You can provide liquidity to the AMM platform(stake SPHRI as LP tokens)
And earn rewards and trading fees

We will bring in staking and lending solutions soon, so you can earn a lot by providing liquidity to these

Sash Jeetun

It’s indeed very difficult to manage all these but we have a global team and expertise required to build all this, we are also always on the lookout for talents, so if you feel you have what it takes to help us build this, follow us :)

Cryptodiffer Community

In what ways do you think SPHERIUM contributes so that financial institutions can benefit from the advantages that DeFi offers?

Aanchal Thakur

in phase 2 (third quarter after TGE) we will bring in on chain KYC to Spherium finance platform.
And the products would have been thoroughly tested by the community by then

So the Financial institutions can use Spherium platform fro cross border transactions, for getting better returns on their assets by staking them or providing liquidity to the platform and can also use the SphereVault solution, that we have in pipeline

Cryptodiffer Community

How do plan to spread awareness about your project in different countries where English is not spoken well? Do you have local communities for them to let them better understand about your project?

Sash Jeetun

Our goal is to build a global community. As a part of our strategy, we're partnerting with some of the leading development groups, influencers, creating communities for global audience, working with niche exchanges, and above all, to ensure that we communicate natively, not just the language but understanding and resolving specific geo-locale challenges.

Cryptodiffer Community

One of the product of Spherium is Hyperswap. So ,how it would be useful to traders and users? What is the best features of Hyperswap and how it works? Thank you

Aanchal Thakur

Hyperswap is first cross chain interoprable AMM, which is built in BSC and Ethereum. So u can say Pancakeswap + Uniswap, with better features.

Plus you get the option of converting erc20 tokens to BEP20 and vice versa.

Lower gas fee, faster.

Sash Jeetun

- Hyperswap is a cross-chain AMM, which means users can transact across different blockchains from a single app.
- Hyperswap will leverage layer-2 solutions to cut transaction cost and confirmation time.
- Hyperswap will provide a fair rewards program for every ecosystem participant.

Cryptodiffer Community

The Community should be everything to a project as there wouldn't be valuable feedbacks if there is no constant support from members of the community. What steps are Spherium team taking to keep the interest of members of the community intact?

Sash Jeetun

Our Community is central to our ecosystem development. We ultimately want our end-users and token holders to govern our platform, that’s why $SPHRI tokens will act as governance agents, whereby the holders will vote and determine future steps, features, products, and improvements of our platform. We want Spherium to be a community ecosystem that is ruled by our token holders.

We are making strategic partnerships to ensure that we bring vital expertise to our platform. For example, to develop the needs and propositions of our community, we need to bring developers that are interested in helping with the ecosystem development, once it’s fully autonomous. Our partnership strategy takes into account this, and many other partnerships that will ensure community needs are fully met.

Cryptodiffer Community

Where does the project name come from? What does it mean for you and why did you choose that name for your project?

Aanchal Thakur

Spherium name comes form Sphere

We consider Spherium finance to be I circular financial economy, since it is an ecosystem of products

Cryptodiffer Community

What distinctives features DOES SPHERIUM have that makes it different and better than other established competitors in BSC

AND ABOUT YOUR SECURITY, is smart contract AUDITED For users safety. ?⭐💫⭐💫

Aanchal Thakur

USPs have been discussed in the answer to first 4 questions by Crypto Differ.

Our contracts have Ben audited by Quilhash and second audit will start soon. We take security very seriously

Cryptodiffer Community

Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?

Aanchal Thakur

Right now, we do not have any plan to burn the tokens. The token supply is fixed at 100 m

Buy back etc can be thought of at a later stage by the community voting

Cryptodiffer Community

-The Defi is booming and has continued to disrupt Cefi but there are many loopholes and gaps such as high gas fees, network congestion, complex DeFi strategies etc.? How will Spherium Finance bridge this gaps?

-How does SphereCom deal with cases of complex flash loans attacks which allows users to borrow more than there collateral value? Do you have a security system in place?

Aanchal Thakur

Very good questions

1. this is the reason for us to be building a cross chain interoperable platform. We want the users to be able to move/bridge across chains to the chain which is fats, cheap and simple to use, at any point of time and we will keep on adding support to different blockchains

2. The product is not ready yet, but is being built . We are certainly looking at all ways to secure the funds of users. Flash loans etc occur due to the time gap in the information receipt and the price movement. We are trying to find the best oracle partner and are also planning to use mooniswap protocol to delay the price movement and hollow candle problems

Cryptodiffer Community

Are there any venture capital or influencer that backed your project?

Aanchal Thakur

We have over 20 VCs/influencial people, backing us. Please follow or anouncement channel to get all the details

https://t.me/spheriumwallet
Thank you for the wonderful questions.

I totally believe that this is a very knowledgeable community and your questions showcase that.

Hope we could answer most of your queries

Myko (CryptoDiffer)

Thank you a lot for your time!
Im sure it was very valuable info!