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Spherium Finance in a nutshell is a Decentralised Finance protocol that is working to solve the issue of defragmentation in the industry by forging a sustainable and scalable suite of applications in a cross-chain interoperability environment. Spherium is creating an all inclusive platform which will encapsulate mainstream and revolutionary blockchains, enterprising projects and anyone who wants to experience the power of finance in Web3.
Spherium aims to create an encapsulating cross-chain network by integrating key L1 and L2 blockchains onto its protocol line-up to enable the most comprehensive DeFi platform. Spherium will start its cross-chain operations by integrating major EVM blockchains, moving to the emerging L2s. Furthermore, adding Non EVM blockchains will be the next course of action to extend the reach and utility of cross-chain operations. And finally, pushing up and coming blockchains that set out to revolutionise the industry will also have a distinguished place in the Spherium infrastructure completing the whole circle of empowering the cross-chain ecosystem.
Overlooking the currently fragmented stage of DeFi industry as a whole, where its struggle for projects to move their liquidity in a multi chain system, due to exorbitant fee structures, and at the same time for end users as well, to switch between different protocols to experience the best of all blockchains takes out of the whole decentralised structure analogy. To bring together everything that DeFi stands for, Spherium will comprise of a suite of Hyper applications namely: HyperBridge: An interoperable multi-chain bridge that allows tokens to be quickly bridged between EVM and Non-EVM compatible blockchains. HyperSwap: A cross-chain asset swap that is decentralised and based on an automated market-making mechanism. HyperLend: A decentralised money market where investors can lend or borrow digital assets at interest rates determined by supply and demand. HyperWallet: A secure and decentralised wallet for Spherium products and services. Spherium offers a unified platform for multi-asset, cross-chain swaps, crypto financing, and cross-chain operability.
Unlike most of the protocols which are focused either entirely on customer centric approach, Spherium is empowering the entire digital assets economy, by taking enterprising projects on an enriching onboarding journey, expanding into a multi-chain future. Through HyperLaunch, A Cross Chain Incubation & Grant Program, projects can use the multi suite applications to add cross-chain functionality onto their systems. HyperLaunch first cohort will consist of 50 projects who will share a host of benefits: Technical Support for cross-chain integration Free Access to HyperBridge to move liquidity across multi EVM & Non EVM compatible chains Access to cross-chain DeFi solutions such as DEX, Staking, Dual Farming, Lending and more Revenue rebate for a specific period of time from user participation A groundbreaking project will also win a reasonable grant from Team Spherium There exists a prerequisite for projects to apply for the Incubation & Grant Program. Head over to the HyperLaunch page and fill the form to get in touch with the team.
The whole Spherium ecosystem is governed by its native token $SPHRI, which holds the most significant value attached to performing any action across the applications present. While interacting with Spherium DApps, $SPHRI holds the most feasibility as compared to any other digital asset. Lower fees, early opportunities and an impact to shape and re-shape the future prospects of how Spherium grows intrinsically. $SPHRI, being the only token of the entire system, will also work in such a way that it grants rewards, giveaways, airdrops, whitelist entries and perks to the HODLers. $SPHRI will also act as the key asset to participate in the governance based on-chain and off-chain decisions. $SPHRI being a hard-cap token maxed at 100M and also having a deflationary token mechanism will continuously create more utility holders.
Transfers between any blockchain depends a lot on the source and destination chain but to take an instance a transfer between Ethereum blockchain and the Binance Smart Chain (BSC) and vice-versa could roughly take between 1-5 minutes. The transaction could be terminated after 25-30 minutes if not completed.
Transactions between both bridges may take from seconds to minutes to execute. If the bridge interface shows the transaction is delayed, it might be a problem with the interface. It is advisable to check your wallet and the chain explorer because your assets may have been transferred and sometimes the confirmation message may not reflect the same.
HyperBridge will not approve transfers if the amount being transferred is lower than the gas price.
Our bridge is designed to support the transfer of EVM compatible chains added on the Bridge initially. So, in theory you will be able to send tokens created on the BSC to the Ethereum blockchain and vice-versa.
HyperBridge does not support Bitcoin blockchain as of this moment, we might add this in the future. Currently only EVM compatible chain tokens like ERC-20 tokens and BEP-20 tokens will be available.
Corresponding bridge transfers will appear on the respective chain explorers for example Etherscan for the Ethereum and BSCscan for the Binance networks. However, the transactions may take a few minutes to appear on the explorer. To search for your transaction in the explorer, copy and paste your address into the source chain explorer to track the transaction.
Yes, you can view the video tutorials for How To Use HyperBridge step-wise.
The transaction fee on HyperBridge will be charged in the source chain and destination chain token. In future, the option of paying the Bridge fee in $SPHRI will also be available to lower the fee cost for those who pay in the native token.
The bridge only allows transfers to the same address on the other network. After the asset is transferred to the other network, it can be sent to any address or contract.
Although Metamask wallet has a feature to speed up transactions, the HyperBridge doesn’t.
When transferring a token from one blockchain to another, a Bridge Fee of 0.5% is levied on top of the gas fee required for the transaction. Say for example if you are transferring 100 tokens from one chain to another, you will receive 99.5 tokens on the destination chain. This Bridge fee is levied to maintain the platform and adds in the further development of the updates. Hence, always make sure to add in an extra amount as opposed to the exact amount you want to transfer.
The bridge uses the Oracle price feeds to get gas price information for the network. The gas price is padded by a few GWEI to ensure transactions sent by the bridge are quickly included in the specific block. The bridge also uses Oracle price feeds to determine token prices used to calculate the amount of a token that is equivalent to the bridge fee.
You can make a request to Whitelist your tokens, this applies to startups or projects that are already listed on the chains supported by HyperBridge. If you represent a project you can also join the Hyperlaunch Incubation program to use Spherium’s Bridge and other products exclusively.
To perfectly understand how this is done, follow the link to read more: https://metamask.zendesk.com/hc/en-us/articles/360015489031-How-to-add-unlisted-tokens-custom-tokens-in-MetaMask
Tokens are not held by your Cross-chain address, but rather in the token’s smart contract. You have to add the address for asset Metamask which contracts to check for balances held by your addresses.
Spherium’s native token $SPHRI can be traded on the following sites: Gate.io, Uniswap, Bitmart, Pancakeswap
Yes, the code for the Spherium bridge and smart contracts have been audited by Halborn, an elite cybersecurity firm, to ensure that Bridge is trustworthy, not vulnerable and free from any potential cyber-attacks.
Currently, the Spherium bridge supports the Binance Smart Chain and Ethereum Blockchain, Avalanche, Arbitrum.
Yes, as long as an asset is based on the chains supported and whitelisted on our bridge, it can be done.
We have a couple of private keys. They check the bridge requests and vote for the request to be executed. More than 51% of private keys should agree to move a token from the source chain to the destination chain. For example, if we have 3 private keys, at least 2 of them should agree to transfer the token. After that, one of the two private keys who agree to the transfer can mint the token.
We believe its more secure to lock tokens in a treasury, as a result we will ensure tokens are safely moved to our treasury. To prevent any major hacking incident.
Technically, it is possible. But it won’t be straightforward because we are not going to show our bridge functionality to users.
No. It is very likely it’s a user interface issue, and the tokens are there but you just don’t see the tokens, they should reflect in about 2-5 minutes.
Email: [email protected] Please note that we aim to respond to most issues within 24-48 hours and urgent ones within 1-2 hours. You can also message us on Twitter @SpheriumFinance, our customer service will try to respond as swiftly as possible.