Sphere Weekly Report — CW 70–73

Hey Sphereans!

Last week’s edition of the Weekly Report was just the calm before the storm…

So if you thought that was exciting, you’re in for quite the rollercoaster ride!

We’re thrilled to bring you all the latest updates on everything we’re building at the moment.

And this week’s edition isn’t pulling any punches…

Let’s jump straight in!

Preon Goes Live

Starting off, we are pleased to announce that we are taking the next step in our ecosystem.

Now, you can begin to experience some of the benefits that come with using the latest protocol in our suite of innovative DeFi solutions.

Just as a reminder for us all of what Preon is:

Preon is a revolutionary CDP lending protocol that is part of the Sphere Ecosystem’s suite of solutions disrupting the DeFi space. It also incorporates some elements of yield farming and concentrated liquidity, with unique tokenomics and synergies.

To do your own deep dive on our powerful new lending protocol, listen to the Preon AMA recap on YouTube, made by our very own Price Time.

Preon Audit + ??? incoming

Yes, that’s right.

Preon is going to be audited by one of the giants in the space.

In the meantime, we are also looking forward to another development, which you can read about here:

The thread covers the following:

• vePREON holders earn over half a dozen ways in the protocol
• Liquidations are fully functional & will be very lucrative and open to everyone
• A new feature will be included in Preon at a later date that provides additional revenue to the protocol
• All collateral will be farmed by Dyson
• Part of the revenue + vePREON revenue (by SPHERE allocation) will be distributed to Sphereans
• Smart vaults in Preon use a % based farming method to manage risk vs reward, where a % of the collateral is farmed on x platform while another % is in y platform with a remainder sitting idle as reserve

Take a minute and think…

Give us your best guess in the comments section of this article or on Twitter about what you think the new mechanism will be.

Then check your answer and catch up on everything you need to know about Preon soon.

Who will get it right?

Sphere’s First Unlock Epoch

This week, the news was simply too exciting to keep under wraps for long!

In addition to all the exciting Preon news, we also experienced our first-ever unlock epoch.

As with all of our stories above, you can check out the full details below:

But here is brief rundown on the mechanics, how they work and a few words of warning, as well as some stats from our lovely community member Surma’s Sphere Finance Dashboard.

When your locking period is concluded, you have three options:

• Relock
• Withdraw
• Keep your $SPHERE deposited without locking

The first two are self-explanatory.

Let’s break down the third one.

After your lock epoch is over, you must relock or withdraw manually. If you don’t, you will still earn $MATIC rewards, but at the risk of being removed from the pool at a penalty by any community member (after 3 epochs/weeks).

This is done via contract, which is publicly available and can be called at any time by any of our users at a profit. This is also done on a per-address basis, after 3 weeks of unlocking.

The kicked party will lose a small % of their $SPHERE & unclaimed earnings. If you aren’t penalized & are still in the pool, you will lose emission power over time.

This means that over time you will earn less rewards until 3 weeks, after which you will not earn any rewards unless you relock your position.

We recommend you first claim your rewards, then proceed with locking/withdrawing.

So be vigilant and make sure you’ve made up your mind on what to do, but we do not recommend you keep your $SPHERE stagnant within the Earnings Pool.

The calculation for how much you can earn from kicking goes as follows:

100 x (Epochs Over + 1) / 10000

We also highly encourage you to read the article linked above on the unlock epoch, which will give you a much deeper understanding on how to navigate the Sphere Earnings pool moving forward.

Now, onto some statistics.

• Total amount of $MATIC earned by lockers: $301K
• Current relock vs not %: 60.5%:39.5%
• Current $ylSPHERE vAPR: 24.46%

Bringing back the buyback

If you’re thinking $SPHERE isn’t getting new developments, think again!

vSPHERE is coming soon, and will implement yield + passive buyback mechanisms to the platform. To learn more, please check out our thread!

If you’re more into visual learning, please check out Price Time’s video on Sphere’s YouTube channel. After a small hiatus, Price is coming back with a bang!

We’d also like to give a special shoutout to Jesse for making this amazing video on Sphere:

Preon Whitelist

While the Sphere Team has been hard at work with Dyson and Sphere proper, there is also more exciting news concerning Preon.

Sim’s thread linked above showcases all the bare facts about Preon’s ongoing audit by a high-profile company in the industry as well as core functionality, which is currently being tested.

Additionally, whitelist spots have been made available for $PREON’s upcoming token pre-sale.

Spots are limited, so be quick! Secure your spot through the tweet below.

Beyond the whitelist, the Sphere Team is contacting and securing partnerships with numerous protocols.

More details will be revealed as we approach Preon’s launch.

We leave you with a final piece of information to consider…

As always, we keep on top of the latest & greatest in tech. Leading up to that, we came to an interesting conclusion…

Thanks for reading, Sphereans!

More exciting news is on the way soon, so stay tuned.

Till then, Sphere over and out.